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- After evaluating the information provided by the employees of La Nueva Era bookstore: Determine the amounts that must be reported in the employees' W2.Calculate the Social Security and Medicare payment that the employer must make.Calculate the state unemployment that the employer must pay at the rate of 6% of the first $ 10,000 the employee earns.Make the entries to the wage related to the debts contracted with the different agencies in contributions by the employer. Employee Name Weekly salary Retirement payment Juan del Pueblo $1,250.00 $21.93 Ramonita Ramírez $950.00 $37.12 Brenda Montalvo $1,100.00 $88.00 Camilo Monge $590.00 $23.02 Jorge Emmanueli $860.00 $92.00 Mariel Estrada $1,020.00 $48.00 Emanuel Reyes $750.00 $25.60 Ernesto Ramírez $640.00 $26.40 Daniela Morales $1,000.00 $32.68 Ángel Carrasquillo $860.00 $68.80Your company hired a new pipe-fitter for the upcoming year. The company owner would like for you to determine the hourly wage for this employee for upcoming jobs. What is the wage fully burdened wage hourly wage rate for the employee based upon the information below? • Base Wage Rate = $32.52/hour • 4 weeks of vacation, sick, and personal leave • Social Security = 6.2% on the first $132,900 • Medicare = 1.45% •FUTA = 0.6% on the first $7,000 SUTA 3.4% on the first $22,000 • Workers' Compensation = $9.77 per $100 • General Liability = 0.78% • Employer Paid Health Insurance = $600 per month • Retirement = 50% match on 7% of wagesDoris MacNeil works for Modem Furniture in Alberta and receives the following remuneration on her pay: Bi-weekly salary $1,364.85 Overtime 342.96 4% vacation pay on overtime 13.72 Group term life insurance non-cash taxable benefit 15.75 Taxable car allowance 75.00 What is Doris’ gross pensionable/taxable income for this pay? Show your calculations
- sharadCalculation of Take-Home Wages (Accounting for Liabilities). Lina Lu is an hourly worker who earns $50 per hour. During the prior week, Lina worked 40 hours. The FICA rate is 6.2% and Medicare Rate is 1.45%. Lina's total wages for this payroll are subject to the aforementioned taxes. In addition, she had deductions of $280 for federal income tax and $80 for insurance contribution. What is her net pay? Can you please show how you came to this answer? Thank you!Find the amount of Social Security and Medicare for the current pay period Of the employee. G. Falk has a current gross earning of $952.41 oh, and he has a year-to-date earning of $109,504.33.
- You have to decide whether or not to participate in the employer match program at your work. If you place 8% of your gross pay into a retirement account, your employer will match it. You plan to retire in 30 years. You expect to earn 6% return on your investment. How much will you have in the account if your average annual gross salary is $50,000? A. $316,232.80 B. $22,973.96 C. $45,947.92 D. $632,465.60 Using the same information as the previous question, assume that you want to increase your portion of the contribution to 10%. The employer will only match up to 8%. How much would you have in this situation? A. $692,523.80 B. $711,523.80 C. $316,232.80 D. $632,465.60Give typing answer with explanation and conclusion Louise Gendron’s monthly gross income is $4,800. Her employer withholds $720 in federal and provincial income taxes, $210.68 towards the Canada Pension Plan, and $68.67 for EI contributions. Louise contributes $180 per month to her RRSP. Her monthly credit payments for Visa and MasterCard are $83 and $73, respectively. Her monthly payment on an automobile loan is $465. a. What is Louise’s debt-payments-to-income ratio? (Round your answer to 2 decimal places. Omit "%" sign in your response.) Debt payments–to–income ratio % b. Is Louise living within her means?Imagine you are an employer (an awesome one). When should you recognize short-term employee benefits? * A. Every 15th and 30th of the month. B. Every 1st day of the month C. Never! D. When the employees have rendered service in exchange for the employee benefits.
- How do you calculate FIT on payroll register? If employees are paid on a biweekly basis and they are all married and do not request any additional withholding. Each employee has also requested that 5% of their pay is withheld for the retirement plan. What calculations do I use to find FIT?The following information is noted on the year end payroll register for an employee employed with a Québec employer: Regular earnings $85,000.00, vacation pay $3,800.00, taxable car allowance $630.00, non-cash taxable benefit for group term life insurance $169.00 and a non-eligible retiring allowance of $15,000.00. Calculate the amount that would be reported in Box I of the RL-1?Q1. Your employer uses a flat benefit formula to determine retirement payments to its employees. The fund pays an annual benefit of $2,500 per year of service. Calculate your annual benefit payment for 25, 28 and 30 years of service.
