3. Richard Corp has the following data for the third weekof December:Employee NameWorkedClassificationHoursRate per hourA. KuholLaborer4550B. AileenOffice Secretary4645C. JoseLaborer5052D. JayFactory Supervisor5548E. RichmondSales agent5260F. EdwardLaborer4845The following are to be deducted to the gross earnings ofemployees:Witholding taxesSSS contributions5%3%Philhealth1%Pag-ibig1%Richard Corp paid its employees one and half times theregular rate for hours worked in excess of 40hours.How much is thegross payroll?

Wages means the amount paid to worker for producing the goods. Time wages rate means where wages are…

Answered: 3. Richard Corp has the following data…

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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The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company’s payroll records: Employees' Names Weekly Gross Pay Earnings to End of Previous Week Income Taxes Health Insurance Deductions Hellen Craig $ 960 $ 12,510 $ 141.60 $ 36.00 Joseph Lim 850 13,200 111.02 36.00 Dino Patelli 1,070 18,860 170.53 35.00 Sharleen McFee 1,940 32,380 493.63 36.00 $ 4,820 $ 916.78 $ 143.00 Required:1. Calculate the employees’ EI and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places.)
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K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Line Item Description Consultant Computer Programmer Administrator Regular earnings rate $2,510 per week $36 per hour $46 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $925 $252 $495 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 55 hours and the administrator worked 64 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places. Line Item Description Consultant Computer…
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,000 $ 1,500 b. 2,000 2,100 c. 132,900 9,500 Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee’s federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee.Note: Round your answers to 2 decimal places. Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount Federal income tax $70.00 Prepare the employer's September 30…
Dish Pan Company has 4 employees. Information about the third week in November payroll follows:NameHours WorkedPay RateFederal IncomeTax WithheldAnnual EarningsPrior to this checkRichards, B.40$75 per hour$300$138,000Matthews, M.42$80 per hour$320$140,000Ramon, C.44$82 per hour$355$0Wong, S.46$90 per hour$372$151,000Additional information is as follows:The state income tax rate is 4%. Employees' federal income tax withholdings depend on various factors, and the amounts are as indicated in the above table.Overtime is paid at 150% (time and a half) of the normal hourly rate.Assume that gross pay is subject to social security taxes at a 6.5% rate, on an annual base of $142,800. Assume that Medicare/Medicaid taxes are 1.45% of gross earnings. These taxes are matched by the employer. Dish Pan has 100% participation in a $10 per paycheck employee charitable contribution program. These contributions are withheld from weekly pay.Dish Pan's payroll is subject to federal (0.6%) and state…
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Can you help with this question, please? Amount to BeWithheld Employee FilingStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Lennon, A. MFJ N/A $675 weekly Starr, P. MFJ N/A 1,929 weekly McNeil, S. S N/A 1,775 biweekly Harrison, W. HH N/A 2,580 semimonthly Smythe, M. HH N/A 5,380 monthly
The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax Retirement Savings Aaron 46 $68.00 $750.20 $100 Cobb 41 $62.00 $537.68 $110 Clemente 48 $70.00 $832.64 $120 DiMaggio 35 $56.00 $366.04 0 Griffey, Jr. 45 $62.00 $641.84 $130 Mantle $1,800 $342.45 $120 Robinson 36 $4.00 $382.56 $130 Williams $2,000 $398.24 $125 Vaughn 42 $62.00 $584.72 $50 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 11⁄2 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee’s annual earnings. The next payroll check to be used is No. 901. Instructions1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 20Y8. Use the following columns for…
Vaughn Company has the following data for the weekly payroll ending January 31. Employee M T L. Helton R. Kenseth D. Tavaras 9 (a) 7 7 9 10 10 Hours W T 9 7 F 10 S 2 7 7 8 5 8 8 8 0 Hourly Rate $12 14 15 Federal Income Tax Withholding $32 39 54 Health Insurance $10 27 Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) 26 Cumulative Earnings (Jan. 1- 24) $1,440 1,722 Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. 1,800
A paving company has 24 employees 15 with gross earnings of 355 per week 9 with gross earnings of 395 per week What is the total Social Security and Medicare tax in $ the company must send to the Internal Revenue Service for the first quarter of the year
The information for Titan Company, shown in the following chart, is available from Titan's time records and the employees' individual earnings records for the pay period ended December 22. Name Hours Worked Earnings at End of Previous Week Total Earnings Class. Federal Income Tax Other Deductions Albee, C. 44 63,365.00 1,645.00 Sales 197.05 UW 25.00 Don, V. 40 136,378.00 2,837.00 Sales 494.80 AR 95.00 Fine, J. 40 76,835.00 1,504.00 Sales 173.70 UW 20.00 Ginny, N. 46 33,507.00 662.00 Office 47.15 UW 40.00 Johnson, J. 47 57,079.00 1,112.00 Office 115.10 UW 20.00 Lund, D. 43 111,820.00 2,098.00 Sales 309.55 UW 25.00 Maya, R. 42 66,834.00 1,307.00 Sales 144.85 AR 75.00 Nord, P. 41 36,761.00 722.00 Sales 55.95 UW 25.00 Oscar, T. 43 93,582.00 1,831.00 Sales 242.80 UW 30.00 Troy, B. 40 47,255.00 931.00 Sales 87.95 UW 15.00…
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