ayroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the week ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medica ), federal income tax withholding (use the withholding table in Exhibit 11A.6), state income tax (1.0%), and net pay for the eriod. Round your final answers to 2 decimal places. l (gross) earnings for current pay period lative earnings of previous pay periods pay ial security tax deduction dicare tax deduction eral income tax deduction e income tax deduction $ 740.00 $ 740 $ 9,700

ayroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the week ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medica ), federal income tax withholding (use the withholding table in Exhibit 11A.6), state income tax (1.0%), and net pay for the eriod. Round your final answers to 2 decimal places. l (gross) earnings for current pay period lative earnings of previous pay periods pay ial security tax deduction dicare tax deduction eral income tax deduction e income tax deduction $ 740.00 $ 740 $ 9,700

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter12: Preparing Payroll Records

Section12.2: Determining Payroll Tax Withholding

Problem 1OYO

See similar textbooks

Similar questions

Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
QS 9-19A (Algo) Net pay and tax computations LO P5 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 9A.6), state income tax (1.0%), and net pay for the current pay period. (Round your final answers to 2 decimal places.) Total (gross) earnings for current pay period Cumulative earnings of previous pay periods $ 635 $ 8,255 Gross pay 635.00 Social security tax deduction 39.37 Medicare tax deduction 9.21 Federal income tax deduction State income tax deduction 3.65 Total deductions 52.23 Net pay 582.77 search 10 99 68°F 10 40 144 4 5 6. 6) Y [O G\ H. J. K MI
Vinubhai
hrd.7
Please answer question correctly
Problem 11.1A (Static) Computing and recording employer's payroll tax expense. LO 11-2, 11-6 The payroll register of Exterior Cleaning Company showed total employee earnings of $5,000 for the payroll period ended July 14. Required: 1. Compute the employer's payroll taxes for the period. Use rates of 6.2 percent for the employer's share of the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. All earnings are taxable. 2. Prepare a general journal entry to record the employer's payroll taxes for the period. Analyze: Which of the above taxes are paid by the employee and matched by the employer? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze Compute the employer's payroll taxes for the period. Use rates of 6.2 percent for the employer's share of the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. All earnings are taxable.…
Step by step solution
Exercise 10.8 (Algo) Determining federal income tax withholding. LO 10-5 Data about the marital status, withholding allowances, and weekly salaries of the four office workers at Ollies Supplies are as follows. (Use the tables shown in Figure 10.1A & Figure 10.18.) Find the amount of federal income tax to be deducted from each employee's gross pay. Employee Marital Withholding Number Status Allowances Weekly Salary Income Tax Withholding 1 M 1 $ 550 亞 2 S 2 535 3 M 3 565 4 S 2 475
Sagar
Problem 9-3Withholding Methods (LO 9.1) Sophie is a single taxpayer. For the first payroll period in July 2021, she is paid wages of $2,200 monthly. Sophie claims one allowance on her pre-2021 Form W-4. Click here to access the withholding tables. IRS Publication 15-T, Federal Income Tax Withholding Method Pay period 2021 Allowance Amount Weekly $ 83 Biweekly 165 Semimonthly 179 Monthly 358 Quarterly 1,075 Semiannually 2,150 Annually 4,300 Round intermediate computations and your final answer to two decimal places. Question Content Area Use the percentage method to calculate the amount of Sophie's withholding for a monthly pay period. Sophie's withholding: $fill in the blank b40091006028014_1 Feedback Area Feedback Employers are required to withhold taxes from amounts paid to employees for wages, including salaries, fees, bonuses, commissions, vacation and retirement pay. Form W-4, showing the filing…
What is toms net pay per month and what does he pay in FICA taxes?
Problem #3 Ernesto Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee. Employee Filing Status No. of Withholding Payroll Period Wage Amount to Be Allowances w = Weekly Withheld S = Semimonthly M= Monthly D= Daily Lily Troon MFJ N/A $1,250 Barry Ortega N/A 695 Pat Lopez N/A 915 Rex Kim MFJ N/A M 3,070 Ruth Horace MFJ N/A M 2,730 Tom Gleam MFJ N/A 1,200 Tom Abreu N/A 115 Holly Sanchez s Kathy Nee N/A N/A 2,040 MFJ M 3,500