Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C Note: Round your intermediate calculations and final answers to 2 decimal places. Employee L. Torabi Filing Status Spouse Annual Salary Federal Income S Dependents None Annual Salary and Pay Frequency Tax per Period $ 47,900 Not applicable R. Beninati S One Other $ 56,900 Not applicable G. Fisher MJ Three <17 $ 28,000 $40,000 per biweekly J. Tillman MJ Two <17 $ 34,700 $20,820 per weekly

Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C Note: Round your intermediate calculations and final answers to 2 decimal places. Employee L. Torabi Filing Status Spouse Annual Salary Federal Income S Dependents None Annual Salary and Pay Frequency Tax per Period $ 47,900 Not applicable R. Beninati S One Other $ 56,900 Not applicable G. Fisher MJ Three <17 $ 28,000 $40,000 per biweekly J. Tillman MJ Two <17 $ 34,700 $20,820 per weekly

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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Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations and round your final answers to the nearest cent. Employee Pat Brown Marital status S Gross pay $ 1,900 FIT Social Security FICA Medicare Net pay
Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.) Federal Spouse Annual Salary or Pay Frequency Employee Filing Status Dependents Annual Salary Income Tax per Period L. Torabi None $ 41,400 Not applicable R. Beninati S One Other 2$ 50,900 Not applicable G. Fisher MJ Three <17 $ 46,560 S77600/ biweekly J. Tillman MJ Two <17 $ 42,580 $30800/ weekly
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Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $2,250 and who counted 2 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)-- Assume the deduction for each withholding allowance is $75. If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is $0 Not over $43. . . ver--- But not over-- of excess over-- $43 --$222 | $ 0.00 plus 10% ---$43 $222 ---$767 $17.90 plus 15% --$222 $767 --$1,796| $99.65 plus 25% ---$767 $1,796 --$3,700 $356.90 plus 28% ---$1,796 $3,700 ---87,992 | $890.12 plus 33% --S3,700 $7,992 ---$8,025 | $2,306.38 plus 35% ---$7,992 $8,025 $2,317.93 plus 39.6% ---$8,025 $356.90 $442.02 $484.02 $630.00
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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. 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 S 1,715 $ 3,880 S S 3,605 $ 3,230 69 Garnishment per Period $ 120 240 $ 69 50 75 100 Net Pay
Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.
Milligan's Millworks pays its employees weekly. Use the wage-bracket tables from Appendix C to compute the federal income tax withholdings for the following employees of Milligan's Millworks: (Assume that no pre-tax deductions exist for any employee and box 2 is not checked for all employees and Manual payroll system is used.) (Round your intermediate calculations and final answers to 2 decimal places. Leave no cells blank. Enter "0" wherever required.) Employee D. Balestren Y Milligan H. Curran D. Liberti Filing Status Single Single Married/Joint Head of Household Dependents Two <17 One Other Two <17, one Other One <17 $ $ $ $ Weekly Pay 760 5 1,213 752 $ 895 Federal Tax 0.00 0.00
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 Cito determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 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 Union Dues per Period Pay $ 1,720 $ 3,540 $ $ 3,265 $ $ 2,890 120 240 Garnishment per Period $ $ $ 50 75: 100 Net Pay
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