2-2A • LO 1 See Example 2-2 on page 2-6 Ben Lieber is a waiter at Harbor House, where he receives a weekly wage of $80 plus tips for a 40-hour workweek. Lieber's weekly tips usually range from $280 to $400. a. Under the Fair Labor Standards Act, the minimum amount of wages that Lieber must receive for a 40-hour workweek is. 2$ b. Since Harbor House is in violation of the FLSA, the additional amount it should pay Lieber each week to meet the minimum wage requirement for a tipped employee is.. 2$

2-2A • LO 1 See Example 2-2 on page 2-6 Ben Lieber is a waiter at Harbor House, where he receives a weekly wage of $80 plus tips for a 40-hour workweek. Lieber's weekly tips usually range from $280 to $400. a. Under the Fair Labor Standards Act, the minimum amount of wages that Lieber must receive for a 40-hour workweek is. 2$ b. Since Harbor House is in violation of the FLSA, the additional amount it should pay Lieber each week to meet the minimum wage requirement for a tipped employee is.. 2$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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5. Transportation Expense. (Obj. 2) Ricardo works two jobs each day, Monday through Friday. He works eight hours at his first job and three hours at his second job. He drives the following miles each day: Home to first job First job to second job Second job to home 20 miles 12 miles 30 miles a. If Ricardo follows this routine for 250 days during 2018, how many miles qualify for the mileage deduction? b. Compute Ricardo's mileage deduction using the standard mileage method.
LO 12.5 Toren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, s state income tax of $75, health-care insurance premium of $200, The employee is responsible for covering 30% of his or her health insurance premium. and union dues of $50. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Record remittance of the employee’s salary with cash on June 1.
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Question 1What are the revised guidelines introduced in 2004 fordetermining whether jobs are exempt from FLSA overtime pay provisions called? Question 2Which of the following example is NOT considered as acompensable work activity? Question 3An employee has a regular hourly rate equal to $12.According to FLSA, how much should her/his employer pay this employee for eachadditional hour worked beyond the regular 40 hours within a period of 7consecutive days? Question 4Melissa has been working in XYZ Company for the last 8years. She got a very attractive job offer from another company in the sameindustry and decided to leave her current company. She is one hundred percentvested. Which of the following acts guarantees that she cannot lose the pension benefits after she leaves her job in XYZ Company? Question 5Construction contractors, working on government contractsvalued at more than $2,000, must pay their laborers and mechanics what type oflocal area based wage according to the…
q1 Steve worked as a tech supervisor for a computer company. In September of this year, he was laid off. He was paid unemployment compensation for the rest of the year totaling S7,000. Which of the following is true? a. Steve will have to report all S7,000 of the unemployment compensation as income. b. Unemployment compensation is never taxable. c.Steve will have to report $4,600 of the unemployment compensation as income. d. As long as the unemployment compensation payments are less than the taxpayer's previous salary, they are not taxable. e. None of these choices are true.
AP#5 Issue: Over the past two years, Kermit Stone, the controller of Hilton Company, has been concerned that the company has been paying a large amount of money for state unemployment taxes. On reviewing the “unemployment file” with the head accountant, Deborah Murtha, he learns that the company’s tax rate is near the top of the range of the state’s experience-rating system. After calling the local unemployment office, Stone realizes that the turnover of employees at Hilton Company has had an adverse effect on the company’s tax rates. In addition, after consulting with Murtha, he discovers that the eligibility reports that come from the state unemployment office are just signed and sent back to the state without any review. The eligibility reports are notices that an ex-employee has filed a claim for unemployment benefits. By signing these reports “blindly,” the company, in effect, tells the state that the employee is eligible for the benefits. Any benefits paid are charged by the…
Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee L. Torabi Filing Status S Dependents None Annual Salary Spouse Annual Salary and Pay Frequency Federal Income Tax per Period $ 42,500 Not applicable R. Beninati S One Other $ 51,500 Not applicable G. Fisher MJ Three <17 $ 48,000 $80,000 per biweekly J. Tillman MJ Two <17 SA 39,650 $23,790 per weekly
@ S Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. X * Required: Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.) Employee L. Torabi R. Beninati G. Fisher J. Tillman F2 # 3 E D Filing Status S S MJ MJ JUL 7 80 F3 $ 4 Dependents None One Other Three 8 Federal Income Tax per Period J DII F8 A CV B N M DD 9 F9 K ) O 4 O W F10 L < Check my work * P F11 {
Rico Musgrove is an 18-year-old worker in the receiving department of Trynix Incorporated in Saint Paul, Minnesota. He notices that he received $170.00 gross pay for 40 hours of work on his first paycheck. Did his employer pay him correctly? F2 Multiple Choice # 3 E D AN 24 C Yes F3 No Insufficient Information to decide. 8.0 $ 4 R F F4 V m tv % 5 T G O F5 ! 8 DII F8 M 9 K DD F9 O < A O A F10 L P F11 L + F12 = command option
Ethics Case Gina DeMarc, a partner in a large CPA firm, has been approached by Bruce Jonas, a manager, with the following recommendation for incentive bonuses for staff members. Jonas recommends that the firm continue to pay each staff member a straight annual salary (which has been traditionally the only payment made) plus a bonus based on the staff member’s ability to achieve a 10% reduction in time spent on each client’s work. The firm would also pay a 5% finder’s fee for any new client the staff member brings into the firm. Jonas believes this will motivate the staff to work more efficiently, to sell the firm to new clients, and to service more clients in any given time period. This should also generate more revenue for the firm. Required How would you advise Gina DeMarc? What ethical issues should she consider