Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Hint: It is important to ascertain whether a person's wages are considered wages or drawings. If an amount is zero, enter "0". Round your answers to the nearest cent. OASDI Taxable Earnings Name and Position Zena Vertin, Office Nicole Norge, Sales Bob Mert, Delivery Audrey Martin, Partner Beth James, Partner Totals Employer's OASDI Tax Employer's HI Tax Salary $720 per week 1,410 per month 485 per week 465 per week 465 per week OASDI Tax HI Taxable Earnings HI Tax

Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Hint: It is important to ascertain whether a person's wages are considered wages or drawings. If an amount is zero, enter "0". Round your answers to the nearest cent. OASDI Taxable Earnings Name and Position Zena Vertin, Office Nicole Norge, Sales Bob Mert, Delivery Audrey Martin, Partner Beth James, Partner Totals Employer's OASDI Tax Employer's HI Tax Salary $720 per week 1,410 per month 485 per week 465 per week 465 per week OASDI Tax HI Taxable Earnings HI Tax

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Karen Law firm has paid $52,400.00 in salaries for the first quarter. Ms. Karen has computed the payroll taxes that must be paid as follows: FICA $4,008.60, FUTA $314.40, and SUTA $2,829.60.Prepare the journal entry to record these payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Debit Credit
Practice, Practice, Practice For the current pay period, compute the following for the employees of Rodeo. Note: Round each to the nearest cent and if an amount is zero, enter "0". Robert has cumulative earnings of $58,200. His current earnings are $3,201.00. Robert's 2018 OASDI withholding is: $And his 2018 HI withholding is: $ Joan's current earnings total a gross amount of $6,721.00. Year to date she has earnings of $122,200. Joan's 2018 OASDI withholding is: $And her 2018 HI withholding is: $ Ellen's current earnings total a gross amount of $19,030. Year to date earnings are $346,000. Ellen's 2018 OASDI withholding is: $And her 2018 total HI withholding is: $Regarding Ellen's supplemental withholding for the current period, select the correct response. Compute the total annual tax for the following individuals. Note: Round each to the nearest cent. Joaquin has self-employment earnings of $60,000. Joaquin's 2018 total self-employment withholding is: $…
ayroll Register and Payroll Journal Entry 1. Prepare a payroll register for Mary’s Luxury Travel for the week ended March 22, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) Total the amount columns. Round your answers to the nearest cent. 2. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the journal entry for the payment of the payroll. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Mary Losch operates a travel agency called Mary’s Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20—, are given below. Employees…
Can you help with this question, please? Amount to BeWithheld Employee FilingStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Lennon, A. MFJ N/A $675 weekly Starr, P. MFJ N/A 1,929 weekly McNeil, S. S N/A 1,775 biweekly Harrison, W. HH N/A 2,580 semimonthly Smythe, M. HH N/A 5,380 monthly
Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT, based on the two methods outlined below? Hint: There are two ways to determine the deduction. Do NOT use the table for the percentage method. a. Wage-bracket table $fill in the blank 1 b. Percentage method $fill in the blank 2 2020 Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or LaterBIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is Married Filing Jointly Head of Household Single or Married Filing Separately At least But less than Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding The Tentative Withholding Amount is: $380$390$400$410$420 $390$400$410$420$430…
Which of the following is true about employee pay methods? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) O Employees must request the transfer of payroll earnings to their paycard each period. Employees must be able to access the full amount of their net pay on the pay date. O Employees do not need to own a bank account to receive their pay via direct deposit. O Employers must keep a record of all pay disbursements.
N1. Account Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.)
Just need the october payroll and journal entry completed
The payroll records of Brownlee Company provided the following information for the weekly pay period ended March 23, 2018:Required:1. Enter the relevant information in the proper columns of a payroll register and complete the register; calculate CPP and EI deductions. Charge the wages of Kathy Sousa to Office Wages Expense and the wages of the remaining employees to Service Wages Expense. Calculate income tax deductions at 20% of gross pay. Employees are paid an overtime premium of 50% for all hours in excess of 40 per week. Payroll Week Ended March 23, 2018 (Q1 Posted earlier, just provided info) 2. Prepare General Journal entries to record the payroll register information, including the employer’s expenses Record the journal: 1. Record the payroll register for the pay period ending March 23. 2. Record the payroll taxes.
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.
Completing the Payroll Register The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period. Complete the following steps (if a field should be blank, leave it blank): Record the amount to be withheld for group insurance. Record the amount to be withheld for health insurance. Each worker is to be paid by check. Assign check numbers provided to the correct employee. Compute the net pay for each employee. Total the input columns. KIPLEY COMPANY, INC.Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $0.42 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 0.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 0.41 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 0.53 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00…
How to get the gross taxable income