5. Sally worked 50 hours and has a regular rate of pay of $14.80 per hour with an overtimerate of twice her regular rate of pay. Her federal income tax withholding for this payperiod is $40 and there is no state withholding for this pay period. Her year to datewages prior to this paycheck are $6,850. Calculate her net paycheck as well as the totalpayroll tax expense to the company assuming a SUTA rate of 4%.

Calculating Sally's Paycheck and Company Tax ExpenseRegular Pay Calculation:Standard work week = 40…

Answered: 5. Sally worked 50 hours and has a…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 3SSQ

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus of 2,000. Kinmark also earns an additional net self-employment income of 28,000 per year. ____1.Compute Kinmarks annual earnings from employment. ____2.Compute Kinmarks total earnings from her job and from self-employment income. ____3.How much self-employment income should Kinmark include in computing taxable self-employment income for OASDI taxes? ____4.What are the total FICA taxes on her self-employment earnings?
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1. Anderson Brown worked 39 hours during the first week of the calendar year and earns regular wages of $15/hour. She contributes 4% of gross pay to a 401(k) plan and $25/week to a dependent-care flexible spending account. Her Social Security tax for the week is $_____ . 2. Which statement about calculating taxable earnings for Social Security tax is accurate? Answer: A. 401(k) contributions are taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. B. 401(k) contributions are taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax. C. 401(k) contributions are not taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. D. 401(k) contributions are not taxable for Social Security tax and are not subtracted from gross pay when…
Sue's 2013 net (take-home) pay was $23,205. Her only payroll deductions were for payroll taxes and federal income tax. Federal income tax withholdings totaled $4,500. What was the amount of her gross wages for the year? SHOW WORKA. $25,127B. $30,000C. $29,480D. None of the above
Mary Gonzalez had total cumulative gross earnings of $5,800 as of 1/31/20X1. Her gross earnings for the pay period ending 2/15/20X1 were $3,000. If federal unemployment taxes are 0.6% on a maximum earnings of $7,000 per year, how much federal unemployment tax will be paid by Mary and how much will be paid by her employer for her earnings of 2/15/20X1? Multiple Choice Mary will pay $0 and her employer will pay $10.80. Mary will pay $0 and her employer will pay $7.20. Mary will pay $7.20 and her employer will also pay $7.20. Mary will pay $0 and her employer will pay $0.
Margaret'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, Margaret works 49 hours. Margaret's federal income tax withholding is $97, and she has no voluntary deductions. Compute Margaret's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round the answers to 2 decimal places, eg. 15.25.) Gross earnings $ Net pay $ 1
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Morgan is an employee of Redwind Company. He earned $12,350 for the current month. Prior to the current payroll period, his year-to-date wages amounted to $131,200. Assume that the following tax rates are currently in effect. 7 FICA Tax OASDI Medicare Federal Income Tax Withholding Net pay (take-home pay): Rate X 6.2% 1.45% 25% Required: Compute Morgan's take-home pay (net pay) for the month. Note: Round your answer to the nearest cent. Ceiling $0 $128,400 No ceiling BEE K

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