Hemal Thomas is an employee in British Columbia. The net pay calculation is for the first bi-weekly pay of2022. The employee is 32 years old and is entitled to 70 hours regular pay at $20/hour, 3 hours ofovertime at time - and - a - half, and a $100 safety shoe allowance for this pay period. The employee alsoreceives a monthly car allowance of $200 and the employer pays group life insurance of $35 a month.Vacation at 4% is accrued. The employee contributes $20 per pay to the United Way, $20 per month tothe company social club, and $15 per pay for union dues. The employee's TD1 federal and provincial arecode 2. (Assume 26 weeks in a year.) Net pay for the pay period is: Multiple Choice $1,345.25. $1,356.19. $1,354.30. $1,351.68.

Net pay for the pay period is: $1,354.30.Explanation: Step 1: Calculate gross pay.Gross pay =…

Answered: Hemal Thomas is an employee in British…

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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Ann is an employee of Nike She is paid her monthly salary of $10,000 on December 31, 2023. Personal income taxes are deducted and withheld by the employer amounting to $4,000. Canada Pension Plan (CPP) deductions of $495, union dues of $20, employment insurance premiums (El) of $130, and private health insurance premiums of $100 are also deducted. Nike is required to contribute the following amounts to the applicable agency by January 15 of the next year: CPP 100% of employee deductions El 140% of employee deductions Private health insurance 200% of employee deductions Post-retirement benefits $1,000 Required: 1. Prepare a transactions worksheet to record the events on December 31 and January 15. 2. Calculate the amount of compensation expense that would be reported on nike 2023 income statement. 3. Calculate nike cash outflow on January 15, 2024.
answer within 30 minutes. its urgent.
Employee B has the opportunity to contribute to a payroll deduction 401(k) plan at work. This employee selects an option that averages 3% per year compounded monthly and contributes $250 per month. How much should he have in the account in 10 years? A payroll-deduction plan is considered to be an ordinary annuity.
Silver Ltd. has 35 employees who work 8-hour days and are paid hourly. On January 1, 2020, the company began a program of granting its employees 10 days paid vacation each year. Vacation days earned in 2020 may be taken starting on January 1, 2021. Information relative to these employees is as follows: Hourly Vacation Days Earned Vacation Days Used Year Wages by Each Employee by Each Employee 2020 $12.90 10 2021 13.50 10 8 2022 14.25 10 10 Silver has chosen to accrue the liability for compensated absences (vacation pay) at the current rates of pay in effect when the vacation pay is earned. What is the amount of vacation pay expense that should be reported on Silver's income statement for 2020? O $36,120 O $0 O $37,800 O $34,440
Christine Erickson is the payroll accountant for Multi Winds Energy of Lincoln, Nebraska. The employees of Multi Winds Energy are paid biweekly. An employee, Linda Larson, comes to her on September 9 and requests a pay advance of $1,070, which she will pay back in equal parts on the September 24 and October 22 paychecks. Linda is single with no dependents and is paid $56,000 per year. She contributes 5 percent of her pay to a 401(k) plan and has $250 per paycheck deducted for a court-ordered garnishment. Assume that no pre-tax deductions exist for any employee and box 2 is not checked. Required: Compute her net pay for her September 24 paycheck. Her state income tax rate is 6.84 percent. Use the wage-bracket tables in Appendix C to determine the federal income tax withholding amount. You do not need to complete the number of hours. (Round your Intermediate calculations and final answer to 2 decimal places.) Answer is complete but not entirely correct. $ 2.951.49 X Net pay
Vaughn 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, Vaughn works 45 hours. Vaughn's federal income tax withholding is $96, 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. Prepare the journal entries to record (a) Vaughn's pay for the period and (b) the payment of Vaughn's wages. Use January 15 for the end of the pay period and the payment date. (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.) No. Date Account Titles and Explanation Debit Credit Jan. (a) 15 Jan. (b) 15
James Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Lauren Stenn comes to him on April 2 and requests a pay advance of $1,000, which Lauren will pay back in equal parts on the April 15 and May 15 paychecks. Lauren is single with one dependent under 17 and is paid $52,400 per year. Lauren contributes 3 percent of gross pay to a 401(k) and has $145 per paycheck deducted for a Section 125 plan.Required:Compute the net pay on Lauren's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2 is not checked. (Round your intermediate calculations and final answer to 2 decimal places.)
Hanshaben
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260 The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137700 earned each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 145% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 06% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,32517 What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculetions to two decimal places.) Multiple Choice $3,09717 $2,443 21 $2,443.21 $1,957.06 $1,722.00 $1,495.36
Mr Smith's annual salary is $45,000. His regular workweek consists of four 10-hour workdays. He is eligible for overtime at one and a half times worked in excess of 10 hours per day or 40 hours per week. Determine his gross earnings in a pay period if he is paid semimonthly, if he is paid biweekly, if he works 6 hours of overtime in a biweekly pay period.
Uramilaben
Oregon Company's employees are eligible for retirement with benefits at the end of the year in which both age 60 is attained and they have completed 35 years of service. The benefits provide 15 years' reimbursement for health care services of $39,000 annually, beginning one year from the date of retirement. Ralph Young was hired at the beginning of 1988 by Oregon after turning age 22 and is expected to retire at the end of 2026 (age 60). The discount rate is 4 %. The plan is unfunded. The PV of an ordinary annuity of $1 where n = 15 and i = 4% is 11.11839. The PV of $1 where n = 2 and i = 4% is 0.92456. With respect to Ralph, what is the service cost to be included in Oregon's 2024 postretirement benefit expense, rounded to the nearest dollar? Multiple Choice $6,881 $ 12, 382 $39,000 $10, 280

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