Lisa Garza's regular hourly wage rate is $33, and she receives a wage of 1½ times the regular hourly rate for work in excess of 40hours. During a March weekly pay period, Lisa worked 44 hours. Her gross earnings prior to the current week were $6,000. Lisa ismarried and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $34.00 perweek,MARRIED Persons – WEEKLY Payroll Period(For Wages Paid through December 2022)If the wagesAnd the number of withholding allowances claimed is –are -But1235678910AtlessleastthanThe amount of income tax to be withheld is –1,3161,327 | 124 | 114105958575665646 | 37291,3271,338 | 12511610696867767574838301,3381,34912711710797887868594939311,3491,36012811810899897970605041321,3601,371 | 129119110100908171615242331,3711,382130 | 121111101928272635343341,3821,393132122112103938374645445351,3931,404133123114104948575655646361,4041,415134125115105968676675747381,4151,426136126116 | 107978778685849391,426 | 1,437137127118108988979696050401,4371,4481381291191091009080716151411,4481,4591401301201111019182726252 | 431,4591,470 | 141131122 | 112| 1029383736454441,4701,481142133123| 1131049484756555451,4811,492144134124 | 1151059586766656471,4921,503145135126| 1161069787776758481,5031,5141461371271171089888786959491,5141,525148138128119 | 1099989807060511,5251,536149139130120110| 1019181716252 Compute the following amounts for Lisa's wages for the current week. (Round all answers to 2 decimal places, e.g. 52.55.)(1) Gross earnings.$(2) FICA taxes. (Assume a 7.65% rate on maximum of $132,900.)(3) Federal income taxes withheld.$(4) State income taxes withheld. (Assume a 2.0% rate.)$(5) Net pay.$%24%24%24%24

Payroll It is important for the management prompt payment of payroll to the employees is most important in the entity as well. There are some statutory deduction which are applicable for the gross receipt of wages to the employees as well. The detailed calculations related to this are given below1) Calculation of Gross Pay Answer = $ 1518 Regular Hourly Wage Rate = $ 33 Total Working Hours = 44 Hours (40 Regular Hours and 4 Overtime hours) Calculation of Gross Pay Regular Hours = 40 * $ 33 = $ 1320 Overtime Hours = $ 33 * 1.5 = $ 49.50 = 4 * 49.50 = $ 198 = $ 1320 + $ 198 = $ 15182) Answer = = $ 116.13 Calculation of FICA Taxes Here Gross Earning Prior to Current Week = $ 6000 Current Week Pay = $ 1518 Total Wages Earnings = $ 6000 + $ 1518 = $ 7518 Hence $ 7518 is less than the maximum which are provided here is $ 132900. Hence FICA Tax is Applicable here Calculation of FICA Tax = $ 1518 * 7.65% = $ 116.133) Answer = $ 119 Federal Income Tax Withheld Here total Wages pay = $ 1518 Allowance received for withheld = 3 According to the Withheld Table Federal Withheld Tax from Range of $ 1514 to $ 1525 = $ 119 4) Answer =$ 30.36 State Income Tax Withheld Here assumes for 2% = $ 1518 * 2% = $ 30.365) Answer =$ 1218.51 Calculation of Net Pay Calculation of Net Pay Particulars Amount ($) Amount ($) Gross Pay 1518 Deductions Gross Hospitalization Insurance 34.00 FICA Taxes 116.13 Federal Income Tax Withheld 119.00 State Income Tax Withheld 30.36 299.49 Net Pay 1218.51

Business

Accounting

Lisa Garza's regular hourly wage rate is $33, and she receives a wage of 1% times the regular hourly rate for work in excess of 40 hours. During a March weekly pay period, Lisa worked 44 hours. Her gross earnings prior to the current week were $6,000. Lisa is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $34.00 per week. MARRIED Persons – WEEKLY Payroll Period

Lisa Garza's regular hourly wage rate is $33, and she receives a wage of 1% times the regular hourly rate for work in excess of 40 hours. During a March weekly pay period, Lisa worked 44 hours. Her gross earnings prior to the current week were $6,000. Lisa is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $34.00 per week. MARRIED Persons – WEEKLY Payroll Period

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

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.
Carrie Rosenburg worked 45 hours the first week of the calendar year and earns regular wages of $16/hour. She is paid an overtime rate 1.5 times her regular wage rate, contributes 4% of her gross pay to a 401(k) plan, and contributes $30/week to a flexible spending account. Her Social Security tax for the week is $____?
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%).
Hansaben
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.)
Cory Hunter's earnings are subject to deductions for Social Security, Medicare, and FIT. To date his cumulative earnings are $110,000. This week Cory earns $2,000. Cory, who is married, is paid weekly and files jointly. Assume the Social Security rate is 6.2% on a maximum of $ 142,800 and 1.45% for Medicare. Use percentage method to calculate FIT. His net pay for the week is ? A $1, 956.17 B $2, 036.60 C $1, 672.60 D $2,031.70
Anderson Brown worked 39 hours during the first week of the calendar year and earns regular wages of $15/hour. Assuming that she requests that 4% of her gross pay be contributed to a 401(k) plan and that she contributes $25 per week to a dependent-care flexible spending account, her Social Security tax for the week is $_____.
40
Margaret'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, Margaret works 49 hours. Margaret's federal income tax withholding is $97, and she has no voluntary deductions. Compute Margaret's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round the answers to 2 decimal places, eg. 15.25.) Gross earnings $ Net pay $ 1
A married employee who earns $17/hour, works 38 hours during a recent week, is paid weekly, and claims 6 federal withholding allowances has $_____ in federal income tax withholding under the wage-bracket method.
Mary Johnson is earning $40,000 per week as her basic salary.Ms. Johnson lives in a house that the company pays the Landlord $5,000 weekly. She receives a non-taxable uniform allowance of $12,500 per week. Ms. Johnson has asked the payroll department to deduct from her salary $5,000 to National Housing Trust (NHT). The company has an approved pension scheme for which the employee contributes 5% per week and the employer matches this amount by contributing the same percentage for the employee. Required: a) Calculate the net pay for Mary Johnson for the week. b) Compute the taxes that the company will pay for Ms. Johnson.