1. The hollowing payroll information is provided for Larry's Limos:EmployeeBill WheelerShelly SpoonerMax DeLucaEnrique RuizWayne HobbsHourlyWage$9$9$10$10$12Receipts from clients (Revenue): $8,400Supplies Expense: $150Vehicle Expense: $60Value of vehicle: $6,000Value of instruments: $3,000a. Excise tax-Larry pays 150% of the hourly wage for hours worked in excess of 40.Larry matches any employee contributions to their IRA.Social Security/Medicare (FICA) rate is 7.65%.State Unemployment Tax (SUTA) rate is 2.5%.Federal Unemployment Tax (FUTA) rate is 0.5%$.What is the total cost of Larry's payroll?2. Your friend, Ringo, performs music in addition to his regular job as anaccountant at Amazon. His financial records for this side business include thefollowing:b. Property tax-#Hrs.3236404650c. Income tax-Ringo has licensed his business with the state as a Limited Liability Company. Heis required to pay excise tax (2% of net income) and property tax (3% of propertyvalue) in addition to additional federal income tax resulting from the net incomeContribution.to IRAof his music business listed on Schedule C. He is also liable for Self-employmenttax at the rate of 15.3% of the net income reported on his Schedule C. If Ringo'smarginal income tax rate (the amount charged for the net income reported onSchedule C) is 18%, how much must he pay in the various taxes listed?None$20$40$40$60d. Self-employment tax-

“Since you have posted multiple questions, we will provide the solution only to the first question…

1. The hollowing payroll information is provided for Larry's Limos: Employee Bill Wheeler Shelly Spooner Max DeLuca Enrique Ruiz Wayne Hobbs Hourly Wage $9 $9 $10 $10 $12 # Hrs. 32 36 40 46 50 Contribution to IRA None $20 $40 $40 $60 Larry pays 150% of the hourly wage for hours worked in excess of 40. Larry matches any employee contributions to their IRA. Social Security/Medicare (FICA) rate is 7.65%. State Unemployment Tax (SUTA) rate is 2.5%. Federal Unemployment Tax (FUTA) rate is 0.5%$. What is the total cost of Larry's payroll?

1. The hollowing payroll information is provided for Larry's Limos: Employee Bill Wheeler Shelly Spooner Max DeLuca Enrique Ruiz Wayne Hobbs Hourly Wage $9 $9 $10 $10 $12 # Hrs. 32 36 40 46 50 Contribution to IRA None $20 $40 $40 $60 Larry pays 150% of the hourly wage for hours worked in excess of 40. Larry matches any employee contributions to their IRA. Social Security/Medicare (FICA) rate is 7.65%. State Unemployment Tax (SUTA) rate is 2.5%. Federal Unemployment Tax (FUTA) rate is 0.5%$. What is the total cost of Larry's payroll?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

oters 7-9) A Saved Pat Maninen earns a gross salary of $4,400 each week. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. a. What are Pat's first week's deductions for Social Security and Medicare? (Round your answers to the nearest cent.) Deductions Social Security Medicare b. Will any of Pat's wages be exempt from Social Security and Medicare for the calendar year? (Leave no cells blahk - be certain to enter "O" wherever required.) Social Security Medicare Mc Graw Hill DII 23 %24 % 6. 8. 2 3 4. r y e a m
Aa .14.
Calculate net pay in the following example. Assume that FICA reate is 7.65%, FITW is 15% and the employee did not earn more than $50,000. Robert is paid $475 per week and makes a pretax contribution of $75 for medical insurance to his employer's flexible benefit plan. Do not include a dollar sign in your answer. Round to the nearest tenth.
A28
help please
Cory Hunter's earnings are subject to deductions for Social Security, Medicare, and FIT. To date his cumulative earnings are $110,000. This week Cory earns $2,000. Cory, who is married, is paid weekly and files jointly. Assume the Social Security rate is 6.2% on a maximum of $ 142,800 and 1.45% for Medicare. Use percentage method to calculate FIT. His net pay for the week is ? A $1, 956.17 B $2, 036.60 C $1, 672.60 D $2,031.70
Calculate the net pay. The balance before this weekly payroll is $90 below maximum as related to cumulative earnings in calculating Social Security. Assume a tax rate of 6.2% for Social Security on $142,800 and 1.45% for Medicare. Note: Round your answers to the nearest cent. Answer is not complete. Name Marital Status Gross FIT Social Security Medicare Net Pay B Burns Marr Filing Separ $ 900 5.58 S 13.05
Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations and round your final answers to the nearest cent. Employee Pat Brown Marital status S Gross pay $ 1,900 FIT Social Security FICA Medicare Net pay
Supermarket Caridad offers its employees vacation benefits and contributes a 2% contribution to a 401K. The employees had total wages of $ 125,000 and vacation benefits of $ 28,460. Calculate how much the employer contributes for the 401k.Make the wage entries related to vacation pay.Make the wage entries related to the 401K contribution.
Brenda Peterson is single and lives at 567 East Street, Marshfield, MA 02043. Her SSN is 412-34-5670. She worked the entire year for Applebee Consulting in Marshfield. Her Form W-2 contained the following information: Wages (box 1) = $67,155.75 Federal W/H (box 2) = $8,366.12 Social Security Wages (box 3) = $67,155.75 Social Security W/H (box 4) = $4,163.66 Medicare Wages (box 5) = $67,155.75 Mediare W/H (box 6) = $973.76 She also received two Forms 1099-INT. One was from First National Bank of Marshfield and showed interest income of $537.39 in box 1. The other Form 1099-INT was from Baystate Savings and Loan and showed interest income of $329.31 in box 1. Brenda had qualifying health care coverage at all times during the tax year. Prepare a Form 1040 for Brenda.
Give typing answer with explanation and conclusion Louise Gendron’s monthly gross income is $4,800. Her employer withholds $720 in federal and provincial income taxes, $210.68 towards the Canada Pension Plan, and $68.67 for EI contributions. Louise contributes $180 per month to her RRSP. Her monthly credit payments for Visa and MasterCard are $83 and $73, respectively. Her monthly payment on an automobile loan is $465. a. What is Louise’s debt-payments-to-income ratio? (Round your answer to 2 decimal places. Omit "%" sign in your response.) Debt payments–to–income ratio % b. Is Louise living within her means?
What is the name of the employee?