Use the information below to complete the first quarter Employee Earnings Record for LindaMorris. Linda is a sales manager and she is a salaried employee. Her social security number is345-44-8577. The weekly pay period ended February 15, 2009.EarningsDeductionsUnitedEmployee Employee Marital No. of Regular OvertimeHealthWay InsuranceNo.NameStatusAllowancesMorris,$789.0121S1Linda0Moyer,$845.0122M4$36.00$36.00Elizabeth0Nethers,$978.0123M2$78.00$48.00Porter0Russ,124S0$576.00$28.00GeorgeEARNINGS RECORD FOR QUARTER ENDEDEmployee No.MaritalWithholdingLast NameFirstSocial Security No.PositionRate of PayPay PeriodEarningsAccumulatedEarnings2,367.00No EndedOvertime TotalMedicare Other TotalFederal SocialIncome SecurityTaxTaxRegularStatusDeductionsDeduction$15.00$25.00AllowancesNet Pay

In the question it is required to calculate the employee quarterly salary after deductions. Here…

EARNINGS RECORD FOR QUARTER ENDED Marital Last Name First Social Security No. Earnings Overtime Total Employee No. Rate of Pay Pay Period No Ended Regular Deductions Federal Social Income Security Tax Tax Withholding Position Status Medicare Other Tax Allowances Total Net Pay Accumulated Earnings 2,367.00

EARNINGS RECORD FOR QUARTER ENDED Marital Last Name First Social Security No. Earnings Overtime Total Employee No. Rate of Pay Pay Period No Ended Regular Deductions Federal Social Income Security Tax Tax Withholding Position Status Medicare Other Tax Allowances Total Net Pay Accumulated Earnings 2,367.00

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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Amounts to Be Reported on Wage and Tax Statements (Form W-2) Gross Federal Income Social Security Medicare Employee Earnings Tax Withheld Tax Withheld Tax Withheld Arnett $ 8,250.00 $ 1,416.00 $ 495.00 $ 123.75 Cruz 57,600.00 9,996.00 3,456.00 864.00 Edwards 24,000.00 4,776.00 1,440.00 360.00 Harvin 6,000.00 1,070.00 360.00 90.00 Nicks 110,000.00 25,850.00 6,600.00 1,650.00 Shiancoe 116,000.00 26,000.00 6,960.00 1,740.00 Ward 7,830.00 1,314.00 469.80 117.45 Totals $ 329,680.00 $ 19,780.80 $ 4,945.20 Employer Payroll Taxes a. Social security…
I need help getting the answers to Social Security, Medicare, Vol. Withholding, and Net pay for #1!!!
PSa 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020/2021 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer to Publication 15-T. 1: Stephanie Williams files as single on her tax return and earned weekly gross pay of $700. For each pay period she makes a flexible spending account contribution of 7% of gross pay. Stephanie did not enter any information in steps 2-4 of the form. Federal income tax withholding S 2 Mo Fangia files as single on his tax return and earned weekly gross pay of $1020. He does not make any retirement plan contributions. Mo entered $30 on line 4c of Form W-4 and did not enter any information in steps 2 & 3 of the form Federal income tax withholding S 3: Michaela Sampson files as mamed fing jointly on her tax return and earned weekly gross pay of $1580. For each pay period she makes a 401(k) contribution of 4% of gross pay.…
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.
Single person (including head of household) If amount of wages (after subtracting withholding allowance) is: The amount of income tax withholding is: Not over $43 $0 Over– But not over– of excess over– $43 –$222.......$0.00 plus 10% –$43 $222 –$767.......$17.90 plus 15% –$222 $767 –$1,796....$99.65 plus 25% –$767 $1,796 –$3,700....$356.90 plus 28% –$1,796 $3,700 –$7,992....$890.02 plus 33% –$3,700 $7,992 –$8,025....$2,306.38 plus 35% –$7,992 $8,025 .................$2,317.93 plus 39.6% –$8,025 Using an $80 value for each exemption and the tax rate schedule above, what is Woods' federal income tax withholding? Round your answer to two decimal places.
Question 2: Based on the wage-bracket method, the federal income tax withholding for an employee who files as Single, is paid weekly, completed the current Form W-4, has one job, and whose adjusted wage amount is $713 is $
1. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer: A. Asset B. Liability C. Revenue D. Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act 2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer: A. flexible spending account B. Payroll Deduction IRA C. SIMPLE IRA plan D. 403(b) plan
Complete the following table with the information provided. Employee, with your deductions allowed Gross income Social Security Tax (6.20%) Medical care contribution (1.45%) Income tax Other deductions Net income 8 Stream (0) $ 735 (12%) $ 25 9 Bravo (1) $ 675 (11%) $ 12 10 Colon (2) $ 895 (10%) -0- eleven Diaz (3) $ 580 (9%) $ 5 12 Figueroa (4) $ 610 (7%) -0- Determine: Social Security Contribution (FICA) Medical care contribution (Medicare - FICA) Income tax Net income
Practice Set A 151 PSa 4-3 Calculate Medicare Tax ch of the following employees, calculate the Medicare tax for the weekly pay period described: 1 Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,650. Each period he makes a 403(b) contribution of 8% of gross pay. His current year taxable earnings for Medicare tax, to date, are $274,000. 2. Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he makes a 401(k) contribution of 6% of gross pay and contributes 3% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $198,950. 3. Sidney Black's filing status is head of household, and he has earned gross pay of $970. Each period he contributes $50 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $86,400. 4. Bill Clay's filing status is married filing separately, and he has earned gross pay of…
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Darius' net income from self-employment reported on Schedule C is $25,000. Calculate his self-employment tax. Group of answer choices $1,766 $23,088 $3,825 $3,532