Employees' Names Hellen Craig Joseph Lim Dino Patelli Sharleen McFee. Employee Hellen Craig Joseph Lim Dino Patelli Pay $ 760 650 870 1,740 $4,020 Sharleen McFee Totals Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round interme calculations. Round the final answers to 2 decimal places.) Week $12,510 10,800 Taxes Deductions $168.20 $26.00 142.15 16,060 194.75 29,980 468.75 Gross Pay S 760.00 650.00 870.00 1,740.00 $ 4,020.00 El Premium 26.09 25.00 26.00 $973.85 $103.00 Deductions Income Taxes $ 168.20 142.15 194.75 468.75 $ 973.85 CPP Health Insurance $ 26.00 26.00 25.00 26.00 $ 103.00 Total Deductions Net Pay

Employees' Names Hellen Craig Joseph Lim Dino Patelli Sharleen McFee. Employee Hellen Craig Joseph Lim Dino Patelli Pay $ 760 650 870 1,740 $4,020 Sharleen McFee Totals Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round interme calculations. Round the final answers to 2 decimal places.) Week $12,510 10,800 Taxes Deductions $168.20 $26.00 142.15 16,060 194.75 29,980 468.75 Gross Pay S 760.00 650.00 870.00 1,740.00 $ 4,020.00 El Premium 26.09 25.00 26.00 $973.85 $103.00 Deductions Income Taxes $ 168.20 142.15 194.75 468.75 $ 973.85 CPP Health Insurance $ 26.00 26.00 25.00 26.00 $ 103.00 Total Deductions Net Pay

Name: Employees' NamesHellen CraigJoseph LimDino PatelliSharleen McFeeEmplo
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Description: Employees' NamesHellen CraigJoseph LimDino PatelliSharleen McFeeEmployeeHellen CraigJoseph LimDino PatelliSharleen McFeeTotals$GrossPay$7606508701,740$4,020Required:1. Calculate the employees' El and CPP withholdings and the amounts paid to each emp

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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Answer the question below.
Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,000. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status s single. If an amount is zero, enter "0". a. 9th paycheck b. 17th paycheck c. 22nd paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $216,000, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be deducted for the year? $ $ OASDI 558 186 ✓ 0 ✓ $ HI 1,044 ✔
Employee Net Pay Kenneth Inverness's weekly gross earnings for the week ended April 22 were $1,000, and his federal income tax withholding was $180. Assuming the social security rate is 6% and Medicare is 1.5%, what is Kenneth's net pay? Note: If required, round your answer to two decimal places. All work saved.
Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25. Required 1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $159. Compute her net pay for the eight days’ work paid on February 26. Round amounts to the nearest cent. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). Round amounts to the nearest cent. 4. Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate…
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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