Critical Thinking 5 - 2 (Algo) Your boss approaches you in mid- December and requests that you pay certain employees their gross pay amount as if there were no deductions as their year - end bonuses. None of the employees have reached the Social Security wage base for the year, and the company pays semimonthly. Required: What is the gross - up amount for each of the following employees? (The tax rate on bonuses is 22% and no state taxes. Social Security (6.2%) and Medicare taxes (1.45 %) must be added to this rate.) Note: Round your intermediate calculations and final answers to 2 decimal places.\table [[Employee, \table [[ Regular Gross], [Pay per Period]], \table [[Grossed - up], [Amount]], ], [Onyx Saint John,S , 1, 650, ], [Indigo Johnson, S, 2, 640, ], [Zion Hale,S, 2, 504,]]

Critical Thinking 5 - 2 (Algo) Your boss approaches you in mid- December and requests that you pay certain employees their gross pay amount as if there were no deductions as their year - end bonuses. None of the employees have reached the Social Security wage base for the year, and the company pays semimonthly. Required: What is the gross - up amount for each of the following employees? (The tax rate on bonuses is 22% and no state taxes. Social Security (6.2%) and Medicare taxes (1.45 %) must be added to this rate.) Note: Round your intermediate calculations and final answers to 2 decimal places.\table [[Employee, \table [[ Regular Gross], [Pay per Period]], \table [[Grossed - up], [Amount]], ], [Onyx Saint John,S , 1, 650, ], [Indigo Johnson, S, 2, 640, ], [Zion Hale,S, 2, 504,]]

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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Issue: Huche Company allows its employees to carry over unused personal time off (PTO) days (vacation, sick days, etc.) from year to year. In addition, employees have the option to “cash out” their unused days at the end of the year. John Keevens was just paid $685 for his unused PTO days. Since he is a nonexempt employee, John has questioned the amount of his last paycheck (which includes the $685). The PTO days push the paid hours over 40, and he wants to be paid for his overtime hours. Question to be Answered: What would you tell John in regards to his request for overtime pay on his PTO hours?
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AP#5 Issue: Over the past two years, Kermit Stone, the controller of Hilton Company, has been concerned that the company has been paying a large amount of money for state unemployment taxes. On reviewing the “unemployment file” with the head accountant, Deborah Murtha, he learns that the company’s tax rate is near the top of the range of the state’s experience-rating system. After calling the local unemployment office, Stone realizes that the turnover of employees at Hilton Company has had an adverse effect on the company’s tax rates. In addition, after consulting with Murtha, he discovers that the eligibility reports that come from the state unemployment office are just signed and sent back to the state without any review. The eligibility reports are notices that an ex-employee has filed a claim for unemployment benefits. By signing these reports “blindly,” the company, in effect, tells the state that the employee is eligible for the benefits. Any benefits paid are charged by the…
Between the end of one month and the 15th day of the next month, the balance in the employer's business bank account is getting smaller and smaller. An employee prepares the next payroll and correctly computes the necessary withholding taxes. The employer is supposed to pay accumulated employment taxes on the 15th of the next month. Payday is the last day of the month. However, the employer has used the funds withheld from employees to pay some of the business' bills. He hopes that enough of the customers owing money will pay their debts. If that happens, the checking account will have enough in it to pay the federal deposit on the 15th of the month. Is the employer acting ethically? After all, he says he intends to have the money in the account for the deposit.
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Damerly Company (a Utah employer) wants to give a holiday bonus check of $375 to each employee. Since it wants the check amount to be $375, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 4.95% Utah income tax must be withheld on supplemental payments.
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