An Ontario employee is paid on a bi-weekly pay schedule. His Gross Earnings for this pay cycle is $2,346.52, CPP contribution is $125.35, El contribution is $36.37, Federal taxes are $309.25 and Ontario taxes are $158.45. Received a family support court or for $4,500. Calculate the amount to be withheld from employee's payroll on this pay cycle? A 2,250 B 4,500 858.55 D) 343.42

An Ontario employee is paid on a bi-weekly pay schedule. His Gross Earnings for this pay cycle is $2,346.52, CPP contribution is $125.35, El contribution is $36.37, Federal taxes are $309.25 and Ontario taxes are $158.45. Received a family support court or for $4,500. Calculate the amount to be withheld from employee's payroll on this pay cycle? A 2,250 B 4,500 858.55 D) 343.42

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...

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An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550
Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.
For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.
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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?
An Ontario employee is paid on a bi-weekly pay schedule. His Gross Earnings for this pay cycle is $2,346.52, CPP contribution is $125.35, EI contribution is $36.37, Federal taxes are $309.25 and Ontario taxes are $158.45. Received a family support court order for $4,500. Calculate the amount to be withheld from employee’s payroll on this pay cycle? 2,250 900 4,500 343.42 858.55
The following information is noted on the year end payroll register for an employee employed with a Québec employer: Regular earnings $85,000.00, vacation pay $3,800.00, taxable car allowance $630.00, non-cash taxable benefit for group term life insurance $169.00 and a non-eligible retiring allowance of $15,000.00. Calculate the amount that would be reported in Box I of the RL-1?
Martin Jackson receives an hourly wage rate of $15, 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, 42; federal income tax withheld, $322; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson? Oa. S645.00 Оь. s89663 Oc. $274.63 Od. $889.63
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An employee earned $43,300 working for an employer in the current year. The current rate for Federal Insurance Contributions Act (FICA) Social Security is 6.2% payable on earnings up to $137,700 maximum per year, and the rate for Federal Insurance Contributions Act (FICA) Medicare 1.45%. The employer's total Federal Insurance Contributions Act (FICA) payroll tax for this employee is: Multiple Choice O $7.221.60 $3,312.45 $10,534.05 $2.684 60