Mr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received thefollowing from XYZ:DescriptionAmountBasic salaryOvertime and holiday payTransportation and cellphone allowanceReimbursement of office supplies for XYZReimbursement of utilities payment for XYZP25,0002,5004,0002,0004,000How much of the above is the gross income of Mr. Ponce?а. Р37,500ОБ. Р33,500О с. Р31,500d. P27,500

Here in this case lets understand the meaning of gross income. Gross income means all income earned…

Answered: Mr. Ponce is an employee of XYZ…

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 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
An employee receives a bi-weekly gross salary of $2,000. The employee’s deductions include income tax of $218, CPP of $99, EI of $36, and union dues of $50. The employer’s share of the deductions includes CPP of $139 and EI of $36. What is the total amount of salaries and employee benefits expense that X Corp. would record on its income statement as a result of the employee's bi-weekly salary? answers a. $1,597 b. $1,772 c. $2,000 d. $2,175
Thomas Martin receives an hourly wage rate of $18, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 44; federal income tax withheld, $347; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?
Calculation of Take-Home Wages (Accounting for Liabilities). Lina Lu is an hourly worker who earns $50 per hour. During the prior week, Lina worked 40 hours. The FICA rate is 6.2% and Medicare Rate is 1.45%. Lina's total wages for this payroll are subject to the aforementioned taxes. In addition, she had deductions of $280 for federal income tax and $80 for insurance contribution. What is her net pay? Can you please show how you came to this answer? Thank you!
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Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $9,138. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,516.27. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $6,488.67 О $7,055.17 О $7,813.84 О $6,866.67 $6,922.67 B
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After evaluating the information provided by the employees of La Nueva Era bookstore: Determine the amounts that must be reported in the employees' W2.Calculate the Social Security and Medicare payment that the employer must make.Calculate the state unemployment that the employer must pay at the rate of 6% of the first $ 10,000 the employee earns.Make the entries to the wage related to the debts contracted with the different agencies in contributions by the employer. Employee Name Weekly salary Retirement payment Juan del Pueblo $1,250.00 $21.93 Ramonita Ramírez $950.00 $37.12 Brenda Montalvo $1,100.00 $88.00 Camilo Monge $590.00 $23.02 Jorge Emmanueli $860.00 $92.00 Mariel Estrada $1,020.00 $48.00 Emanuel Reyes $750.00 $25.60 Ernesto Ramírez $640.00 $26.40 Daniela Morales $1,000.00 $32.68 Ángel Carrasquillo $860.00 $68.80
Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Name and Position Zena Vertin, Office Nicole Norge, Sales Bob Mert, Delivery Audrey Martin, Partner Beth James, Partner Employer's QASDI Tax Employer's Hi Tax S Salary $ 700 per week 2,980 per month 650 per week 950 per week 950 per week Totals 5 OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax

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