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- An employer is subject to FUTA requirements when its wages paid for the quarter exceed: a. 51,300 b. 5,000 c. 1,500 d. 3,000employees' individual earnings records for the pay period ended September 21 is shown LO 1, 2, 3, 4, 5 PROBLEM 7-3B Williams Company pays its employees time-and-a-half for houre worked in excess of 40 per week. The information available from time records and in the following chart: Daily Time Earnings at End of Income Tax Pay Allowances or Previous W F S. Rate Amount Name Week 8. 8. 10 8. 0. 25.00 1 Bolt, D. 6,745.00 8 8. 8. 8 8. 8. 49.50 $252.30 Dore, C. 136,240.00 Gayle, A. 32,730.00 8 10 8 8 8. 0. 24.50 2 Hale, R. 117,560.00 8 8 8 8. 4. 40.00 $195.50 Jilly, B. 8. 8 8. 8. 8 49.50 $291.25 35,154.00 Karn, S. 29,938.00 8. 8 9. 8. 8 20.50 2 Ober, N. 6,795.00 8. 8 8. 9. 9. 4 21.00 1 Wong, J. 27,252.00 8. 8. 10 8. 8. 0. 20.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Required 1. Complete the payroll register using the…ngageNOWv2 |Online teachir x b d21 mnsu - Bing E.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSes. o A company whose fiscal year ends December 31, has a weekly payroll of $100,000. Employees work 5 days per week, Monday through Friday and payday is every Friday. How much wages expense will be recorded on the Friday, January 3 payday? Oa. $60,000 Ob. $100,000 Oc. $40,000 Od. $0
- Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.3.3 Calculate Ms. N. Zama's net salary for the week. The following information is in respect of Ms.N. Zama, an employee of Ultra Clothing for the week ending 29 October 2016. No. of hours worked: Normal time 45 hours Overtime: 3 hours Wage rate: Normal time R40 per hour Overtime R60 per hour Details Deductions Contributions Income Tax: PAYE 15% of taxable income Nil Pension Fund 8% of normal wages Rand for Rand basis Medical Fund R200 R150 UIF Fund 1% of normal wages Rand for Rand basis
- Employee Net Pay Steven Washington's weekly gross earnings for the week ending March 9 were $2,520, and her federal income tax withholding was $453.60. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Washington's net pay? If required, round your answer to two decimal places.$fill in the blank 1Employee's Share = Annual Amount × Employee's Percent Total Amount Paid by Employee Deduction per Pay Period = Number of Pay Periods per Year 1. Ruth Lockwood earns $2,917 a month as a supervisor for Acme Steel. Her group medical coverage costs $6,240 per year. The company pays 75% of the cost of group insurance. a. Find the percent paid by Ruth. b. Find the total amount paid annually by Ruth. c. How much is deducted each month from her paycheck for medical insurance?Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate* Number of withholding allowances Consultant Computer Programmer Administrator $3,010 per week $30 per hour $50 per hour Not applicable 1.5 times hourly rate 2 times hourly rate 3 2 1 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $276.54 to 24% of the difference between the employee's amount subject to withholding and $1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three…
- 1.Calculate the gross earnings per pay period (in $) for the given pay schedule. (Round your answers to two decimal places.) Annual Salary Monthly Semimonthly Biweekly Weekly $45,500 $ $ $ $Willamette Manufacturing estimated that its total payroll for the coming year would be $670,000. The workers' compensation insurance premium rate is 0.3%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Jan. 2 1 2 2 3 Paid estimated workers' compensation insurance premium 3 2. Assume that Willamette Manufacturing's actual payroll for the year was $694,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Dec. 31 1 2 2 3 Adjustment for insurance premium…Employees' earnings and taxes A weekly payroll summary made from labor time records shows the following data for Musketeer Manufacturing Company: LO2 LO3 Hourly Rate Hours Employee Classification Regular Overtime Brown, D. Direct $12 40 2 Jackson, D. Direct 12 40 3 Love, J. Direct 15 40 4 Anderson, C. Indirect 40 Raymond, B. Indirect 18 40 Overtime is payable at one-and-a-half times the regular rate of pay for an employee and is distributed to all jobs worked on during the period. a. Determine the net pay of each employee. The income taxes withheld for each employee amount to 15% of the gross wages. b. Prepare journal entries for the following: 1. Recording the payroll. 2. Paying the payroll 3. Distributing the payroll. (Assume that overtime premium will be charged to all jobs worked on during the period. 4. The employer’s payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.)
