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.) Spouse Annual Salary or Pay Frequency Federal Employee Filing Status Dependents Annual Salary Income Tax per Period L. Torabi None 2$ 41,400 Not applicable R. Beninati One Other 50,900 Not applicable G. Fisher MJ Three <17 46,560 S77600/ biweekly J. Tillman MJ Two <17 42,580 $30800/ 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: 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.) Spouse Annual Salary or Pay Frequency Federal Employee Filing Status Dependents Annual Salary Income Tax per Period L. Torabi None 2$ 41,400 Not applicable R. Beninati One Other 50,900 Not applicable G. Fisher MJ Three <17 46,560 S77600/ biweekly J. Tillman MJ Two <17 42,580 $30800/ 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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For each circumstances, calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned $8,550, $8,200, and $7,400. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,100, $1,420, and $2,140, respectively. SUTA tax = $ What is the SUTA tax?
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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Alexis Company bought the shares of Gabriel Company classified as equity Investments at fair value through other comprehensive income, as follows:April 17,2019 1,000 shares at P84July 16, 2019 2,000 shares at P90Market value per share of Gabriel Company shares at December 31, 2019 was P92. The following were the transactions for 2020: January 10 Received cash dividend at P4 per shareJune 20 Received 5% bonus issueDecember 10 Sold 1,200 shares at P105 per share1. How much is the total dividend revenue for the year 2020? a. P0 b. P12,000 c. P13,800 d. P25,800 2. How much is the gain on the sale of the shares on December 10? a. P15,600 b. P18,000 c. P20,857 d. P25,200
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.
Bramble 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, Bramble works 45 hours. Bramble'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. Prepare the journal entries to record (a) Bramble's pay for the period and (b) the payment of Bramble's wages. Use January 15 for the end of the pay period and the payment date. (Round Intermediate calculation and final answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Jan. 15 (b) Jan. 15
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.) > Answer is complete but not entirely correct. Employee S. Bergstrom C. Pare Filing Status, Dependents MJ-0 MJ-2 (<17) Pay $ 1,860 Union Dues per Period Garnishment per Period Net Pay $ 50 $ 1,910.00 $ 3,820 $ 120 $ 3,700.00 X L. Van der S-1 (Other) $ 3,545 $ 240 $ 75 $ 3,230.00 Hooven S.Lightfoot MJ-0 $ 3,170 100 3,070.00
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