Herbert Sully manages a Frosty Boy drive-in. His straight-time pay is $20 per hour, with time-and-a-half for hours in excess of 40 per week. Sully's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $6 for a charitable contribution to United Way. Sully worked 56 hours during the week (Click the icon to view payroll tax rate information) Read the requirements Requirement 1. Compute Sully's gross pay and net pay for the week. Assume earnings to date are $14,000. (Round all amounts to the nearest cent.) Begin by computing Sully's gross pay for the week. Gross Pay

Herbert Sully manages a Frosty Boy drive-in. His straight-time pay is $20 per hour, with time-and-a-half for hours in excess of 40 per week. Sully's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $6 for a charitable contribution to United Way. Sully worked 56 hours during the week (Click the icon to view payroll tax rate information) Read the requirements Requirement 1. Compute Sully's gross pay and net pay for the week. Assume earnings to date are $14,000. (Round all amounts to the nearest cent.) Begin by computing Sully's gross pay for the week. Gross Pay

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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The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee's weekly salary, which has remained the same all year. Complete the payroll register for the payroll period ending December 20, 20--, the 51st weekly payday. The state income tax rate is 2% of total earnings, the city income tax rate is 1.5% of the total gross earnings, and the wage-bracket method is used for federal income taxes. Hint: If wages are higher than the last amount on the appropriate wage-bracket table, the percentage method must be used. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Hogan Thrift ShopPayroll Register Deductions FOR PERIOD ENDING December 20, 20-- (a) FICA Employee Name MaritalStatus No. of W/HAllowances TotalEarnings OASDI HI (b)FIT (c)SIT…
Damerly Company (a Utah employer) wants to give a holiday bonus check of $325 to each employee. Since it wants the check amount to be $325, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 4.95% Utah income tax must be withheld on supplemental payments. Enter deductions beginning with a minus sign (-). You may need to adjust by a penny (subtract or add) to the gross amount to get net pay to calculate exactly to $325.00. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding…
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