Some apps curreuse arepreventing automatic updates.LatWileyPLUSWeygandt, Accounting Principles, 13eFINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201,HomeRead, Study & PracticeAssignmentGradebookORIONDownloadable eTextbookAssignment > Open AssignmentCALCULATORFULL SCREENPRINTER VERSION4 ВАСKNEL. Helton889103$12$34$10R. Kenseth88882143725D. Tavaras91088.9155825Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Company is subject to 5.4% state unemploymtaxes and 0,8% federal unemployment taxes on the first $7,000 of gross earnings.v (a)Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.)RAMIREZ COMPANYPayroll RegisterFor the Week Ending January 31EarningsDeductionsEmployee Total HoursRegularOvertimeGross PayFICA TaxesFederal Income Taxes Health InsuranceTotalNet PayL. Helton%2424%24R. KensethD. TavarasTotals%24$1%$4Attempts: 0 of 15 usedSAVE FOR LATERSUBMIT ANSWERLicense Agreement I Privacy Policy © 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.Version 4.24 FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/202)HomeRead, Study & PracticeAssignmentGradebookORIONDownloadable eTextbookAssignment > Open AssignmentCALCULATORFULL SCREENPRINTER VERSION(BACKNEXTExercise 11-11 a-b (Part Level Submission)Ramirez Company has the following data for the weekly payroll ending January 31.HoursHourlyRateFederal IncomeHealthInsuranceEmployeeMT.FTax WithholdingL. Helton88.103$12$34$10R. Kenseth88.88821437258 9D. Tavaras108.155825Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Company is subject to 5.4% state unemploymenttaxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings.v (a)Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.)RAMIREZ COMPANYPayroll RegisterFor the Week Ending January 31EarningsDeductionsRegularOvertimeGross PayFICA TaxesFederal Income Taxes Health InsuranceTotalNet PayEmployee Total HoursL Helton$424%$4$1R. KensethD. TavarasVersion 4.24.21.1License Agreement I Privacy Policy © 2000-2021John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.

Incentive basis payroll is better than the time or piece rate system of payroll as this affects the…

CALCULATOR FULL SC 8. 6. 8. 10 3. $12 $34 $10 8. 8. 8. 8. 8. 14 37 25 9. 10 8. 8. 9. 15 58 25 s are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Compa 0.8% federal unemployment taxes on the first $7,000 of gross earnings. he payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) RAMIREZ COMPANY Payroll Register For the Week Ending January 31 Earnings Deductions e Total Hours Regular Overtime Gross Pay FICA Taxes Federal Income Taxes Health Insurance Total Net Pay th 8.

CALCULATOR FULL SC 8. 6. 8. 10 3. $12 $34 $10 8. 8. 8. 8. 8. 14 37 25 9. 10 8. 8. 9. 15 58 25 s are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Compa 0.8% federal unemployment taxes on the first $7,000 of gross earnings. he payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) RAMIREZ COMPANY Payroll Register For the Week Ending January 31 Earnings Deductions e Total Hours Regular Overtime Gross Pay FICA Taxes Federal Income Taxes Health Insurance Total Net Pay th 8.

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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Hours Employee M T W T F S Hourly Rate Federal Income Tax Withholding Health Insurance L. Helton 9 7 8 8 10 2 $12 $33 $12 R. Kenseth 7 8 8 8 8 5 14 36 27 D. Tavaras 9 10 8 9 9 0 15 60 26 Employees are paid 1.50 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $132,900 of gross earnings. Bonita Company is subject to 5.40% state unemployment taxes and 0.60% federal unemployment taxes on the first $7,000 of gross earnings. (a) Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) Employee Total Hours L. Helton R. Kenseth D. Tavaras Totals Earnings Regular Overtime Gross Pa $
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Exercise 9- culating employee Marion Co. employed Juan Lopez in 2010. Juan earned $5,000 per month and worked the entire year. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and the Medicare tax rate is 1.5 percent. Juan's federal income tax withholding amount is $900 per month. Use 6.2 percent for the unemployment tax rate for the first $7,000 of earnings per employee. Required a. Answer the following questions: (1) What is Juan's net pay per month? (2) What amount does Juan pay monthly in FICA payroll taxes? (3) What is the total payroll tax expense for Marion Co. for January 2010? February 2010? March 2010? December 2010? b. Assume that instead of $5,000 per month Juan earned $9,500 per month. Answer the questions in Requirement a.
Calculate Payroll An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 60 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $258. a. Determine the gross pay for the week. 1120 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. c. Gross Pay through August 31 $ 6,400 2,700 133,300 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $60 for this pay period. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,700 Complete this question by entering your answers in the tabs below. 2,800 9,900 General Journal Federal income tax The employee's federal income taxes withheld by the employer are $60 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay…
An employee earns $1580 a week, the deductions from the employee's pay cheque for El, CPP, and income taxes are equal to $195. The company must contribute an additional $111 for El and CPP. How much would the company record as total salary expense for the employee in this week? O $1580 • $1496 $1691 ⚫ $1886
Required information Exercise 9-13A (Static) Computation of net pay and payroll expense LO 9-5 [The following information applies to the questions displayed below] The following information is available for the employees of Webber Packing Company for the first week of January, Year t 1. Kayla earns $28 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 52 hours the first week in January, Kayla's federal income tax withholding is equal to 15 percent of her gross pay. Webber pays medical insurance of $50 per week for Kayla and contributes $50 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,600, Paula's federal income tax withholding is 18 percent of her gross pay. Webber pays medical insurance of $80 per week for Paula and contributes $100 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $60 per week for Paula. Assume the Social Security…
Payroll entries Widmer Company had gross wages of $350,000 during the week ended June 17. The amount of wages subject to social security tax was $350,000, while the amount of wages subject to federal and state unemployment taxes was $52,500. Tax rates are as follows: Social security Medicare State unemployment Federal unemployment June 7 Wages Expense 6.0% 1.5% 5.4% The total amount withheld from employee wages for federal taxes was $70,000. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of June 17. June 7 Payroll Tax Expense 0.8% Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Wages Payable Social Security Tax Payable Medicare Tax Payable 350,000 THEA b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. ✓ 21,000 5,250 HOW! 88
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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,500 $ 1,900 b. 2,800 2,900 c. 128,600 10,000 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities.