Christine Erickson is the payroll accountant for Multi Winds Energy of Lincoln, Nebraska. The employees of Multi Winds Energy are paid biweekly. An employee, Linda Larson, comes to her on September 9 and requests a pay advance of $1,070, which she will pay back in equal parts on the September 24 and October 22 paychecks. Linda is single with no dependents and is paid $56,000 per year. She contributes 5 percent of her pay to a 401(k) plan and has $250 per paycheck deducted for a court-ordered garnishment. Assume that no pre-tax deductions exist for any employee and box 2 is not checked. Required: Compute her net pay for her September 24 paycheck. Her state income tax rate is 6.84 percent. Use the wage-bracket tables in Appendix C to determine the federal income tax withholding amount. You do not need to complete the number of hours. (Round your Intermediate calculations and final answer to 2 decimal places.) Answer is complete but not entirely correct. Net pay $ 2,051.49

Christine Erickson is the payroll accountant for Multi Winds Energy of Lincoln, Nebraska. The employees of Multi Winds Energy are paid biweekly. An employee, Linda Larson, comes to her on September 9 and requests a pay advance of $1,070, which she will pay back in equal parts on the September 24 and October 22 paychecks. Linda is single with no dependents and is paid $56,000 per year. She contributes 5 percent of her pay to a 401(k) plan and has $250 per paycheck deducted for a court-ordered garnishment. Assume that no pre-tax deductions exist for any employee and box 2 is not checked. Required: Compute her net pay for her September 24 paycheck. Her state income tax rate is 6.84 percent. Use the wage-bracket tables in Appendix C to determine the federal income tax withholding amount. You do not need to complete the number of hours. (Round your Intermediate calculations and final answer to 2 decimal places.) Answer is complete but not entirely correct. Net pay $ 2,051.49

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Connor has an annual salary of $43,000, and his company pays him twice a month. How much is withheld for FICA on each paycheck that Connor receives?
Susan Corbin's regular hourly wage rate is $18, and she receives an hourly rate of $27 for work in excess of 40 hours. During a January pay period, Susan works 50 hours. Susan's federal income tax withholding is $94, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Susan's pay for the period and (b) the payment of Susan's wages. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation (a) (b) Jan. 15 Jan. 15 eTextbook and Media Debit Credit CROWN
Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. The annual salary is $66,600 with a standard workweek of 40 hours. During the pay period ending February 3, 2023, Parker worked 8 hours of overtime. Parker is married filing Jointly with two dependents under the age of 17. Required: Complete the following payroll register for Parker's pay. Note: Round your intermediate calculations and final answers to 2 decimal places. Company Forise Industries Name Filing Status Period Salary Hourly Rate Dependents Parker Total Period Ended: 2/3/2023 Number of Regular Hours Number of Overtime Regular Earnings Overtime Earnings Gross Earnings Hours $ 0.00 $ 0.00 $ 0.00
Holden Smith manages a Dairy World drive-in. His straight-time pay is $18 per hour, with time-and-a-half for hours in excess of 40 per week. Smith's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $10 for a charitable contribution to United Way. Smith worked 57 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Smith's gross pay and net pay for the week. Assume earnings to date are $10,000. (Round all amounts to the nearest cent.) Begin by computing Smith's gross pay for the week. Gross Pay Compute Smith's net pay for the week. (Round all amounts to the nearest cent.) Withholding deductions:
Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Sten comes to Marbury on April 7 and requests a pay advance of $1,000, which Sten will pay back in equal parts on the April 15 and May 15 paychecks. Sten is single, with one dependent under 17, is paid $57,200 per year, contributes 3 percent of gross pay to a 401(k), and has $134 per paycheck deducted for a Section 125 plan. Required: Compute the net pay on Sten's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the wage-bracket method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2 is not checked. Note: Round your intermediate calculations and final answer to 2 decimal places. Net pay
L4.
Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, head of household), social security taxes, and state income tax (2%).
Herbert Sully manages a Frosty Boy drive-in. His straight-time pay is $20 per hour, with time-and-a-half for hours in excess of 40 per week. Sully's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $6 for a charitable contribution to United Way. Sully worked 56 hours during the week. (Click the icon to view payroll tax rate information) Read the requirements Requirement 1. Compute Sully's gross pay and net pay for the week. Assume earnings to date are $14,000. (Round all amounts to the nearest cent.) Begin by computing Sully's gross pay for the week. Gross Pay
Hansaben
Jamie is an hourly employee who currently earns $25 per hour, and regularly works 32 hours per week. Jamie is paid vacation @ 4%. For the last payroll cycle, which was biweekly, Jamie worked for 78 hours. He had $400 in mandatory deductions and 3% for health insurance. Calculate Jamie's net pay
Prepare the journal entry to record the payment of the payroll for the week
Reed is a waiter at Albicious Foods in South Carolina. Reed is single with one other dependent and receives the standard tipped hourly wage. During the week ending October 20, 2023, 44 hours were worked, and Reed received $250 in tips. Calculate Reed's gross pay, assuming tips are included in the overtime rate determination. Use Table 3-2. Required: 1. Complete the payroll register for Reed. 2a. Does Albicious Foods need to contribute to Reed's wages to meet FLSA requirements? 2b. If so, how much should be contributed? Complete this question by entering your answers in the tabs below. Req 1 Company Complete the payroll register for Reed. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Name Req 2a Reed Totals Albicious Foods Filing Status Req 2b S Dependents 1 Other Hourly Rate or Period Wage Overtime Rate Period Ended: Number of Regular Hours 40.00 10/20/2023 Number of Overtime Hours 4.00 $ Regular Earnings