Greer Utsey earned $49,000 in 2022 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The Futa rate in Kentucky for 2022 is 0.6 on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and box 2 is not checked. Compute the following employee share of the taxes for the third weekly payroll of the year Federal income tax withholding Social Security tax Midicare tax State income tax withholding

Greer Utsey earned $49,000 in 2022 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The Futa rate in Kentucky for 2022 is 0.6 on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and box 2 is not checked. Compute the following employee share of the taxes for the third weekly payroll of the year Federal income tax withholding Social Security tax Midicare tax State income tax withholding

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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Required information (The following information applies to the questions displayed below. Gerald Utsey earned $47,600 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5,4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in ARRendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the following employee share of the taxes. (Do not round Intermediate calculation. Round your final answers to 2 decimal places.) Federal income tax withholding Social Security tax 56.75 13.27 Medicare tax State income tax withholding
The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix Cito determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 Pay $ $ 1,715 3,880 $ 3,605 $ 3,230 Union Dues per Period $ $ GA Garnishment per Period $ 120 240 $ $ 50 75 100 $ $ $ $ Net Pay 1,398.35 3,117.86 2,541.37 2,760.04
> The payroll register of Seaside Architecture Company indicates $830 of social security taxes and $225 of Medicare taxes withheld on total salaries of $15,500 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,200 at the federal rate of 0.8% and state rate of 5.4%. Journalize the entry for the employer's payroll taxes. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. 00000 ?
The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) Employee Filing Status, Dependents S. Bergstrom MJ-0 Pay $ Union Dues per Period Garnishment per Period Net Pay 1,730 $ 50 C. Pare MJ-2 (<17) $ 3,560 $ 120 L Van der Hooven S-1 (Other) S 3,285 $ 240 $ 75 S Lightfoot MJ-0 S 2.910 S 100
Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. The annual salary is $66,600 with a standard workweek of 40 hours. During the pay period ending February 3, 2023, Parker worked 8 hours of overtime. Parker is married filing Jointly with two dependents under the age of 17. Required: Complete the following payroll register for Parker's pay. Note: Round your intermediate calculations and final answers to 2 decimal places. Company Forise Industries Name Filing Status Period Salary Hourly Rate Dependents Parker Total Period Ended: 2/3/2023 Number of Regular Hours Number of Overtime Regular Earnings Overtime Earnings Gross Earnings Hours $ 0.00 $ 0.00 $ 0.00
Farm has 28 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay 85,950.00 EI Premium Income Taxes 1,426.77 11,855.00 View transaction list Journal entry worksheet < 1 Required: Prepare a journal entry to record payment by the employer to the Receiver General for Canada on April 15. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) Note: Enter debits before credits. Date April 15 CPP 4,067.95 Record the remittance to the Receiver General for Canada. Medical Ins. 1,650.00 General Journal United Way 1,819.00 Debit Credit
This problem continues the computing and recording employee payroll for the Olney Company for the pay period ending January 8th, 20--. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. These computations are shown in the Employee Payroll Register. Requirements: Compute and record the employee's SUTA contributions. Compute and record the Olney Company's SUTA and FUTA contributions. Payroll Register The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Your tasks now are to compute FUTA and SUTA. Complete the following step: Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note: Round your final answers to nearest cent. ONLEY COMPANY, INC.Employee Payroll Register For Period Ending January 8, 20-- EARNINGS…
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Reed is a waiter at Albicious Foods in South Carolina. Reed is single with one other dependent and receives the standard tipped hourly wage. During the week ending October 20, 2023, 44 hours were worked, and Reed received $250 in tips. Calculate Reed's gross pay, assuming tips are included in the overtime rate determination. Use Table 3-2. Required: 1. Complete the payroll register for Reed. 2a. Does Albicious Foods need to contribute to Reed's wages to meet FLSA requirements? 2b. If so, how much should be contributed? Complete this question by entering your answers in the tabs below. Req 1 Company Complete the payroll register for Reed. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Name Req 2a Reed Totals Albicious Foods Filing Status Req 2b S Dependents 1 Other Hourly Rate or Period Wage Overtime Rate Period Ended: Number of Regular Hours 40.00 10/20/2023 Number of Overtime Hours 4.00 $ Regular Earnings
D
Makena is a salaried, exempt employee with Caxkyat Stores. Makena is single with one dependent under 17 and earns $35,500 per year. Required: Complete the payroll register for the biweekly pay period ending March 11, 2022, with a pay date of March 16, 2022. Note: Round your dollar values to 2 decimal places. P/R End Date: Check Date: Name Makena Totals 03/11/2022 03/16/2022 Filing Status Dependents Hourly Rate or Period Wage M Company Name Number of Regular Hours \ Number of Overtime Hours Caxkyat Stores Commissions Regular Earnings 0.00 Overtime Earnings Gross Earnings $ 0.00
! Required information [The following information applies to the questions displayed below.] Greer Utsey earned $49,200 in 2023 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2023 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the following employee share of the taxes for the third weekly payroll of the year. Note: Do not round intermediate calculation. Round your final answers to 2 decimal places. Federal income tax withholding Social Security tax Medicare tax State income tax withholding