Park Miischner own Times Buttons, which employs twenty-lour people. Par the employees, Arnold Bower, for the year. Arnold's benefits package is as follows: wants to perform a benefits adnalysis report for o Annual salary: $58,000 401(k) contribution: 6 percent of annual salary. The company match is 75 percent of employee contribution up to 4 percent employ annual salary. Medical insurance deduction: $230 per month Dental insurance: $15 per month Required: Complete the following Benefits Analysis Report for Arnold Bower for the year. Do not include FUTA and SUTA taxes. (Round your answers to 2 decimal places. Enter all amounts as positive values.) Vearly Renefit Ceste Comp Cont Arnold'e Cont

Park Miischner own Times Buttons, which employs twenty-lour people. Par the employees, Arnold Bower, for the year. Arnold's benefits package is as follows: wants to perform a benefits adnalysis report for o Annual salary: $58,000 401(k) contribution: 6 percent of annual salary. The company match is 75 percent of employee contribution up to 4 percent employ annual salary. Medical insurance deduction: $230 per month Dental insurance: $15 per month Required: Complete the following Benefits Analysis Report for Arnold Bower for the year. Do not include FUTA and SUTA taxes. (Round your answers to 2 decimal places. Enter all amounts as positive values.) Vearly Renefit Ceste Comp Cont Arnold'e Cont

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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Tania's weekly salary is $675.37, pension plan costs her $23.61 and income tax is 15.85% of her pre-pension plan salary. What is her net pay per week (round to the nearest cents)? O a. $544.71 O b. $635.91 O c. $103.30 O d. $548.46 Previous page e Type here to search ASUS
The following information is available for the employees of Webber Packing Company for the first week of January Year 1 1. Kayla earns $26 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 50 hours the first week in January. Kayla’s federal income tax withholding is equal to 11 percent of her gross pay. Webber pays medical insurance of $100 per week for kayla and contributes $57 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,150. Paula’s federal income tax withholding is 17 percent of her gross pay. Webber pays medical insurance of $145 per week for Paula and contributes $135 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $75 per week for Paula. Assume the Social Security tax rate is 6 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4…
Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $8,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $420, state income tax of $85, health-care insurance premium of $250, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. Toren Inc. have the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,800 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium B. Record the payment in cash of all employer liabilities only on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank. June 1…
3. On December 30, Nancy Sheridan hired an employee, Tom Shanahan, to help her with the medical billing. His first weekly pay period ends January 7 and he will be paid on January 14. He earns $17.25 per hour. During the 40-hour weekly pay period, Tom worked 48 hours. His Federal income tax is $122. Social Security tax is 6.2% and Medicare tax is 1.45%. a. Compute Tom's pay as of January 7. Regular earnings Date Overtime earnings Gross pay (Wages Expense) b. Record the General Journal entry for Tom's January 7 pay. Date Description Social Federal income tax Security payable tax payable Description Debit Medicare tax payable c. The FUTA rate for Sheridan is 0.6% and the SUTA rate is 5.4%. Record the General Journal entry for the January 14 employer's share payroll taxes. Debit Credit Net pay (Wages payable) Credit
How to get the gross taxable income
Christine Boone is an employee at Americamp Vehicles. She earns a salary of $35,450 annually, paid biweekly. She contributes to the following fringes benefits and other deducations: Medical insurance: $108 per pay period Dental insurance: $29 per pay period 401(k): 5% of gross pay Union dues: $114 per month Additional withholding: $89 per month Required: What is the total annual amount of Christine's fringe benefits and other deductions? Round your answer to 2 decimal places. Medical insurance dental insurance 401(k) union dues additional withholding Total amount of Christine's fringe benefits and other deducations
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Cumulative Pay Ken S $5,000 Tim V Steve S 43,400 90,000 Employee Michelle W Michael M. Zach R Cumulative Pay $146,500 109,900 131,400 Employee Lori K Kitty O John W Cumulative Pay $133,900 39,900 7,000 a. Compute the amounts in this table for each employee. b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes.
Logan makes an annual salary of $41,875 he is paid bi-weekly. What is his gross pay? And calculate his net pay?
Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $142, 800 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, filing jointly and is paid weekly. What is Richard's net pay for the week if he earns $1,750? (Use Table 9.1).
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To help pay for college, you worked part-time at a local restaurant, earning $22,000 in wages and tips. Employee's Rates: 7.65% on first $ 142,800 of income. 1.45% of income in excess of $142,800. Matching Rates Paid by the Employer: 7.65% on first $142,800 paid in wages. 1.45% of wages paid in excess of $142,800. Self-Employed Rates: 15.3% on first $142, 800 of net profits. 2.9% of net profits in excess of $ 142,800. calculate the FICA taxes, the FICA taxes are $_______?