Mo Salah is employed by Liverpool Limited. The normal working week is 45 hours. Mo Salah workedfor 48 hours during the last week of March 2022. He is remunerated at R90 per hour during normalworking hours. Overtime is calculated at 1.5 times the normal rate. The following are her deductions forthe week:Medical aid fund R400Pension fund 8% of the normal wagesIncome tax R850Liverpool Limited contributes the same amount as the employees towards the medical aid fund andpension fund.Required:Calculate the net wage of Mo Salah for the last week of March 2022.

The procedure used to determine and distribute employee salaries and wages is known as payroll.…

Answered: Mo Salah is employed by Liverpool…

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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Ay 2 XYZ Ltd, a British Columbia employer, awards Theresa Ray a $1,950.00 bonus that will be paid out together with her semi-monthly salary of $2,200.00. Terry will not reach the annual CPP maximum contribution with this payment. What is Theresa’s CPP contribution? (Make sure you round to the nearest cent). Hint: The amount of Terry’s gross pensionable/taxable income is required to manually calculate her CPP contributions. Since the bonus is included with regular pay, calculate CPP as you normally would.
This is a continuation of the last problem I submitted. I made an error in my last submission by not attaching the picture so I am just resubmitting with attachment. I am sorry for any inconveniance. The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $38,000. July 23, 2021 Receive $27,000 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $51,000. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $45,000 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received.…
Employee DD earned $43,300 working for an employer in the current year. The current rate for Social Security is 6.2% payable on earnings up to $128,400 maximum per year. The rate for Medicare is 1.45%. The FUTA tax rate is .6% and the SUTA tax rate is 5.4% applied to the first $7,000 of an employee's pay. 1. The employer's total FICA payroll tax for this employee is 2. When the employee remits the total payment to the social Security administration, how much will the payment be?
Your answer is partially correct. Karen Peters' regular hourly wage rate is $42, and she receives an hourly rate of $63 for work in excess of 40 hours. During a March pay period, Karen works 47 hours. Karen's federal income tax withholding is $80, and she has no voluntary deductions. The FICA tax rate is 7.65%. A Prepare the journal entry to record Karen's pay for the period. Use March 15 for the end of the pay period. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Mar. 15 here to search Account Titles and Explanation Salaries and Wages Expense FICA Taxes Payable Salaries and Wages Payable Cash Ef 50 Chp Debit 2,121 Credit 162.25 1.878.75 1,878.75 12:1 61°F Clear ^ @4) 934
Giana Bailey works for JMK all year and eams a monthly salary of $11.800 There is no overtima,pay Giana's income tax withholding rate is 10% of gross pay In addition to payroll taxes, Giana elects to contribute 3% monthly to United Way. JMK also deductss275 monthly for co-payment of the health insurance premium. As of September 30, Giana had $106,200 of cumulative eamings O (Cick the icon to view payroll tax rate information) Requirements 1. Compute Giana's net pay for October. 2. Journalize the accrual of salaries expense and the payments related to the employment of Giana Bailey. Requirement 1. Compute Giana's net pay for October. (Round all amounts to the nearest cent) Withholding deductions Net (take-home) pay Frie Choose trom any list or enter any number in the input fields and then click Check Answer
Jason Jefferies earned $10,200 while working for Brown Company. The company's SUTA tax rate is 2.9% on the first $7,000 of each employee's earnings. Compute the total unemployment taxes (SUTA and FUTA) that Brown Company should pay on Jeffries' earnings.
Trailers R Us hired Ren, 26, on January 1, 2021. Ren is a member of the long-term family assistance target group. In 2022, he worked 375 hours with wages of $4,500. In 2022, Trailers R Us hired Miroslava, 17. She worked from May 1 through September 1, totaling 425 hours with wages of $4,675. Assuming Trailers R Us had no other qualified employees, what is the maximum Work Opportunity Tax Credit (WOTC) they can claim?
Susan Cain is employed at Quiet Inc. and is paid a monthly salary of ₱70,000. How much is her net pay after deducting all the mandatory deductions? (Provide solution/ explanation) a. ₱55,764.50 b. ₱56,577.27 c. ₱56,679.27 d. ₱56,836.77
Old Town Entertainment has two employees in Year 1. Clay earns $3,500 per month, and Philip, the manager, earns $10,400 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $130,000 of earnings and the Medicare tax rate is 1.5 percent on all earnings. The federal income tax withholding is 16 percent of gross earnings for Clay and 21 percent for Philip. Both Clay and Philip have been employed all year. Required a. Calculate the net pay for both Clay and Philip for March. b. Calculate the net pay for both Clay and Philip for December. c. Is the net pay the same in March and December for both employees? d. What amounts will Old Town report on the Year 1 W-2s for each employee? Complete this question by entering your answers in the tabs below. Reg A and B Req C a. Clay a Philip b. Clay b. Philip Reg D Calculate the net pay for both Clay and Philip for March. Calculate the net pay for both Clay and Philip for December. (Do not…
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On the last weekly pay of the first quarter, Lorenz is paid her current pay of $90 per day for four days workedand one day sick pay (total— $450). She is also paid her first-quarter commission of $1,200 in this pay. How muchwill be deducted for:(a) OASDI tax ($1,650 × 6.2%) = __________(b) HI tax ($1,650 × 1.45%) = _____________
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $30 put into her health savings account (nonqualified) each week. Her employer matches this $30 each week. Determine Whiteweiler's take-home pay if she is head of household. Enter deductions beginning with a minus sign (-). 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 and 2020 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Gross pay $930 HSA contributions -30 401(k) deductions -100 OASDI tax -57.66 HI tax -13.49 FIT Net pay $

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