Employee Reg. Hours Overtime Hours Pay Rate Plan Contribution Таx Withheld Cumulative Earning to End of Prior Period J. Sweeny 40 13 23 90 17,250.00 53,000.00 14,120.00 K. Frank 30 16 50 180 S. Wong 35 11 31 130 CPP is 4.95% on the annual pensionable earnings of $52,400 ($55,900) maximum with the first $3,500 exempt), matched by the employer, and El is 1.66% to a maximum of $51,700 annually, with the employer paying 1.4 times the employees' contributions. Williams' pension plan allows the employee to make designated contributions which are matched by the company. Employees are paid time and a half for any overtime work. a) Calculate the Gross and Net Pay for the period. Show all calculations.

Employee Reg. Hours Overtime Hours Pay Rate Plan Contribution Таx Withheld Cumulative Earning to End of Prior Period J. Sweeny 40 13 23 90 17,250.00 53,000.00 14,120.00 K. Frank 30 16 50 180 S. Wong 35 11 31 130 CPP is 4.95% on the annual pensionable earnings of $52,400 ($55,900) maximum with the first $3,500 exempt), matched by the employer, and El is 1.66% to a maximum of $51,700 annually, with the employer paying 1.4 times the employees' contributions. Williams' pension plan allows the employee to make designated contributions which are matched by the company. Employees are paid time and a half for any overtime work. a) Calculate the Gross and Net Pay for the period. Show all calculations.

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 related to Company DDD’s pension plan: Plan asset, January 1, 20x8 P950,000 Defined benefit obligation, January 1, 20x8 1,000,000 Average remaining working life of employees at January 1, 20x8 10 years Service cost for 20x8 90,000 Discount rate at January 1, 20x8 10% Expected return on plan asset at January 1, 20x8 100,000 Remeasurement loss arising in 20x8 15,000 Past service cost 30,000 Vesting period for past service cost 2 years What amount of defined benefit cost should be recognized during 20x8?
The following information related to Company DDD's pension plan: Plan asset, January 1, 20x8 Defined benefit obligation, January 1, 20x8 Average remaining working life of employees at January 1, 20x8 Service cost for 20x8 Discount rate at January 1, 20x8 Expected return on plan asset at January 1, 20x8 Remeasurement loss arising in 20x8 Past service cost Vesting period for past service cost 2. P950,000 1,000,000 10 years 90,000 10% 100,000 15,000 30,000 2 years What amount of defined benefit cost should be recognized during 20x8?
DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
Pension data for Coda Corporation included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost $126,000 720,000 770,000 5,700 1,700 Amortization of net loss Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 14% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense
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DIRECTIONS: Taxable earnings should be computed on the basis of a 40-hour week with overtime earnings being paid at time and one-half for all hours over 40 each workweek (no overtime for salaried employees). All employees' wages are subject to the OASDI tax of 6.2% and the HI tax of 1.45%. The supplemental HI rate of 0.9% is not applicable. Click here to access the Left Side of Payroll Register Table Use the partial wage-bracket tables provided to determine the amount of federal income tax to be withheld. For the salaried employees (#32 and #10), use the percentage method table. All workers are employed in a state that imposes a 2% income tax on the gross wages earned by each worker. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. If an amount box does not require an entry, enter "0". Round your answers to 2 decimal places. If problem PR.04.31AT wasn't assigned, you will first need to use the link to the left side of the payroll…
Subject: acounting
Fajardo Company provided the following pension plan information: Projected benefit obligation – January 1, 2021 3,500,000 Fair value of plan assets – January 1, 2021 2,800,000 Pension benefits paid during the year 250,000 Current service cost for 2021 1,750,000 Past service cost for 2021 425,000 Actual return on plan assets 180,000 Contribution to the plan 1,500,000 Actuarial loss due to change in assumption on PBO 200,000 Discount or settlement rate 10% What is the employee benefit expense for the current year? Group of answer choices 2,245,000 1,750,000 2,525,000 1,905,000
AA
A bonus package pays an employee s1000 at the end of the first semi-annual, $1500 at the end of the second semiannual, and so on, for the first nine years of employment. What is the present worth of the bonus package at 6% per year compounded monthly A s28,233 B) s66,480 $19,090 $47,665
Sandhill Company Pension Worksheet Items Balance, Jan. 1, 2025 (a) Service Cost $117000 dr (b) Interest Cost 71000 dr (c) Actual Return 61000 cr (d) Contributions $101000 cr (e) Benefits General Journal Entries Memo Record Annual Pension Expense Pension Asset/ || Projected Benefit Plan Cash Liability Obligation Assets $92000 cr $563000 cr $471000 dr 117000 cr 71000 cr 61000 dr 101000 dr 56000 dr 56000 cr Journal Entry for 2025 ?? dr ?? cr ?? cr Balance, Dec. 31, 2025 ?? dr $695000 $577000 What journal entry should be made at December 31, 2025 to record the pension expense for the year?