3. Theodore Simpson works for Blair Company all year and earns a monthly salary of $4,000. There is no overtime pay. Based on Simpson's W-4, Blair Company withholds income taxes at 15% of his gross pay. As of July 31, Simpsonhad $28,000 of cumulative earnings.View the payroll tax information.Journalize the accrual of salary expense for Blair Company related to the employment of Theodore Simpson for the month of August. (Record debits first, then credits. Round all amounts to the nearest cent. Select the explanation on thelast line of the journal entry table.)DateAccounts and ExplanationDebitCreditPayroll Tax InformationFor all payroll calculations, use the following tax rates and round amounts to thenearest cent:Employee: OASDI: 6.2% on first $147,000 earned; Medicare: 1.45% upto $200,000, 2.35% on earnings above $200,000.Employer: OASDI: 6.2% on first $147,000 earned; Medicare: 1.45%; FUTA:0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned.PrintDone-

Detailed explanation:August 31. To record accrual of salaries expense and deductions of taxes from…

Answered: 3. Theodore Simpson works for Blair…

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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Thomas Martin receives an hourly wage rate of $14, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 42; federal income tax withheld, $370; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? a.$588 b.$602 c.$1,176 d.$882
Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $2,250 and who counted 2 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)-- Assume the deduction for each withholding allowance is $75. If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is $0 Not over $43. . . ver--- But not over-- of excess over-- $43 --$222 | $ 0.00 plus 10% ---$43 $222 ---$767 $17.90 plus 15% --$222 $767 --$1,796| $99.65 plus 25% ---$767 $1,796 --$3,700 $356.90 plus 28% ---$1,796 $3,700 ---87,992 | $890.12 plus 33% --S3,700 $7,992 ---$8,025 | $2,306.38 plus 35% ---$7,992 $8,025 $2,317.93 plus 39.6% ---$8,025 $356.90 $442.02 $484.02 $630.00
Thomas Martin receives an hourly wage rate of $18, 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, 44; federal income tax withheld, $347; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?
DIRECTIONS: Taxable earnings should be computed on the basis of a 40-hour week with overtime earnings being paid at time and one-half for all hours over 40 each workweek (no overtime for salaried employees). All employees' wages are subject to the OASDI tax of 6.2% and the HI tax of 1.45%. The supplemental HI rate of 0.9% is not applicable. Click here to access the Left Side of Payroll Register Table Use the partial wage-bracket tables provided to determine the amount of federal income tax to be withheld. For the salaried employees (#32 and #10), use the percentage method table. All workers are employed in a state that imposes a 2% income tax on the gross wages earned by each worker. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. If an amount box does not require an entry, enter "0". Round your answers to 2 decimal places. If problem PR.04.31AT wasn't assigned, you will first need to use the link to the left side of the payroll…
Thomas Martin receives an hourly wage rate of $24, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 42; federal income tax withheld, $354; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?
Subject: accounting
An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $304. a. the gross pay for the week. b. the employee’s net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.
Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.
Bramble Corbin's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Bramble works 45 hours. Bramble's federal income tax withholding is $98, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Bramble's pay for the period and (b) the payment of Bramble's wages. Use January 15 for the end of the pay period and the payment date. (Round Intermediate calculation and final answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Jan. 15 (b) Jan. 15
The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) > Answer is complete but not entirely correct. Employee S. Bergstrom C. Pare Filing Status, Dependents MJ-0 MJ-2 (<17) Pay $ 1,860 Union Dues per Period Garnishment per Period Net Pay $ 50 $ 1,910.00 $ 3,820 $ 120 $ 3,700.00 X L. Van der S-1 (Other) $ 3,545 $ 240 $ 75 $ 3,230.00 Hooven S.Lightfoot MJ-0 $ 3,170 100 3,070.00
March 31 is the end of PDT Co.'s monthly pay period. PDT Co. has one sole employee, Sally, with a monthly gross pay (before any deductions) of $964. Sally has $25 worth of health insurance deducted from her pay each month. The following rates are used for payroll calculations. • El: 1.66% CPP: 4.95% . Income tax: 20% Required: a) Calculate Sally's net pay after El, CPP, Income taxes and health insurance has been deducted from her gross wage. b) Record the journal entry for the payroll deductions for the March 31 pay period. (e. record Sally's wage expense). c) Record the journal entry for the employer's portion of payroll deductions for the March 31 pay period. d) Record the journal entry for the payment to the Receiver General for the related payroll expenses for the March 31 pay period. Essay Toolbar navigation. BIUS CE V A

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