Continuing Payroll Problem, 4B: Chapter 4 This problem continues the process of preparing the Olney 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. This information is shown in the Employee Payroll Register. Requirement: Refer to the SIMPLE Plan Contributions table 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 Chalfont Boro residents. Total each input column. A SIMPLE IRA is a retirement plan that may be established by employers, including self-employed individuals (sole proprietorships and partnerships). The SIMPLE IRA allows eligible employees to contribute part of their pretax compensation to the plan. This means the tax on the money is deferred until it is distributed.a OLNEY COMPANY, INC. SIMPLE Plan Contributions Name SIMPLE Deductions Mangino, R. $20 Flores, I. 50 Palmetto, C. 40 Waters, R. 60 Kroll, C. 20 Ruppert, C. 40 Scott, W. 50 Wickman, S. 50 Foley, L. 30 Olney, M. 80 Employee Data 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. Time Card No. Employee Name Filing Status No. of Withholding Allowances 11 Rob A. Mangino S N/A 12 Inga C. Flores S N/A 13 Carson S. Palmetto MFJ N/A 21 Randy F. Waters MFJ N/A 22 Cathy T. Kroll S N/A 31 Carmen V. Ruppert MFJ N/A 32 William M. Scott MFJ N/A 33 Sarah A. Wickman S N/A 51 Lucas T. Foley MFJ N/A 99 Marshal W. Olney MFJ N/A Payroll Register For this task, each employee's federal, state, and local taxes to be withheld will be determined. When determining the federal taxes to be withheld, remember that there are some deductions that are allowed "pretax". These deductions reduce the gross earnings upon which the federal tax to be withheld is determined. Complete the steps outlined below. Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction. Determine and record the federal income taxes for each employee. → Refer to each employee's filing status → Click the link below to view the Wage-Bracket Method tables Determine and record the state income taxes for each employee using the State of Pennsylvania's rate of 3.07%. Determine and record the local income taxes for the Chalfont Boro residents at the rate of 1.0%. Total each input column. Note: Round your final answers to the cent. Enter all amounts as positive numbers. Click here to access the Wage-Bracket Method Tables. OLNEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Ded. Grp. Ins. Health Ins. Ck. No. Amount Mangino, R. $740.00 $45.88 $10.73 $fill in the blank febcd7073f95013_1 $fill in the blank febcd7073f95013_2 $fill in the blank febcd7073f95013_3 $fill in the blank febcd7073f95013_4 Flores, I. 1,058.80 65.65 15.35 fill in the blank febcd7073f95013_5 fill in the blank febcd7073f95013_6 fill in the blank febcd7073f95013_7 fill in the blank febcd7073f95013_8 Palmetto, C. 685.30 42.49 9.94 fill in the blank febcd7073f95013_9 fill in the blank febcd7073f95013_10 fill in the blank febcd7073f95013_11 fill in the blank febcd7073f95013_12 Waters, R. 1,045.35 64.81 15.16 fill in the blank febcd7073f95013_13 fill in the blank febcd7073f95013_14 fill in the blank febcd7073f95013_15 fill in the blank febcd7073f95013_16 Kroll, C. 952.00 59.02 13.80 fill in the blank febcd7073f95013_17 fill in the blank febcd7073f95013_18 fill in the blank febcd7073f95013_19 fill in the blank febcd7073f95013_20 Ruppert, C. 837.50 51.93 12.14 fill in the blank febcd7073f95013_21 fill in the blank febcd7073f95013_22 fill in the blank febcd7073f95013_23 fill in the blank febcd7073f95013_24 Scott, W. 780.00 48.36 11.31 fill in the blank febcd7073f95013_25 fill in the blank febcd7073f95013_26 fill in the blank febcd7073f95013_27 fill in the blank febcd7073f95013_28 Wickman, S. 807.69 50.08 11.71 fill in the blank febcd7073f95013_29 fill in the blank febcd7073f95013_30 fill in the blank febcd7073f95013_31 fill in the blank febcd7073f95013_32 Foley, L. 1,233.16 76.46 17.88 fill in the blank febcd7073f95013_33 fill in the blank febcd7073f95013_34 fill in the blank febcd7073f95013_35 fill in the blank febcd7073f95013_36 Olney, M. 1,500.00 93.00 21.75 fill in the blank febcd7073f95013_37 fill in the blank febcd7073f95013_38 fill in the blank febcd7073f95013_39 fill in the blank febcd7073f95013_40 Totals $597.68 $139.77 $fill in the blank febcd7073f95013_41 $fill in the blank febcd7073f95013_42 $fill in the blank febcd7073f95013_43 $fill in the blank febcd7073f95013_44 ----

Continuing Payroll Problem, 4B: Chapter 4 This problem continues the process of preparing the Olney 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. This information is shown in the Employee Payroll Register. Requirement: Refer to the SIMPLE Plan Contributions table 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 Chalfont Boro residents. Total each input column. A SIMPLE IRA is a retirement plan that may be established by employers, including self-employed individuals (sole proprietorships and partnerships). The SIMPLE IRA allows eligible employees to contribute part of their pretax compensation to the plan. This means the tax on the money is deferred until it is distributed.a OLNEY COMPANY, INC. SIMPLE Plan Contributions Name SIMPLE Deductions Mangino, R. $20 Flores, I. 50 Palmetto, C. 40 Waters, R. 60 Kroll, C. 20 Ruppert, C. 40 Scott, W. 50 Wickman, S. 50 Foley, L. 30 Olney, M. 80 Employee Data 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. Time Card No. Employee Name Filing Status No. of Withholding Allowances 11 Rob A. Mangino S N/A 12 Inga C. Flores S N/A 13 Carson S. Palmetto MFJ N/A 21 Randy F. Waters MFJ N/A 22 Cathy T. Kroll S N/A 31 Carmen V. Ruppert MFJ N/A 32 William M. Scott MFJ N/A 33 Sarah A. Wickman S N/A 51 Lucas T. Foley MFJ N/A 99 Marshal W. Olney MFJ N/A Payroll Register For this task, each employee's federal, state, and local taxes to be withheld will be determined. When determining the federal taxes to be withheld, remember that there are some deductions that are allowed "pretax". These deductions reduce the gross earnings upon which the federal tax to be withheld is determined. Complete the steps outlined below. Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction. Determine and record the federal income taxes for each employee. → Refer to each employee's filing status → Click the link below to view the Wage-Bracket Method tables Determine and record the state income taxes for each employee using the State of Pennsylvania's rate of 3.07%. Determine and record the local income taxes for the Chalfont Boro residents at the rate of 1.0%. Total each input column. Note: Round your final answers to the cent. Enter all amounts as positive numbers. Click here to access the Wage-Bracket Method Tables. OLNEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Ded. Grp. Ins. Health Ins. Ck. No. Amount Mangino, R. $740.00 $45.88 $10.73 $fill in the blank febcd7073f95013_1 $fill in the blank febcd7073f95013_2 $fill in the blank febcd7073f95013_3 $fill in the blank febcd7073f95013_4 Flores, I. 1,058.80 65.65 15.35 fill in the blank febcd7073f95013_5 fill in the blank febcd7073f95013_6 fill in the blank febcd7073f95013_7 fill in the blank febcd7073f95013_8 Palmetto, C. 685.30 42.49 9.94 fill in the blank febcd7073f95013_9 fill in the blank febcd7073f95013_10 fill in the blank febcd7073f95013_11 fill in the blank febcd7073f95013_12 Waters, R. 1,045.35 64.81 15.16 fill in the blank febcd7073f95013_13 fill in the blank febcd7073f95013_14 fill in the blank febcd7073f95013_15 fill in the blank febcd7073f95013_16 Kroll, C. 952.00 59.02 13.80 fill in the blank febcd7073f95013_17 fill in the blank febcd7073f95013_18 fill in the blank febcd7073f95013_19 fill in the blank febcd7073f95013_20 Ruppert, C. 837.50 51.93 12.14 fill in the blank febcd7073f95013_21 fill in the blank febcd7073f95013_22 fill in the blank febcd7073f95013_23 fill in the blank febcd7073f95013_24 Scott, W. 780.00 48.36 11.31 fill in the blank febcd7073f95013_25 fill in the blank febcd7073f95013_26 fill in the blank febcd7073f95013_27 fill in the blank febcd7073f95013_28 Wickman, S. 807.69 50.08 11.71 fill in the blank febcd7073f95013_29 fill in the blank febcd7073f95013_30 fill in the blank febcd7073f95013_31 fill in the blank febcd7073f95013_32 Foley, L. 1,233.16 76.46 17.88 fill in the blank febcd7073f95013_33 fill in the blank febcd7073f95013_34 fill in the blank febcd7073f95013_35 fill in the blank febcd7073f95013_36 Olney, M. 1,500.00 93.00 21.75 fill in the blank febcd7073f95013_37 fill in the blank febcd7073f95013_38 fill in the blank febcd7073f95013_39 fill in the blank febcd7073f95013_40 Totals $597.68 $139.77 $fill in the blank febcd7073f95013_41 $fill in the blank febcd7073f95013_42 $fill in the blank febcd7073f95013_43 $fill in the blank febcd7073f95013_44 ----

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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Continuing Payroll Problem, 4B: Chapter 4

This problem continues the process of preparing the Olney 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. This information is shown in the Employee Payroll Register.

Requirement:

Refer to the SIMPLE Plan Contributions table 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 Chalfont Boro residents.
Total each input column.

A SIMPLE IRA is a retirement plan that may be established by employers, including self-employed individuals (sole proprietorships and partnerships). The SIMPLE IRA allows eligible employees to contribute part of their pretax compensation to the plan. This means the tax on the money is deferred until it is distributed.^a

OLNEY COMPANY, INC. SIMPLE Plan Contributions
Name	SIMPLE Deductions
Mangino, R.	$20
Flores, I.	50
Palmetto, C.	40
Waters, R.	60
Kroll, C.	20
Ruppert, C.	40
Scott, W.	50
Wickman, S.	50
Foley, L.	30
Olney, M.	80

Employee Data

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.

Time Card No.	Employee Name	Filing Status	No. of Withholding Allowances

11	Rob A. Mangino	S	N/A
12	Inga C. Flores	S	N/A
13	Carson S. Palmetto	MFJ	N/A
21	Randy F. Waters	MFJ	N/A
22	Cathy T. Kroll	S	N/A
31	Carmen V. Ruppert	MFJ	N/A
32	William M. Scott	MFJ	N/A
33	Sarah A. Wickman	S	N/A
51	Lucas T. Foley	MFJ	N/A
99	Marshal W. Olney	MFJ	N/A

Payroll Register

For this task, each employee's federal, state, and local taxes to be withheld will be determined. When determining the federal taxes to be withheld, remember that there are some deductions that are allowed "pretax". These deductions reduce the gross earnings upon which the federal tax to be withheld is determined.

Complete the steps outlined below.

Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction.
Determine and record the federal income taxes for each employee.

→ Refer to each employee's filing status

→ Click the link below to view the

Wage-Bracket Method

tables

Determine and record the state income taxes for each employee using the State of Pennsylvania's rate of 3.07%.
Determine and record the local income taxes for the Chalfont Boro residents at the rate of 1.0%.
Total each input column.

Note: Round your final answers to the cent. Enter all amounts as positive numbers.

Click here to access the Wage-Bracket Method Tables.

Name	Gross	OASDI	HI	FIT	SIT	SUTA	CIT	SIMPLE Ded.	Health Ins.
OLNEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20--
	EARNINGS	DEDUCTIONS	NET PAY
Mangino, R.	$740.00	$45.88	$10.73	$fill in the blank febcd7073f95013_1	$fill in the blank febcd7073f95013_2		$fill in the blank febcd7073f95013_3	$fill in the blank febcd7073f95013_4
Flores, I.	1,058.80	65.65	15.35	fill in the blank febcd7073f95013_5	fill in the blank febcd7073f95013_6		fill in the blank febcd7073f95013_7	fill in the blank febcd7073f95013_8
Palmetto, C.	685.30	42.49	9.94	fill in the blank febcd7073f95013_9	fill in the blank febcd7073f95013_10		fill in the blank febcd7073f95013_11	fill in the blank febcd7073f95013_12
Waters, R.	1,045.35	64.81	15.16	fill in the blank febcd7073f95013_13	fill in the blank febcd7073f95013_14		fill in the blank febcd7073f95013_15	fill in the blank febcd7073f95013_16
Kroll, C.	952.00	59.02	13.80	fill in the blank febcd7073f95013_17	fill in the blank febcd7073f95013_18		fill in the blank febcd7073f95013_19	fill in the blank febcd7073f95013_20
Ruppert, C.	837.50	51.93	12.14	fill in the blank febcd7073f95013_21	fill in the blank febcd7073f95013_22		fill in the blank febcd7073f95013_23	fill in the blank febcd7073f95013_24
Scott, W.	780.00	48.36	11.31	fill in the blank febcd7073f95013_25	fill in the blank febcd7073f95013_26		fill in the blank febcd7073f95013_27	fill in the blank febcd7073f95013_28
Wickman, S.	807.69	50.08	11.71	fill in the blank febcd7073f95013_29	fill in the blank febcd7073f95013_30		fill in the blank febcd7073f95013_31	fill in the blank febcd7073f95013_32
Foley, L.	1,233.16	76.46	17.88	fill in the blank febcd7073f95013_33	fill in the blank febcd7073f95013_34		fill in the blank febcd7073f95013_35	fill in the blank febcd7073f95013_36
Olney, M.	1,500.00	93.00	21.75	fill in the blank febcd7073f95013_37	fill in the blank febcd7073f95013_38		fill in the blank febcd7073f95013_39	fill in the blank febcd7073f95013_40

Totals	$597.68	$139.77	$fill in the blank febcd7073f95013_41	$fill in the blank febcd7073f95013_42		$fill in the blank febcd7073f95013_43	$fill in the blank febcd7073f95013_44		----

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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