The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees haveunion dues or garnishments deducted from their pay. You do not need to complete the number of hours.Required:Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C todetermine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxablepay. No employee has exceeded the maximum FICA limit.Note: Round your intermediate calculations and final answers to 2 decimal places.EmployeeS. BergstromC. PareL. Van der HoovenS. LightfootFiling Status,DependentsMJ-0MJ-2 (<17)S-1 (Other)MJ-0Answer is complete but not entirely correct.UnionDuesper PeriodPay$ 1,810$ 3,720$ 3,445 S3,070$ 120240Garnishmentper Period55H5075100Net Pay$ 1,489.022,906.452,575.44 x2,425.43ssss$$$

The percentage method has no wage or allowance limit. therefore firm can use it if the employee's…

Answered: Calculate their net pay using the…

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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Figure 6.1 The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 11. In the state where Unger Company is located, the tax rates and bases are as follows: Tax on Employees: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings SUTA 0.5% on first $8,000 Tax on Employer: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings FUTA 0.6% on first $7,000 SUTA 1.8% on first $8,000
2. Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee based on the following 2023 W-4 Information. Use the tables in IRS Publication 15- I. Using 2023 Form W-4 Employee Corn, A. Fogge, P. Felps, S. Carson, W Helm, M. More Marital than Step 2 Status 1 job? checked? S No S M M M 2 2 2 No No No No No No No Gross Additional Wage or deductitons Salary $0 $0 $0 $0 $0 Pay Frequency $ 675 weekly 1,960 weekly 1,775 biweekly 2,480 semi-monthly 5,380 monthly a. b. C. d. e. Amount to be Withheld Percentage Method Wage- Bracket Method
Using the percentage method for manual payroll with W 4s from 2020 or later in Appendix C calculate the federal withholding amounts for the following employees. No information was included in Step 4 of the W 4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) Pay Frequency Amount per Fedei Employee Filing Status Dependents Pay Period Income S. Calder MJ Three <17 Monthly 24 10,600 P Singh HH One <17 Biweekly 2$ 3,360 B. Nelson MJ None Daily 2$ 508
Justice earned $1,080.00 during the most recent semimonthly pay period. Justice is single and has indicated checkbox withholding, has no pre-tax deductions, and has filed a 2023 Form W-4. Using the following table, how much should be withheld for federal income tax? Note: Use the wage-bracket table. 2023 Wage Bracket Method Tables for Manual Payroll Systems with Forms W-4 From 2020 or Later SEMIMONTHLY Payroll Period If the Adjusted Wage Single or Married Filing Amount (line 1h) is Married Filing Jointly Head of Household Form W-4, Form W-4, Standard withholding Step 2, Checkbox withholding Standard Step 2, Checkbox Standard withholding withholding withholding Separately Form W-4, Step 2, Checkbox withholding At least But less than The Tentative Withholding Amount is: $ 670 $ 685 $ 0 $ 10 $ 0 $ 24 $ 10 $ 42 $ 685 $ 700 $ 0 $ 12 $ 0 $ 26 $ 12 $ 44 $ 700 $ 715 $ 0 $ 13 $ 0 $ 27 $ 13 $ 46 $ 715 $ 730 $ 0 $ 15 $ 0 $ 29 $ 15 $ 47 $ 730 $ 745 $ 0 $ 16 $ 0 $ 30 $ 16 $ 49 $ 745 $ 760 $0 $ 18 $…
For all payroll calculations, use the following tax rates and round amounts to the nearest cent Employee: OASDI: 6.2% on first $118,500 earned; Medicare 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Recording Sales tax On July 5, Williams Company recorded sales of merchandise inventory on account $55,000. The sales were subject to sales tax of 4%. On August 15, Williams Company paid the sales tax owed to the state from the July 5 transaction. Requirements Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. Journalize the transaction to record the payment of sales tax to the state on August 15.
Ashvin
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…
Concerning Payroll Accounting - I need to clarify what portion of wages are used to calculate Social Security tax (6.2%) & Medicare tax (1.45%) in a single pay period. Are both taxes calculated on gross wages or calculated on adjusted wages for after pre-tax deductions (i.e., Health Insurance Premiums & Retirement deductions)? Thank you. Jewelee Marple
This problem continues the process of preparing the Kipley Company's Employee Payroll Register for the pay period ending January 8th, 20--. In previous chapters, gross wages were computed for each employee and using this data, FICA withholding and employer FICA liability was computed. Requirements: Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction. Determine and record the federal income taxes for each employee. Determine and record the state income taxes for each employee. Determine and record the city income taxes for the city of Pittsburgh. Total each input column. Below lists each employee's assigned Time Card No., Filing Status, and Withholding Allowances. This information is necessary when determining the amount of tax to withhold. TimeCard No. EmployeeName FilingStatus No. ofWithholdingAllowances 11 Fran M. Carson S N/A 12 William A. Wilson S N/A 13 Harry T. Utley MFJ N/A 21 Lawrence R. Fife MFJ N/A 22 Lucy K. Smith S N/A…
Kendall, who earned $121,200 during 2023, is paid on a monthly basis, is married, (spouse does not work) and claims two dependents who are under the age of 17. Use the percentage method tables for automated Payroll systems with step 2 of Forms W-4 is not checked. Required: a. What is Kendall's federal tax withholding for each pay period? b. What is Kendall's FICA withholding for each pay period? Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal tax withholdings b. Total FICA withholding Amount 24,069.00
Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $128,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income profits in wages 1.45% of income in excess of $142,800 1.45% of wages paid in excess of $142,800 2.9% of net profits in excess of $142,800 The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)
Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $149,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income in wages 1.45% of income in excess 1.45% of wages paid in of $142,800 excess of $142,800 profits 2.9% of net profits in excess of $142,800 + The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)

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