EmployeeLennon, A.Starr, P.McNeil, S.Harrison, W.Smythe, M.FilingStatusSSMFJMFJMFJNo. ofWithholdingAllowancesN/AN/AN/AN/AN/AGross Wageor Salary$675 weekly1,365 weekly1,775 biweekly2,480 semimonthly5,380 monthlyAmount to BeWithheldPercentageMethod00000Wage-BracketMethod00000 Use (a) the percentage method and (b) the wage - bracket method tocompute the federal income taxes to withhold from the wages or salaries ofeach employee. Enter all amounts as positive numbers. Round yourcalculations and final answers to the nearest cent. As we go to press, thefederal income tax rates for 2024 are being determined by budget talks inWashington, and are not available for publication. For this edition, the 2023federal income tax tables for Manual Systems with Forms W-4 From 2020 orLater with Standard Withholding and 2023 FICA rates have been used.Amountto Be withheld

The percentage formula is used to calculate the amount or proportion of anything in terms of 100.…

Employee Lennon, A. Starr, P. McNeil, S. Harrison, W. Smythe, M. Filing Status S S MFJ MFJ MFJ No. of Withholding Allowances N/A N/A N/A N/A N/A Gross Wage or Salary $675 weekly 1,365 weekly 1,775 biweekly 2,480 semimonthly 5,380 monthly Amount to Be Withheld Percentage Method $ 00000 Wage-Bracket Method 00000

Employee Lennon, A. Starr, P. McNeil, S. Harrison, W. Smythe, M. Filing Status S S MFJ MFJ MFJ No. of Withholding Allowances N/A N/A N/A N/A N/A Gross Wage or Salary $675 weekly 1,365 weekly 1,775 biweekly 2,480 semimonthly 5,380 monthly Amount to Be Withheld Percentage Method $ 00000 Wage-Bracket Method 00000

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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The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $350,000 Income tax withheld $117,000 Warehouse salaries 182,000 U.S. savings bonds 14,696 Office salaries 136,000 Group insurance 12,024 $668,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required:
For 2019
Gross Pay through August 31 $ 6,600 2,200 131,600 Gross Pay for September $ 500 2,300 8,200 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 $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Taxes to be withheld From Gross Pay (Employee-Paid Taxes) Federal income tax September Earnings Subject to Tax Tax Rate Tax Amount $ 80.00 Taxes to be General Journal >
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Do not give image format Record the transactions for July 10 and 31.
Payroll Review ProblemCalculate payroll for Uno company’s one employee for the first week of March. Their only employee worked 50 hours and makes $12/hour. The employee has not exceeded any of the wage or tax limits. Use the tax rates as follows: TAX RATE LIMITS FICA – Soc Sec 6.20% $118,500 FICA – Medicare 1.45% None Fed Inc Tax 8.00% None FUTA 0.60% $7,000 SUTA 5.40% $12,000 Required: Calculate gross pay, deductions, and net pay. Prepare the journal entry to record wages expense and its related payroll liabilities for the employee’s payroll. Prepare the journal entry to record the payroll tax expense and related liabilities for Uno Company’s payroll.
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employees' individual earnings records for the pay period ended September 21 is shown LO 1, 2, 3, 4, 5 PROBLEM 7-3B Williams Company pays its employees time-and-a-half for houre worked in excess of 40 per week. The information available from time records and in the following chart: Daily Time Earnings at End of Income Tax Pay Allowances or Previous W F S. Rate Amount Name Week 8. 8. 10 8. 0. 25.00 1 Bolt, D. 6,745.00 8 8. 8. 8 8. 8. 49.50 $252.30 Dore, C. 136,240.00 Gayle, A. 32,730.00 8 10 8 8 8. 0. 24.50 2 Hale, R. 117,560.00 8 8 8 8. 4. 40.00 $195.50 Jilly, B. 8. 8 8. 8. 8 49.50 $291.25 35,154.00 Karn, S. 29,938.00 8. 8 9. 8. 8 20.50 2 Ober, N. 6,795.00 8. 8 8. 9. 9. 4 21.00 1 Wong, J. 27,252.00 8. 8. 10 8. 8. 0. 20.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Required 1. Complete the payroll register using the…
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie $6,600 $1,190 Keesling, Emily 6,150 1,070 Palmer, Stefan 55,200 2,410 Soltis, Robin…