UPCOMING WORK HOURSPAYHRS $/HRDATE1/5/2024 1716.001/12/2024 1716.001/19/2024 1716.001/26/2024 1716.00EXPECTED PAYAMOUNT$272.00$272.00$272.00$272.00Enter Expected Gross Income ForMonth$ 0.00Please enter valueExpected Tips (+ 10%)Expected Net Income (After Tax)$0.00$0.00The dates above show when you can expect to get that paycheque. How much you'repaid depends on how many hours your boss scheduled you to work.

Gross pay refers to the income earned for the hours worked. It includes the income earned for…

Answered: PAY HRS $/HR DATE 1/5/2024 17 16.00…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...

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Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tax Tax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 22,000 $1,700 23,700 $128,400 $4 54,000 4,200 68200 128,400 %24
M1
Statement Date 03/1/2019 Previous Balance 154.32 Previous Payment 154.32 New Balance $145.79 Annual Percentage Rate 15.50% . Calculate your total balance due for your April 1, 2019 bill.
Eployees Salary Details Total Income Tax (12 Employee Total Hours Overtime Other Pay/Hour Overtime Gross Pay Net Pay Worked our Deductibles Name Hours Ahmad 150 10 SA000 SS52.00 S3.54.00 120 10 $2.0000 5340.00 S1.760.00 $2.54.00 S4.202.00 15 Fatima S25.0 180 20 S4.900.0 SSBL.00 1525 13.75 S1.2L.00 10 The employee with the max net salary is: Fatima 13 14 15 17 1- Build the table shown above exactly the same. (pay attention to the styling ex.Merged cells, Borders and alignment). 2- Name the worksheet as " Payroll". 3- Calculate the Gross Pay using the formula: ( Total hours worked * pay/hours + total overtime hours * overtime/hour) 4- Calculate the income tax using the formula ( income tax percentage * gross pay → 0.12*gross pay). 5- Add the other deductibles column as it is. 6- Calculate the net pay by using the formula ( gross pay - (income tax + other deductibles). 7- Merge the cells B10:E11) as shown. 8- Find the maximum and minimum values in net pay column and highlight them. 9.…
Amount financed 18200 number of payments 72 monthly payment 425.08 finace charge 12405.76 whats the apr%
Biweekly Cash Allowance Salary a. $2,572.50 $40.00 b. $3,150.00 $75.00 c. $ 892.50 $ 25.00 d. $1,575.00 e. $2,478.00 $15.00 Tax Ben $3.80 $10.00 $11.00 $25.00 Emp Ded CPP Emp Cont wwwwww Emp Ded ΕΙ Emp Cont www
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $ 30,300 $1,500 $ $128,400 $ $ $ $ 53,600 2,980 128,400 126,700 3,140 128,400 127,900 2,880 128,400
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $ 30,200 $1,460 $fill in the blank 1 $128,400 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 54,000 2,960 fill in the blank 6 128,400 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 125,700 3,340 fill in the blank 11 128,400 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 127,100 2,940 fill in the blank 16 128,400 fill in…
Wages $300 before any deductions Income tax withholding 10% FICA 6.2% Med 1.45% FUTA 0.8% SUTA 5.4% Required 1. Provide journal entry 2. Record the payroll 3. Record employment taxes
ewe # Prolem Solving. Dtrectiona: Analyze arved solve the probleYs presented 2 79oblenn Servieer Tax is an indireea tax pasct bsy a service recerver to the wermment on or before 5 day of the month follawing the quarter for whach Vce tax in peytale with the exemption for the quarter ending march to be od on or before ehe 31 ar March The rate o sterest for delayed payment f service tax 1s 13 Szeppose vou failed to pay your service tax of 15, 000 00 far the month oof Jane to pv only on the 30th of July? What iss your innterest Iiabalty if you re member Michael have rgualar savinggs accournt wath an available balance of P 5, 000 00. month of the prevailing bank's interest rate 1s O.5%% per annum and the withholdeag fax is 20 7 Mow mauch net terest is earned by this deposit account for Kovs is an employee of MIKOY company and placed his money amounting to P100, O00.00 in a ume deposit account for 90 days with an interest rate of IS%. Considering 20% withholding tax. How much will be the net…
The shodule g8 aing accounts for a com Prny O1 Year 2020 Account rectuble $20,000 $ So00 at the Estimate bag Current 1-30 daysoverdue 3 1- 60 days ovedue more than 6odays overdue (% 5% to % 20% $2500 31 S00 The aliowance was estimeted by using the stheolole accounta. The allowanre count had a'Jebit balance of g400 befere tHe estimate was made Reouired Prefare the adjusting bat to record bad debt expense for 2 entry
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax—OASDI 6.2% on first $132,900 FICA tax—HI 1.45% on total pay Federal income tax $232.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment…

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