At least But lessthan-APBThetentativeamount towithbold is:Plus thispercentageDMarried Filing Jointly50$ 483$0.005483$865$0.00$865 $2,0415.38.20$2,041 $3,805 $179.32$3,805 56,826 $567.40$6,826 $ 8,538 $1,292.44$8,538 $ 12,565 $1,840 28$12,565$3,249.730%10%12%22%24%32%35%37%of theamountthat theAdjustedWageexceedsE2021 Percentage Method TablesSTANDARD Withholding Rate Schedules(Use these if the box in Step 2 of Form W-4 is NOT checked)TABLE 1-WEEKLY Payroll PeriodThetentativeamount towithhold is:BCD$2415050$483 $241$433$865 5433 $1,021$2,041 $1,021 $ 1,902$3,805 $1,902 $3,413$6,826 $3,413 $4,269$8,538 $4,269 $ 10,311Single or Married Filing Separately$0.00$0.00$19.20$89.76$ 283.585646.22$920.14$3,034.84$12,565 $ 10,311At least But lessthan-of theamountthat theAdjustedpercentage Wageexceeds-EPlus thisA0%10%12%22%24%32%35%37%TABLE 2-BIWEEKLY Payroll PeriodAt least But lessthanBAThePlus thistentativeamount to percentagewithhold is:CHead of Household$ 0.00$0.00$27.30$119.58$255.54$618.18$891.78$3,006.83$0 50 $362$241 $362 $635$433 $635 $1,404$ 1,021 $1,404 $2,022$1,902 $2,022 $3,533$3,413 $3,533 $4,388$4,269 $4,388 $ 10,431$ 10,311 $ 10,431D0%10%12%of theamountthat theAdjostedWageexceedsE50$362$.63522% $1,40424%32%35%37%$2,022$3,533$4,388$10,431 Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Completethe following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1).Note: Do not round intermediate calculations and round your final answers to the nearest cent.EmployeePat BrownMaritalstatusSGross pay$3,300FITSocialSecurityFICAMedicareNet pay

Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period) (Use Table 9.1). Note: Do not round intermediate calculations and round your final answers to the nearest cent. Employee Pat Brown Marital status S Gross pay S 3,300 FIT Social Security FICA Medicare Net pay

Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period) (Use Table 9.1). Note: Do not round intermediate calculations and round your final answers to the nearest cent. Employee Pat Brown Marital status S Gross pay S 3,300 FIT Social Security FICA Medicare Net pay

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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Calculate the net pay. The balance before this weekly payroll is $90 below maximum as related to cumulative earnings in calculating Social Security. Assume a tax rate of 6.2% for Social Security on $142,800 and 1.45% for Medicare. status = single Gross= 900 calculate: FIT, social security, Medicare, and Net pay
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding (use the withholding table in Exhibit 11A.6), state income tax (1.0%), and net pay for the current Day period.
Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. Compute the net pay for each employee. View the biweekly payroll period percentage method withholding chart. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes - BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative amount to Plus this withhold is: percentage-exceeds— that the Adjusted Wage Total deductions Net pay Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount…
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A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding for an employee for the weekly pay period. Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay for the current pay period. Note: Round your final answers to 2 decimal places. Gross pay FICA Social Security tax deduction FICA Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay
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Using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C, calculate the federal withholding amounts for the following employees. No box was checked in Step 2, and no additional information was included in Step 4 (Round your intermediate calculations and final answers to 2 decimal places.) Pay Frequency Amount per Pay Period Federal Income Tax Employee Filing Status Dependents L. Abbey Head of Household 2 <17 Semimonthly $ 4,300 G. Narleski Married/Joint None Weekly $ 2,000 T. Leider Single None Monthly 4,200
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K t ht ences The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. There are no pre-tax deductions. Required: Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmad M. Petrova Semimonthly Pay $ $ $ $ $ $ 9,519 6,719 6,838 8,200 10,700 9,050 YTD Pay for November 15 Pay Date Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date
Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". If required, round your calculations and final answers to the nearest cent. EmployeeNo. Employee Name Marital Status No. of WithholdingAllowances Gross Wageor Salary Amountto BeWithheld 1 Amoroso, A. M 4 $1,610 weekly $fill in the blank 1 2 Finley, R. S 0 825 biweekly fill in the blank 2 3 Gluck, E. S 5 9,630 quarterly fill in the blank 3 4 Quinn, S. M 8 925 semimonthly fill in the blank 4 5 Treave, Y. M 3 2,875 monthly
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Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Regular earnings $ 5,715.00 Overtime earnings 790.00 Deductions: Federal income tax 625.00 Social Security tax 403.31 Medicare tax 94.32 Pension plan 80.00 Health insurance premiums 270.00 United Way contributions 100.00 Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Apr. 15 Wages and salaries expense 1 2 Employee federal income tax payable 625 2 3 Social Security tax payable 403.31 3 4 Medicare tax payable 94.32 4 5…