Exercise 10.8 (Algo) Determining federal income tax withholding. LO 10-5 Data about the marital status, withholding allowances, and weekly salaries of the four office workers at Ollies Supplies are as follows. (Use the tables shown in Figure 10.1A & Figure 10.18.) Find the amount of federal income tax to be deducted from each employee's gross pay. Employee Marital Withholding Number Status Allowances Weekly Salary Income Tax Withholding 1 M 1 $ 550 亞 2 S 2 535 3 M 3 565 4 S 2 475
Q: Using the income tax withholding table in Figure 3, for each employee of Miller Company, determine…
A: Payroll It is important for the business entity to prepare the payroll process and its statutory…
Q: Using the income tax withholding table in Figure 3, for each employee of Miller Company, determine…
A:
Q: Problem 10-52 (LO 10-2) Kendall, who earned $120,000 during 2021, is paid on a monthly basis, is…
A: Computation of tentative withholding $9,328 + ($120,000 - $93,250) * 22% $9,328 + $5,885 $15213 Note…
Q: PSb 3-11 Populate Employee Earnings Records (#3) Complete the federal withholding tax (wage-bracket…
A: Under wage bracket method, federal withholdings are calculated on the basis of number of allowances,…
Q: Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes…
A: Total current earnings = $720+$370+$1240+$850+$900 = $4080 Total of unemployment compensation =…
Q: Problem 12-3 Analyzing a Source Document Use this partially completed payroll check stub to answer…
A: A part of employees salary is withheld by employer to pay Social Security tax, medicare tax and…
Q: mployee earnings records for Oriole Company reveal the following gross earnings for four employees…
A: FICA:FICA= Federal insurance contribution actThe federal insurance contribution act is a known as…
Q: What is the balance of the Employee Income Tax Payable account at July 15?
A: The balance of the Employee Income Tax Payable account on July 15 is $3,600.. This is the amount of…
Q: Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly…
A: As per the honor code of Bartleby we are bound to give the answer of the first three sub part,…
Q: Problem 10-57 (LO 10-2, 10-4) Lauprechta Incorporated has the following employees on payroll. Assume…
A: TaxThe amount of money paid by the government on the income or gains earned by a company or…
Q: Problem 5-3A (Algo) The following salaried employees of Mountain Stone Brewery in Fort Collins,…
A: All employees' wages must have federal income tax withheld from them by their employers, unless they…
Q: Maze Company has one employee that is paid $1,000 weekly. All of the employee's wages are subject to…
A: Payroll tax expense is the amount if tax charged on the payroll paid to the employees. It includes…
Q: Required information [The following information applies to the questions displayed below.] BMX…
A: >An employee’s wage or salary is subject to various deductions as per law. >Hence, various…
Q: For each circumstance, calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4%…
A: Under the provisions of SUTAThe maximum earnings subject to tax is $8500Computation of taxable…
Q: An employee earns $22 per hour and 2 times that rate for all hours in excess of 40 hours per week.…
A: The complete compensation an employee receives from their employer before any deductions is referred…
Q: Question 3 6 p An employee has total gross wages of $7,000, federal withholding of 15% and state…
A: Payroll taxes generally includes the FICA Tax as well as withholding tax which will be levied on the…
Q: Mary's Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the…
A: It is the record that provides complete payroll information of each employee on weekly basis. This…
Q: 22 On a recent paycheck, the employee's taxes were as follows: Federal withholding, $31; Social…
A: Employees and employers share the FICA taxes (Social security tax and Medicare) whereas Federal…
Q: Solve the problem where the amount of wages ( after subtracting withholding allowances) is over $551…
A: The objective of the question is to calculate the amount of income tax to withhold from an…
Q: PSA 3-6 Calculate Federal Income Tax Withholding Using the Wage-Bracket Method (2020 or Later Form…
A: The amount that the employer immediately withholds from an employee's pay and then pays to the…
Q: Required information [The following information applies to the questions displayed below.] BMX…
A: Answer:- Federal income taxes:- The internal revenue service imposes a tax known as the federal…
Q: Assuming situation a. prepare the employer's September 30 journal entries to record salary expense…
A: FICA (Federal Insurance Contributions Act) consists of two components: the medical tax (Medicare)…
Q: Instructions 1. Compute the amounts to be reported for the year on each employee's Wage and Tax…
A: Amount receives as retirement, disability, and survivorship benefits from the Social Security…
Q: PSb 3-11 Populate Employee Earnings Records (#4) Complete the federal withholding tax (wage-bracket…
A: Under wage bracket method, federal withholdings are calculated on the basis of number of allowances,…
Q: $ 9,814.40 Total gross earnings of all employees: Total social security tax withheld: 608.49 Total…
A: Payroll tax is a tax which is used to deducted to social security and Medicare expenses of employees…
Q: View Policies Current Attempt in Progress Assume the following data for Sandhill Home Appliance…
A: A simple journal entry is an accounting entry in which just one account is debited and one is…
Q: LZ Uonsəno Total gross earnings of all employees: $ 9,814.40 608.49 Total social security tax…
A: Payroll tax expense for the employer includes FICA taxes (social security tax and medicare tax) ,…
Q: PSb 3-11 Populate Employee Earnings Records (#1) Complete the federal withholding tax (wage-bracket…
A: Under wage bracket method, federal withholdings are calculated on the basis of number of allowances,…
Q: Required information [The following information applies to the questions displayed below.] BMX…
A: Given that: Social security tax rate = 6.2% Medicare tax rate = 1.45% Federal Income tax withheld =…
Q: PSC 3-6 Calculate Federal Income Tax Withholding Using the Wage-Bracket Method (2020 or Later Form…
A: Here's how to calculate the federal income tax withholding for each employee using the wage-bracket…
Q: QUESTION 19 1 Use the 2018 Payroll Tax Withholding Tables from IRS Pub. 15. Circular E(see Mastering…
A: Calculation of Federal Income Tax Withhold It is noted that there is two method to calculate the…
Q: 3. The current employee earnings record for Beth Salzman is provided below. Update Salzman's…
A: Here's what we would need to update the record:Regular Earnings: How many hours did Beth work for…
Q: Ward Feb. 1 6,300 1,355 Required: 1. Calculate the amounts to be reported on each employee's Wage…
A: The question provides a table with partial data for five employees (Andy, Chir, Lowery, Nickels, and…
Q: On September 30, Cody Company's selected account balances are as follows: Employees' Federal Income…
A: Journal entries are the basic foundation of financial statements in which at least two accounts are…
Q: Amount to Be Withheld Percentage Wage-Bracket Method Method
A: Wage-Bracket Method:EmployeeGross Wageor SalaryAmount to BeWithheldRuiz S. (Single)$1040…
Q: Amounts to Be Reported on Wage and Tax Statements (Form W-2) Gross…
A: Employees Medicare taxes withheld Amett 123.75 Cruz 864 Edwards 360 Harvin 90 Nicks 1650…
Q: 1: Stephanie Williams files as single on her tax return and earned weekly gross pay of $700. For…
A: Stephanie Williams: Stephanie earns a weekly gross pay of $700 and contributes 7% of her gross pay…
Q: Taxes to be Withheld From Gross Pay Assuming situation (a), prepare the employer's September 30…
A: FICA - Social Security and MedicareFederal payroll taxes under the Federal Insurance Contributions…
Q: Problem 5-3A (Algo) The following salaried employees of Mountain Stone Brewery in Fort Collins,…
A: All employees' wages must have federal income tax withheld from them by their employers, unless they…
Q: Sb 5-4 Calculate SUTA Tax r each of the following independent circumstances calculate the SUTA tax…
A: Under the provisions of SUTA The maximum earnings subject to tax is $8500 Computation of taxable…
Q: a. OASDI tax b. HI tax 44
A: The tax amount of OASDI and HI is as per the tax rate of it and the limit of the income as well and…
Q: Compute the net pay for each employee using the federal income tax withholding table included.…
A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…
Q: The form below shows the amounts that appear in the Earnings to Date column of the employees'…
A: Payroll tax can be defined as the tax that is withheld, charged or levied on an employer's…
Q: The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid…
A: The percentage method has no wage or allowance limit. therefore firm can use it if the employee's…
Q: Hal Bower married 1 withholding allowance paid weekly wage $1,350 amount to be withheld?
A: For employees, withholding is the amount of federal income tax withheld from your paycheck. The…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20—, are given. Employees are paid 1½ times the regular rate for working over 40 hours a week. Name No. ofAllowances Marital Status Total Hours Worked Mar. 16–22 Rate Total EarningsJan. 1–Mar. 15 Bacon, Andrea 4 M 44 $12.00 $5,500.00 Cole, Andrew 1 S 40 12.00 5,860.00 Hicks, Melvin 3 M 43 10.50 4,820.00 Leung, Cara 1 S 35 11.00 5,056.50 Melling, Melissa 2 M 40 13.00 4,727.00 Social Security tax is withheld from the first $128,400 of earnings at the rate of 6.2%. Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of 1%, both applied to gross pay. Bacon and Leung have $13 withheld and Cole and Hicks have $4 withheld for health insurance. Bacon and Leung have $22 withheld to be invested in the travel agency’s credit union. Cole has $38.00 withheld and Hicks has…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 monthlyPSb 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer to Appendix A, 2020 Federal Tax Tables in your textbook. Publication 15-T (2020) 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of 500. For each pay period she makes a 401(k) contribution of 2% of gross pay. Julia checked box 2c on Form W-4, entered $40 on line 4c of the form, and did not enter any information in step 3 of the form. Federal income tax withholding = | 2: Alejandro Wright files as single on his tax return and earned weekly gross pay of 1300. He does not make any retirement plan contributions. Alejandro entered 500 in step 3 of the form and did not enter any information in steps 2 & 4 of the form. Federal income tax withholding = $ Tentative Federal Income Tax Withholding = $ 3: Beatrice Nen files…
- 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 >Q) Find the federal withholding tax using the wage bracket method for each of the following employees. Kerry Cook: 1 withholding allowance, single, $2165.17 monthly earnings Mary Jackson: 2 withholding allowances, married, $639.80 weekly earnings Julie Pendleton: 0 withholding allowances, single, $1843.19 monthly earnings L. Sanchez: 3 withholding allowances, married, $521.10 weekly earnings B. Maynard: 4 withholding allowance, married, $2484.97 monthly earnings3. Jordan Peters (single; 3 federal withholding allowances) earned monthly gross pay of $2,300. He contributes $150 to a flexible spending account during the period. Using wage-bracket method: Federal income tax withholding=$ Using percentage method: Federal income tax withholding=$
- The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $132,900 for the calendar year. Employee December No. Salary 1 2 3 4 Soc. Sec. Taxable Earnings November 30 December Year-to-Date Earnings Through 3 9,300 $ 98,400 9,400 69,400 10,050 110,550 9,400 99,400 Social Security Taxi 6.20%Required information Exercise 9-13A (Static) Computation of net pay and payroll expense LO 9-5 [The following information applies to the questions displayed below] The following information is available for the employees of Webber Packing Company for the first week of January, Year t 1. Kayla earns $28 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 52 hours the first week in January, Kayla's federal income tax withholding is equal to 15 percent of her gross pay. Webber pays medical insurance of $50 per week for Kayla and contributes $50 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,600, Paula's federal income tax withholding is 18 percent of her gross pay. Webber pays medical insurance of $80 per week for Paula and contributes $100 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $60 per week for Paula. Assume the Social Security…1 Federal Income Tax Withholding Bob Avery's weekly gross earnings for the present week were $2,550. Avery has three exemptions. Using the wage bracket withholding table in Exhibit 2 with a $81 standard withholding allowance for each exemption, what is Avery's federal income tax withholding? Round your answer to two decimal places.