At the end of the first pay period of the year, Sofia earned $4,000 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $500 of federal income taxes, $160 of medical insurance deductions, and $10 of life insurance deductions. Compute Sofia's net pay for this first pay period. Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net pay

At the end of the first pay period of the year, Sofia earned $4,000 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $500 of federal income taxes, $160 of medical insurance deductions, and $10 of life insurance deductions. Compute Sofia's net pay for this first pay period. Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions 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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Maxwell Friedman's weekly gross earnings for the week ending March 9 were $860, and her federal income tax withholding was $154.80. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Friedman's net pay? If required, round your answer to two decimal places.
At the end of the first pay period of the year, Dan earned $6,600 of salary. Withholdings from Dan's salary include Federal Insurance Contributions Act (FICA) Social Security taxes at the rate of 6.2%, Federal Insurance Contributions Act (FICA) Medicare taxes at the rate of 1.45%, $792 of federal income taxes, $255 of medical insurance deductions, and $19 of life insurance deductions. Compute Dan's net pay for this first pay period. Multiple Choice O $6,600.00 O $5,808.00 O $5,303.10 E
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
Mai earns a gross weekly income of $464.00. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? Assume a 4.2% FICA rate and a 1.45% Medicare rate. Round to the nearest cent.
Ana Marie has a received a total of 318,877.72 annual salary. She pays her mandatory contributions and receives a monthly rice allowance of 2,000, 13th and 14th month pay, a travel allowance of 1,500 monthly and food allowance of 500. Supply the table below: Monthly salary SSS contribution Philhealth Contribution Pag-ibig contribution De minimis benefits 13th month pay and other benefits Total Mandatory Contributions Total Exempt benefits Taxable income
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Shirley Riddle earns $2,333 biweekly. She is single and claims no withholding allowances. She saves 2% of her salary for retirement and pays $22.81 in nonexempt insurance premiums each pay period. The Social Security Tax is 6.2% from earnings to be taxed. The Medicare tax is 1.45% from all earnings. What are her net earnings for each pay period?
Carol Blane’s cumulative yearly earnings for the year are $29,000, counting her current payperiod salary amount of $4,500. Assume the FICA tax rate is 6.2 percent for Social Security, witha limit of $106,800, and 1.45 percent for Medicare, applied to all earnings. The FUTA tax is 0.6percent, with a limit of $7,000, and the SUTA tax is 5.4 percent, with a limit of $7,000. Theemployer's payroll tax expense entry will include a credit to: a. FICA Tax Payable for $279.00.b. FICA Tax Payable for $344.25.c. Federal Unemployment Tax Payable for $27.00.d. State Unemployment Tax Payable for $243.00.e. Federal Unemployment Tax Payable for $270.00.
John Doe is married and claims 3 withholding allowances. He collects overtime pay when he works over 40 hours a week. If his gross pay is $1,306.88, determine his weekly net earnings. Use the following deductions: FWT (Percentage Method), FICA 6.2%, Medicare 1.45%, SDI 1%, Health Insurance ($80/week), Union Dues ($4.50/week), and Trust Fund ($95/week). $891.28 $819.32 O $768.31 $786.67
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Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $30 put into her health savings account (nonqualified) each week. Her employer matches this $30 each week. Determine Whiteweiler's take-home pay if she is head of household. Enter deductions beginning with a minus sign (-). Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Gross pay $930 HSA contributions -30 401(k) deductions -100 OASDI tax -57.66 HI tax -13.49 FIT Net pay $