Federal income tax tableMARRIED Persons-WEEKLY Payroll Period(For Wages Paid through December 2017)If the wages are-And the number of withholding allowances claimed is –12345678.910But lessthanAt leastThe amount of income tax to be withheld is-20000O80000800OO400008000000000O20000000008000000000000010000400280000012345 6789012345111-145678 の0-23行89 8833 85888幻8385 88さ88 88593好品R289 88888 おおたお 8888器 EER Read following information to answer Question no. 6 and 7Eva Itd. has three employees who are paid on an hourly basis. They receive a wage of 12 times the regular hourly rate forwork in excess of 40 hours. Payroll data for the first week ended January 6, 2021, is given below.Hours WorkedEmploveeAdamHourly Rate$12.00Union Fund$10.0043Anna4514.0013.00Era4613.007.00The applicable taxes include: FICA 7.65%; state income taxes 1.5%; state unemployment taxes 5.4%; federalunemployment 0.8%; and Federal Income Tax. All employees are married. Adam claims 2 withholding allowances; Annaclaims 5 allowances and Era claims 3 withholding allowances. (Federal Income tax table is given at the end of paper).Question No. 6Prepare a payroll register for the weekly payroll.Question No. 7(a) Journalize the payroll on January 6, 2021.(b) Journalize the accrual of employer payroll taxes on January 6, 2021.(c) Journalize the payment of the payroll on January 12, 2021.

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Adam 43 $12.00 $10.00 14.00 13.00 Anna 45 13.00 Era 46 7.00 The applicable taxes include: FICA 7.65%; state income taxes 1.5%; state unemployment taxes 5.4%; federal unemployment 0.8%; and Federal Income Tax. All employees are married. Adam claims 2 withholding allowances; Anna claims 5 allowances and Era claims 3 withholding allowances. (Federal Income tax table is given at the end of paper). Question No. 6 Prepare a payroll register for the weekly payroll. Question No. 7 (a) Journalize the payroll on January 6, 2021. (b) Journalize the accrual of emplover pavroll taxes on January 6, 2021

Adam 43 $12.00 $10.00 14.00 13.00 Anna 45 13.00 Era 46 7.00 The applicable taxes include: FICA 7.65%; state income taxes 1.5%; state unemployment taxes 5.4%; federal unemployment 0.8%; and Federal Income Tax. All employees are married. Adam claims 2 withholding allowances; Anna claims 5 allowances and Era claims 3 withholding allowances. (Federal Income tax table is given at the end of paper). Question No. 6 Prepare a payroll register for the weekly payroll. Question No. 7 (a) Journalize the payroll on January 6, 2021. (b) Journalize the accrual of emplover pavroll taxes on January 6, 2021

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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359.06 148.58 FUTA Taxes Payable 742.88 SUTA Taxes Payable Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax-OASDI 6.2% on first $132,900 1.45% on total pay FICA tax-HI Federal income tax $232.00 per pay State income tax 22% of the federal income tax withholding Federal unermployment tax 0.6% on first $7,000 State unemployment tax 0.05% on first $14,000 Additional payroll deductions include: 401(k) plan 3% per pay Child support garnishment $100 per pay Health insurance premium $95 per pay Payment of Wages and Payroll Taxes Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $31,500). If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of vages Wages Expense FICA Taxes Payable-OASDI FICA Taxes Payable-HI Emplovees FIT Pavable ems Check My Work 3 more Chec My…
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Jurisdiction X levies a flat 14 percent tax on individual income in excess of $35,000 per year.Individuals who earn $35,000 or less pay no income tax.a. Mr. Hill earned $98, 750 income this year. Compute Mr. Hill's income tax, and determine average and marginal tax rate.b. Ms. Lui earned $47,900 income this year. Compute Ms. Luis income tax and determine average and marginal tax rate.c. Ms. Archer earned $34, 100 income this year and paid no income tax. Describe Ms. Archer's average and marginal tax rate.d. What type of rate structure does Jurisdiction X use for its individual income tax?
2 10 points How does an employer know how much to withhold from a your paycheck for federal income tax? Your employer withholds 27% of your gross pay per IRS Guideline WH-27. O You inform you employer how much you paid in taxes last year, then your employer divides that amount by this amount is then withheld. -- You complete and submit to your employer IRS Form W-4. Employers don't withhold federal income tax from paychecks -- this is a trick question.
Ms. V is currently employed in VVV Company. She has the following income and withheld income tax in 2020. Compute for Ms. V's Income Tax from Compensation Income. * Gross Basic Salary 1,000,000 De Minimis Benefits and Mandatory contributions 13th Month Pay and Other benefits Withheld Tax in Previous Quarters by WV Co. 200,000 100,000 150,000 43,000 70,000 193,000 220,000 ZERO
Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000
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3. Loretta Goulet (married; 3 federal withholding allowances) earned monthly gross pay of $2,800. For each period, she makes a 401(k) contribution of 14 gross pay. Federal income tax withholding=$
PSb 5-5 Calculate FUTA and SUTA Tax For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer: NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500. FUTA tax = $ SUTA tax = $ 2: An employer in Bridgeport, Connecticut, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,500, $12,900, and $14,200. During the current pay period, these employees earn $2,200, $1,950, and $2,400, respectively. The applicable SUTA tax rate is 4.9%, and the Connecticut SUTA threshold is $15,000.…
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Dd.4.
Linda Sykes (single; 1 federal withholding allowance) earned. semimonthly gross pay of $2,715. She participates in a cafeteria plan, to which she contributed $135 during the period. Federal income tax withholding = $