Waterkraft rents canoes and other water crafts to campers and hikers. On April 15, 2020, Waterkraft prepared their semi-monthly payroll for their employees. The current CPP rate is 5.25%, the current El rate is 1.58%, and the appropriateincome tax rate is 19%. The employer pays half of the health care premium, and the employees pay the other half.Assume the employer contributes 100% toward CPP and 140% toward El. Payroll information for April 15, 2020 is listedbelow.Employee Total Hours Hourly Rate Total Health CareM. Swift79.0$14.00S. Current 71.0$22.00B. Wavey71.0$18.00Do not enter dollar signs or commas in the input boxes.Round your answer to 2 decimal places.a) Calculate gross and net pay for each employee.Employee Gross$M. Swift 1027S. Current 1065$$13.00$15.00$16.00$Income Tax$195.13$202.35CPP*53.92x27.96XPayroll RegisterDeductions16.2316.83ΕΙ$$$Health Care711$$TotalDeductions$$Net Pay950.48XLA

Payroll is the method used to compensate employees for the work they have completed. This involves…

Answered: Employee Total Hours Hourly Rate Total…

Employee Total Hours Hourly Rate Total Health Care M. Swift $14.00 S. Current $22.00 B. Wavey $18.00 79.0 71.0 71.0 $13.00 $15.00 $16.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help and can show the correct answer
Need help with this one question please.
K Pitt Accounting pays Peter Geller $97.290 per year Requirements 1. 2. What is the hourly cost to Pitt Accounting of employing Geller? Assume a 45-hour week and a 47-week year What direct labor cost would be assigned to Client 507 if Geller works 15 hours to prepare Client 507's financial statements? Requirement 1. What is the hourly cost to Pitt Accounting of employing Geller? Assume a 45-hour week and 47-week year Select the formula below that Pitt Accounting would use to calculate the hourly cost and complete the formula (Round the hourly cost to the nearest cent) Hourly cost Requirement 2. What direct labor cost would be assigned to Client 507 if Geller works 15 hours to prepare Client 507's financial statements? Select the fomula below that would be used to calculate the direct labor cost assigned to Client 507 and calculate that cost (Round the direct labor cost to the nearest cent). Direct labor cost
Use the combined wage bracket tables, Exhibit 9-3 and Exhibit 9-4, to solve. Employee MaritalStatus WithholdingAllowances Pay Period GrossEarnings CombinedWithholding Reese, S. M 4 Weekly $1,211 $
Compute commission and gross pay
Hours Employee M T W T F S Hourly Rate Federal Income Tax Withholding Health Insurance L. Helton 9 7 8 8 10 2 $12 $33 $12 R. Kenseth 7 8 8 8 8 5 14 36 27 D. Tavaras 9 10 8 9 9 0 15 60 26 Employees are paid 1.50 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $132,900 of gross earnings. Bonita Company is subject to 5.40% state unemployment taxes and 0.60% federal unemployment taxes on the first $7,000 of gross earnings. (a) Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) Employee Total Hours L. Helton R. Kenseth D. Tavaras Totals Earnings Regular Overtime Gross Pa $
premiums. LO 11-8 The following information relates to Ponte Manufacturing Company's workers' compensation insurance premiums for 20X1. On January 15, 20X1, the company estimated its premium for workers' compensation insurance for the year on the basis of that data. Amount of Look Work Estimated Insurance Classification Rates rint Wages Office work $ 64,000 Shop work $0.30/$100 308,000 $6.00/$100 rences Required: 1. Compute the estimated premiums. 2. Record in general journal form payment of the estimated premium on January 15, 20X1. 3. On January 4, 20X2, an audit of the firm's payroll records showed that it had actually paid wages of $69,960 to its office employees and wages of $315,320 to its shop employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. 4. Prepare the general journal entry on December 31, 20X1, to adjust the Workers' Compensation Insurance Expense account. Analyze: If all wages were attributable to shop…
Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: July 3. Charged 520 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $210 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $24,100. 14. Charged 190 hours of professional time for the Obsidian trial at a rate of $280 per hour. 18. Received invoice from consultants Wadsley and Harden for $62,100 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $40 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $20,200 for the month. 31. Used office supplies for the month, $6,800. 31. Paid professional salaries of $168,600 for the month. 31. Billed Obsidian $316,900 for successful…
Analyze and review the following items and determine the appropriate journal entry. Record the journal entry
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…
nework Gross Pay through Gross Pay for August 31 September $ 5,100 $ 2,200 2,700 8,600 BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. 2,600 132,000 Assuming situation (e), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll taxes Saved September earnings subiect to tax Tax < Prey 8 Tax Amount Help or 4 Next
Computing Overtime Rate of Pay and Gross Weekly Pay Rebecca Huang receives a regular salary of $3,120 a month and is paid 12 times the regular hourly rate for hours worked in excess of 40 per week. a. Calculate Huang's overtime rate of pay. %$4 overtime pay per hour b. Calculate Huang's total gross weekly pay if she works 45 hours during the week.