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

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