Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,825. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status is single. If an amount is zero, enter "0". OASDI a. 9th paycheck b. 17th paycheck c. 20th paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $235,800, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be withheld 609.15 $ HI 142.46

Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,825. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status is single. If an amount is zero, enter "0". OASDI a. 9th paycheck b. 17th paycheck c. 20th paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $235,800, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be withheld 609.15 $ HI 142.46

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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K t ht ences The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. There are no pre-tax deductions. Required: Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmad M. Petrova Semimonthly Pay $ $ $ $ $ $ 9,519 6,719 6,838 8,200 10,700 9,050 YTD Pay for November 15 Pay Date Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date
Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". If required, round your calculations and final answers to the nearest cent. EmployeeNo. Employee Name Marital Status No. of WithholdingAllowances Gross Wageor Salary Amountto BeWithheld 1 Amoroso, A. M 4 $1,610 weekly $fill in the blank 1 2 Finley, R. S 0 825 biweekly fill in the blank 2 3 Gluck, E. S 5 9,630 quarterly fill in the blank 3 4 Quinn, S. M 8 925 semimonthly fill in the blank 4 5 Treave, Y. M 3 2,875 monthly
During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $8,000. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status is single. If an amount is zero, enter "0". OASDI a. 9th paycheck b. 17th paycheck c. 24th paycheck d. If Rachael Parkin's year-to-date earnings as of her 24th paycheck are $192,000, and her year-end bonus is $100,000, how much is the additional 0.9% HI tax withheld? $ 496 ✓ 496 X ✓ $ $ $ HI 116 116 116 828
Dd.4.
Linda Sykes (single; 1 federal withholding allowance) earned. semimonthly gross pay of $2,715. She participates in a cafeteria plan, to which she contributed $135 during the period. Federal income tax withholding = $
6
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1: Mortimer Klein earned gross pay of $1,340. Each period he makes a 401(k) contribution of 3% of gross pay. His current year taxable earnings for Social Security tax, to date, are $184,600. Total Social Security tax = $ × 2: Helena Smith earned gross pay of $2,000. She does not make any retirement plan contributions. Her current year taxable earnings for Social Security tax, to date, are $137,500. Total Social Security tax = $ 3: Kasey Wolfe earned gross pay of $1,140. Each period he contributes 1.5% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax, to date, are $71,900. Total Social Security tax = $ 4: Matthew Pugh earned gross pay of $840. Each period he designates 3% of gross pay for a dependent care flexible spending account. His current year taxable earnings for Social Security tax, to date, are $137,900. Total Social Security tax = $ ×
3. Jackson Sanders works for Myers Company all year and earns a monthly salary of $3,800. There is no overtime pay. Based on Jackson's W-4, Myers withholds income taxes at 10% of his gross pay. As of July 31, Jackson had $28,000 of cumulative earnings. (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Myers Company related to the employment of Jackson Sanders for the month of August. (Record debits first, then credits. Round all amounts to the nearest cent. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $117,000 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $117,000 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. X
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