Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $162,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax Pay Period End September 24 December 31

Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $162,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax Pay Period End September 24 December 31

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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For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Sam Coleridge (married; 4 federal withholding allowances) earned weekly gross pay of $565.00 Federal income tax withholding = S 2 Michael Kolk (single, 2 federal withholding allowances) earned biweekly gross pay of $975. He participates in a flexible spending account, to which he contributed $100 during the period Federal income tax withholding = $ 3 Anita McLachlan (single, 0 federal withholding allowances) earned monthly gross pay of $2.440. For each period, she makes a 401(k) contribution of 9% of gross pay Federal income tax withholding = $ 4 Stacey Williamson (married; 3 federal withholding allowances) earned semimonthly gross pay of $1,250. She…
Stephanie Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. Her annual salary is $63,000, and her standard workweek is 45 hours. During the pay period ending February 5, 2021, she worked 8 hours overtime. She is married filing jointly with two dependents under the age of 17. Required: Complete the following payroll register for Stephanie's pay. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Company Name Stephanie Parker Forise Industries Filing Status MJ Annual Dependents Salary 2<17 ♥ 63,000.00 Period Salary $ 2,423.08 Hourly Rate $ 53.85 Answer is complete but not entirely correct. Period Ended: Overtime Rate $ 80.77 X Number of Regular Hours 40.00 X Number of Overtime Hours 8.00 $ Regular Earnings 2,423.25 2/5/2021 Overtime Earnings Gross Earnings $ 646.16 S 3,069.41 X
You are the accountant for the employer. The employer has only one employee. This is the payroll for the week ended January 31, 2022 All payroll taxes must be paid to the IRS on February 15, 2022 The payroll information is as follows Maximum annual salary subject to FICA 2022 is $147,000. FICA Tax Rate: 7.65% Self-employment tax rate: 15.30% Total weekly salary: $20,000 (total for 1 employee, all subject to FICA tax) ELT (Federal Income Tax withheld from employee's paycheck) $6,000. FICA TAX (withheld from employee's paycheck) needs to be calculated Question: For the employer's accounting records, what is the correct total amount of FICA tax and federal income tax that must be paid to the IRS on February 15, 20227 Multiple Choice $9,060,00 $1,530.00 $6,000.00 $3,000.00 None of the other choices are correct
The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow. Determine the amount of Medicare tax to be withheld from each employee's gross pay for December. Assume a 1.45 percent Medicare tax rate and that all salaries and wages are subject to the tax. (Round your final answers to 2 decimal places.) Medicare Taxable Year-to-Date Employee No. December Salary Earnings Through Earning- Medicare Tax 1.45% November 30 December 1 $ 9,400 $ 99,500 2 9,500 70,500 3 10,209 123,800 4 9,500 100,500 es.
The employees of Lillian's Interiors are paid on a semimonthly basis. All employees are single. Required: Compute the FICA taxes for the employees for December 31, 2021, pay period. All employees have been employed for the entire calendar year. (Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.) Employee W. Babish G. Hanoush R. Fezzeti T. Gomez N. Bertraud R. LaPonte Semimonthly Pay $ $ $ $ 69 69 $ X Answer is complete but not entirely correct. Social Security Tax $ YTD Pay for 12-15- 2021 8,345 $191,935 $ 6,295 $ 144,785 $ 9,270 $ 213,210✔✔ $ $ 105,110 $ 4,570 5,725 $ 131,675$ 4,970 $ 114,310 $ Medicare Tax for 12- 31-2021 Pay for 12-31- 2021 Pay 0.00 $ 0.00 $ 0.00 $ 283.34 354.95 $ $ 308.14 $ 121.00 x 91.28 217.85✔ 66.27✔ 83.01✔ 72.07✔
Im not sure how to calculate YTD
Required information (The following information applies to the questions displayed below. Gerald Utsey earned $47,600 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5,4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in ARRendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the following employee share of the taxes. (Do not round Intermediate calculation. Round your final answers to 2 decimal places.) Federal income tax withholding Social Security tax 56.75 13.27 Medicare tax State income tax withholding
The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix Cito determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 Pay $ $ 1,715 3,880 $ 3,605 $ 3,230 Union Dues per Period $ $ GA Garnishment per Period $ 120 240 $ $ 50 75 100 $ $ $ $ Net Pay 1,398.35 3,117.86 2,541.37 2,760.04
Stark Company has five employees. Employees paid by the hour earn $14 per hour for the regular 40-hour workweek and $21 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August. a. Complete this payroll register by filling in all cells for the pay period ended August 31. Prepare…
During the month of January, an employer incurred the following payroll taxes FICA Social Security taxes of $334.80, FICA Medicare taxes of $78 30, FUTA taxes of $3240, and SUTA taxes of $291.60. Prepare the journal entry to record the employer's payroll tax expense assuming these wages will be paid in early February. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record employer payroll tax expense. Note Enter debits before credits. Date General Journal Debit Credit January 31
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