2: Michael Kolk (single; 3 federal withholding allowances) earned biweekly gross pay of $935. He participates in a flexible spending account, to which he contributes $100during the period.Federal income tax withholding = $3: Anita McLachlan (single; 0 federal withholding allowances) earned monthly gross pay of $2,510. For each period, she makes a 401(k) contribution of 9% of gross pay.Federal income tax withholding = $4: Stacey Williamson (married; 3 federal withholding allowances) earned semimonthly gross pay of $1,250. She participates in a cafeteria plan, to which she contributes$150 during the period.Federal income tax withholding = $ For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to the FederalTax Tables in Appendix A of your textbook.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.Publication 15-T (2020)

Withhold Taxes The purpose of implementing the withhold taxes is the employer can taken certain…

Answered: 2: Michael Kolk (single; 3 federal…

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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D1.
Employee AA is paid monthly. For the month of January, she earned a total of $8,260. The tax for social security is 6.2% of the first $128,400 of employee earnings each calendar year and the tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of .6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from Employee AA’s earnings was $1,325.17. Employee AA’s net pay for the month is:
Armand Giroux (single; 0 federal withholding allowances) earned weekly gross pay of $1,445. For each period, he makes a 401(k) retirement plan contribution of 6.5% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.15% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.75% of an employee's taxable pay on nonresidents.Federal income tax withholding = $ State income tax withholding = $
During the first week of February, Gabe Hopen earned $300. Assume that FICA taxes are 7.65 percent of wages up to $106,800, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is 0.8 percent of wages up to $13,000. Assume that Gabe has voluntary withholdings of $10 (in addition to taxes) and that federal and state income tax withholdings are $18 and $6, respectively. Using the information above, what is the employer's payroll tax expense for the week, assuming that Gabe Hopen is the only employee? Group of answer choices $24.00 $17.40 $28.00 $40.35
William Harrison (single; 1 federal withholding allowance) earned biweekly gross pay of $990. He contributes $75 to a flexible spending account during period. Federal income tax withholding=$
Rick Portnoy's filing status is head of household, and he has earned gross pay of $1,300. Each period he contributes $40 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $206,100. Total Medicare Tax = $
John Moyer (married; 6 federal withholding allowances) earned monthly gross pay of $3,150. He participates in a flexible spending account, to which he contributes $265 during the period.Using wage-bracket method: Federal income tax withholding = $Using percentage method: Federal income tax withholding = $
1. Ms. Evelyn is tax compliance officer at the Bureau of internal revenue earning a monthly salary P35,196.00. How much is Ms. Evelyn's take home pay? 2. Allan S. Gala is a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00. Over his monthly salary of P24,300.00. How much is his monthly net pay?
Dr. Josef Young earns an adjusted gross weekly income of $2,472. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? The Social Security tax rate is 6.2% from earnings to be taxed to a maximum annual wage of $118,500. The Medicare tax rate is 1.45% from all earnings to a maximum annual wage of $200,000. The Social Security tax is $??? (Type an integer or a decimal. Round to the nearest cent as needed.) The Medicare tax is $??? (Type an integer or a decimal. Round to the nearest cent as needed.)
John Jansen, an employee of Redwood Company, had gross earnings for the month of May of $4,000. FICA taxes are 7.65% of gross earnings (all earnings are subject to), federal income taxes amount to $675 for the month, state income taxes are 3% of gross earnings, and Jansen authorized voluntary deductions of $5 per month to the United Way. What is the net pay for John Jansen? O $2,899 O $3,205 O $3,694 O $2,894
Martin Jackson receives an hourly wage rate of $25, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $362; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson? Oa. $1,225.00 Ob. $1,846.13 Oc. $771.13 Od. $1,633.13
An employee earned $46,800 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is: Multiple Choice $2,789.20. $6,489.70. $7,160.40. $3,580.20. $670.70.

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