An excel spreadsheet must be use to complete the following activity: You work for a small business. The company offers employees a 401k plan. The company matches employee contributions to the plan up to 3 percent of the employee's gross pay. 1. Find each employee's contribution to a 401(k) account by multiplying the employee's gross pay by the contribution percentage. Find the employer's matching contribution and the total contribution amount for each employee. The employees are listed by employee number. 2. Find the employer's total contribution for all employees

An excel spreadsheet must be use to complete the following activity: You work for a small business. The company offers employees a 401k plan. The company matches employee contributions to the plan up to 3 percent of the employee's gross pay. 1. Find each employee's contribution to a 401(k) account by multiplying the employee's gross pay by the contribution percentage. Find the employer's matching contribution and the total contribution amount for each employee. The employees are listed by employee number. 2. Find the employer's total contribution for all employees

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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answer the following questions and show your steps for your calculations (you must show the applicable details for each question; for example YMPE = $, YBE = $, Contribution Rate = %): . Assume the year is 2021. Rachel who just turned 28 works for Tech Industries and makes an annual income of $52,000. Calculate total employee and employer contributions. b) Sasha has been employed with Planters Inc. since 2012. She earned a salary of $85,000 this year. Calculate total employer and employee contributions. c) Angela’s dad had hired her to work part time for his business while she was in grade 8. He had her doing some filing and answering phones over the summer and paid her $22,500. Calculate total employee and employer contributions. d) Qui had just turned 18 and made $2,495 while going to school. Calculate total employee and employer contributions. e) Terence is self-employed and made an income of $222,000 this year. Calculate both the employer and employee contribution. f) Franco has a…
Park Mischner owns Old Times Buttons, which employs six people. Park wants to perform a benefits analysis report for one of the employees, Avery Bower, for the year. Avery's benefits package is as follows: Annual salary: $22,000 401(k) contribution: 6 percent of annual salary. The company match is 75 percent of employee contribution up to 4 percent. Medical insurance deduction: $230 per month Dental insurance: $15 per month Required: Complete the following Benefits Analysis Report for Avery Bower for the year. Do not include FUTA and SUTA taxes. Note: Round your answers to 2 decimal places. Enter all amounts as positive values. Yearly Benefit Costs Medical insurance Company Cost Avery's Cost $ 9,180.00 $ 2,760.00 Dental insurance $ 490.00 $ EA 180.00 Life insurance $ EA 170.00 $ 69 0.00 AD&D $ 43.00 69 $ 0.00 Short-term disability $ 430.00 $ 0.00 Long-term disability $ 215.00 $ 69 0.00 401(k) $ 880.00 $ 69 1,320.00 Social Security $ 69 1,364.00 $ 69 1,364.00 Medicare $ 69 319.00 $…
I already did part b and c and I am struggling to do part a. Help please !!
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie $6,600 $1,190 Keesling, Emily 6,150 1,070 Palmer, Stefan 55,200 2,410 Soltis, Robin…
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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.
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