Helen Strand's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a Januarypay period, Helen works 47 hours. Helen's federal income tax withholding is $86.00, and she has no voluntary deductions. Assume thatthe FICA tax rate is 7.65%.Prepare the employer's journal entries to record (a) Helen's pay for the period and (b) the payment of Helen's wages. Use January 15for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries.Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts.)No. Date Account Titles and Explanation(a)(b)Jan. 15Jan. 15DebitCredit

Gross pay is employees' earnings before making any deductions like taxes, benefits and other payroll…

Helen Strand's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a Janu pay period, Helen works 47 hours. Helen's federal income tax withholding is $86.00, and she has no voluntary deductions. Assume the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Helen's pay for the period and (b) the payment of Helen's wages. Use January 1 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit ent Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo the account titles and enter o for the amounts.) No. Date Account Titles and Explanation (a) Jan. 15 Debit Credit

Helen Strand's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a Janu pay period, Helen works 47 hours. Helen's federal income tax withholding is $86.00, and she has no voluntary deductions. Assume the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Helen's pay for the period and (b) the payment of Helen's wages. Use January 1 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit ent Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo the account titles and enter o for the amounts.) No. Date Account Titles and Explanation (a) Jan. 15 Debit Credit

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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If a taxpayer works for more than one employer during the year, how much in FUTA taxes is remitted in the name of the taxpayer? Multiple Choice If the employee earns less than $7,000 at the first job, the next employer must remit FUTA taxes until the employee has earned a total of $7,000. If the employee earns more than $7,000 at the first job, all other employers are exempt from paying FUTA taxes for this employee during the year. Only the first employer is required to remit FUTA taxes on the wages earned. Both employers must remit FUTA taxes they pay to the employee on the first $7,000 of wages earned by the employee at each job.
The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. Round all computations to the nearest cent. FICA Taxes Employee No. Employee Name Biweekly Taxable Wages OASDI HI 711 Castro, Manny $1,000.00 512 Corrales, Pat 968.00 624 Guitar, Joseph 1,004.00 325 Moore, Connie 1,046.40 422 Morrison, Harry 1,200.00 210 Robertson, Catherine 1,044.80 111 Swarez, Joseph 1.122.00 Totals Employer's OASDI Total Taxable Wages Employer's OASDI Tax
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 S. Bergstrom C. Pare L Van der Hooven S Lightfoot Filing Status. Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 $ $ $ $ Pay Union Dues per Periodi 1,730 3,560 $ 3,285 $ 2,910 120 240 Garnishment per Period $ $ S 50 75 100 Net Pay
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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
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Ely is single, claims one dependent who is under the age of 17, and receives gross wages of $3,975 paid semimonthly. A 2021 Form W-4 is filed with the employer who uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later (see appendix). Assume that Ely has only one job or that step 2 of Form W-4 is not checked. What is the amount of income tax withheld on Ely's gross wages for each pay period? Multiple Choice $499.01 $512.83 $502.09 $577.82
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
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Laura Corbin’s regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Laura works 45 hours. Laura’s federal income tax withholding is $98, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date.1. Prepare the journal entries to record (a) Laura’s pay for the period and (b) the payment of Laura’s wages. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
lan McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid the regular rate for all hours worked for 40 hours per week. His Federal 11% of his salary . lan is single and claims 1 withholding allowances on his W-2 form. His weekly wages are subject to the following deductions.