Helen Corbin's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Helen works 50 hours. Helen's federal income tax withholding is $98, she has no voluntary deductions, and the FICA tax rate is 7.65%. Compute Helen Corbin's gross earnings and net pay for the pay period. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25.) Gross earnings $ Net pay $ 800 640.8

Helen Corbin's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Helen works 50 hours. Helen's federal income tax withholding is $98, she has no voluntary deductions, and the FICA tax rate is 7.65%. Compute Helen Corbin's gross earnings and net pay for the pay period. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25.) Gross earnings $ Net pay $ 800 640.8

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

Im not sure how to calculate YTD
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding (use the withholding table in Exhibit 11A.6), state income tax (1.0%), and net pay for the current Day period.
Allison is paid $2,850 per week. What is the amount of federal income tax withheld from Allison's paycheck under the following conditions? Assume that Allison has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: a. Allison is single and no dependents. b. Allison is married (her spouse does not work) and claims two dependents who are under the age of 17. c. Allison is single, claims no dependents, but wants $60 in additional withholding. (For all requirements, round your intermediate computations and final answers to 2 decimal places.) a. Federal income tax withholdings b. Federal income tax withholdings c. Federal income tax withholdings Amount
Domestic
Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. Compute the net pay for each employee. View the biweekly payroll period percentage method withholding chart. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes - BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative amount to Plus this withhold is: percentage-exceeds— that the Adjusted Wage Total deductions Net pay Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount…
A weekly payroll register shows that Louise Price had total wages of $460. She had deductions of $35.19 for FICA tax, $54 for federal income tax, and $16 for medical insurance. Compute Price's net pay. 435.81 345.81 545.81 354.81
R.D. Kagen employs Audrey Lopez at a salary of $32,900 a year. Kagen is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Lopez's salary. In addition, Kagen must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.6% on the first $7,000 of Lopez's salary. Compute the total cost to Kagen of employing Lopez for the year.
Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, head of household), social security taxes, and state income tax (2%).
Hank earns $18.50 per hour with timeandahalf for hours in excess of 40 per week. He worked 44 hours at his job during the first week of March, 2024. Hank pays income taxes at 15% and 7.65% for OASDI and Medicare. All of his income is taxable under FICA. Determine Hank's net pay for the week. (Do not round any intermediate calculations, and round your final answer to the nearest cent.)
Vala
Morgan is paid $2,849.50 per week. What is the amount of federal income tax withheld from Morgan's paycheck under the following conditions? Assume that Morgan has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: a. Morgan is single and no dependents b. Morgan is married (spouse does not work) and claims two dependents who are under the age of 17 c. Morgan is single, claims no dependents, but wants $70 in additional withholding Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. Amount a. Federal income tax withholdings b. Federal income tax withholdings c Federal income tax withholdings
Urmilaben