Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tablesfor Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems.Number ofDependentsfrom FormW-4SemimonthlyPayroll$ 6,400$ 5,120MaritalStatusMarried3NailaWilfred2Married$ 3,7200ByronAnnieSingle$ 4,3201SingleRequired:Complete the table for taxes to be withheld for each pay period.Note: Round your intermediate computations and final answers to 2 decimal places.EmployeeFederal WithholdingTaxSocial SecurityTaxMedicare TaxTotal TaxesWithheldNailaWilfredByronAnnie

According to the question, we need to compute the total taxes withheld. According to the IRS, the…

Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. Number of Dependents from Form Semimonthly Payroll $6,400 Marital Status W-4 3 Married Naila Wilfred $5,120 2 Married $ 3,720 0 Single Byron Annie $ 4,320 1 Single Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. Employee Federal Withholding Tax Social Security Tax Medicare Tax Total Taxes Withheld Naila Wilfred Byron Annie

Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. Number of Dependents from Form Semimonthly Payroll $6,400 Marital Status W-4 3 Married Naila Wilfred $5,120 2 Married $ 3,720 0 Single Byron Annie $ 4,320 1 Single Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. Employee Federal Withholding Tax Social Security Tax Medicare Tax Total Taxes Withheld Naila Wilfred Byron Annie

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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Calculation and Journal Entry for Employer Payroll Taxes Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name CurrentEarnings UnemploymentCompensation SocialSecurity Aus, Glenn E. $700 $200 $700 Diaz, Charles K. 350 350 350 Knapp, Carol S. 1,200 — 1,200 Mueller, Deborah F. 830 125 830 Yeager, Jackie R. 920 35 920 1. Calculate the employer’s payroll taxes expense for the week ended March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%.
1/2 items. Calculate Pro Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Gross pay Net pay Consultant $2,510 per week Not applicable Regular earnings rate Overtime earnings rate. Number of withholding allowances 3 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheid for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Check My Work Computer Programmer $32 per hour 2,510 Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your…
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
Completing the Payroll Register The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period. Complete the following steps (if a field should be blank, leave it blank): Record the amount to be withheld for group insurance. Record the amount to be withheld for health insurance. Each worker is to be paid by check. Assign check numbers provided to the correct employee. Compute the net pay for each employee. Total the input columns. KIPLEY COMPANY, INC.Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $0.42 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 0.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 0.41 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 0.53 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00…
on 4 An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer's payroll taxes and otl expenses? Debit Crédit $535.50 $420.00 FICA Expenses Federal Unemployment Expense State Unemployment $378.00 Expense FICA Payable Federal Unemployment Expense State Unemployment Expense $535.50 $420.00 $378.00 Debit Credit FICA Expenses Federal Unemployment $535.50 $420.00 Expense State Unemployment Expense $378.00 Cash $1,333.50 Debit Credit FICA Payable Federal Unemployment $535.50 $420.00 Expense State Unemployment Payable FICA Expenses Federal Unemployment Expense State Unemployment Expense $378.00 $535.50 $420.00 $378.00 MacBook Air
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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 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
Journalize the company payroll for the semimonthly period ending on August 31. Journalize the payment of total payroll and deductions using the totals from the payroll register. 2. Payroll will be paid with check number 1152. Completed payroll register attached.
ces 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. You do not need to complete the number of hours. 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. Note: 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 Period 1,820 3,740 $ 3,465 $ 3,090 120 240 Garnishment per Period $ $ $ 50 75 100 Net Pay
On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 employees had earned $27.070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries were to include $602.58 of EL $1,666.91 of CPP, S7470 of income taxes, $1,230 of hospital insurance, and $720 of union dues. Required: 1. Prepare the General Journal entry to record the January 13 payroll. (Do not round intermediate calculations. Round your answers to 2 decimal places) View transaction list Journal entry worksheet Record payroll deductions for the pay period ending Jan 13. Notel Enter debts before oredits. Date General Journal Debit Credit Jan 13 View general journal Clear entry Record entry Nevt On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 earned $27,070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries…
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