Problem 12-3 Analyzing a Source DocumentUse this partially completed payroll check stub to answer the questions. The employee, Melanie Galvin, issingle and claims one allowance.Employee Pay StatementDetach and retain this statement.260EamingsDeductionsPeriodEndingNetPaySocialRegular Overtime Total SecurityТахMed.TaxFederal StateIncome IncomeТахHosp.Ins.OtherTotalTax1/15/20- 315.00315.001. What amount should be deducted for Medicare tax? Use the tax 1.45% for calculation.Medicare Tax2. What amount should be deducted for Social Security tax?Use the tax 6.2% for calculation.Social Security Tax3. Use the information in the tax table below to answer this question. What amount should be deducted forFederal Income tax?Federal Income Tax

A part of employees salary is withheld by employer to pay Social Security tax, medicare tax and…

Problem 12-3 Analyzing a Source Document Use this partially completed payroll check stub to answer the questions. Th single and claims one allowance. Employee Pay Statement Detach and retain this statement. Eamings Deductions Period Ending Federal State Income Income Tax Social Regular Overtime Total Security Tax Med. Tax Hosp. Ins Tax 1/15/20-315.00 315.00

Problem 12-3 Analyzing a Source Document Use this partially completed payroll check stub to answer the questions. Th single and claims one allowance. Employee Pay Statement Detach and retain this statement. Eamings Deductions Period Ending Federal State Income Income Tax Social Regular Overtime Total Security Tax Med. Tax Hosp. Ins Tax 1/15/20-315.00 315.00

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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Exercise 5-9A (Static) What are the two methods payroll accountants use to determine federal income tax withholding amounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) F2 # 3 ? Wage-salary method ?Wage-bracket method ? Percentage method ?Salary-bracket method E 80 F3 $ 4 R Q F4 % 5 * 00 8 DII F8 ( 9 A DD F9 0 F10 J K L P 4 F11
which one would it be and why?
trying to learn payroll pls explain step by step thank you! Payroll Journal Entry Regular earnings $ 5,860.00 Overtime earnings 890.00 Deductions: Federal income tax 615.00 Social Security tax 418.50 Medicare tax 97.88 Pension plan 70.00 Health insurance premiums 230.00 United Way contributions 120.00 Journalize the above data taken from the payroll register of CopyMasters as of April 15, 20—. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Apr. 15 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 Payroll for week ended April 15 9
Exercise 8-6
Assignments: ACTO-100-0H-Accounting Procedures-CRN 55-460 mapter 10-11) Question 12-Exam Two Chapter 10- The payroll register of the Fox Manufacturing Company showed total employee earnings of $30,000 for the week ended April 19, 20X1. Compute each of the employer's payroll taxes for the period. Use a rate of 6.2 percent for the employer's share of the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. Assume all earnings are taxable Social security tax Medicare tax FUTA SUTA Help
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%24 %24 %24 %24 Ohttps://ezto.mheducation.com/hm.tpx Based on the payroll information for Romac Electric that follows. Total gross earnings: $2,462.00 Social security tax rate: 6.2% Medicare tax rate: 1.45% State unemployment tax rate: 5.4% Federal unemployment tax rate: 0.8% Find the correct tax payable amounts. Social Security Tax Payable and Medicare Tax Payable amounts are to include both the employee's and employer's taxes. (Round your answers to 2 decimal places after performing the calculations. Omit the "S" sign in your response.) 1. Social Security Tax Payable (employees' and employer's) 2. Medicare Tax Payable (employees' and employer's) 3. State Unemployment Tax Payable 4. Federal Unemployment Tax Payable C0021 McGraw-Hill Education.Al rights reserve Type here to search
32 During the week ended June 15, Wiley Automotive's employees earned $2,650 of gross wages and had $363 of federal income tax withheld. All of their employees had already earned over $7,000 of gross wages for the year so none of their wages were subject to FUTA or SUTA tax. However, all of their wages were still subject to Social Security tax of 6.2% and Medicare tax of 1.45%. The journal entry to record Payroll Tax Expense for the pay period would be: 2
Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Regular earnings $ 5,715.00 Overtime earnings 790.00 Deductions: Federal income tax 625.00 Social Security tax 403.31 Medicare tax 94.32 Pension plan 80.00 Health insurance premiums 270.00 United Way contributions 100.00 Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Apr. 15 Wages and salaries expense 1 2 Employee federal income tax payable 625 2 3 Social Security tax payable 403.31 3 4 Medicare tax payable 94.32 4 5…
Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney’s Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Barney’s BagelsPayroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation Social Security $12,200 $10,500 $12,200
PSb 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer to Appendix A, 2020 Federal Tax Tables in your textbook. Publication 15-T (2020) 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of 500. For each pay period she makes a 401(k) contribution of 2% of gross pay. Julia checked box 2c on Form W-4, entered $40 on line 4c of the form, and did not enter any information in step 3 of the form. Federal income tax withholding = | 2: Alejandro Wright files as single on his tax return and earned weekly gross pay of 1300. He does not make any retirement plan contributions. Alejandro entered 500 in step 3 of the form and did not enter any information in steps 2 & 4 of the form. Federal income tax withholding = $ Tentative Federal Income Tax Withholding = $ 3: Beatrice Nen files…
FIGURE 13-3 40. An employee earns a gross wage represented as W. The employee's payroll deductions are shown in Figure 13-4. What is the employee's net wage? Type of Deduction Amount of Deduction Federal Income Tax 0.22W Social Security 0.076W Health and Accident Insurance 0.065W Retirement 0.05W Miscellaneous 0.042W ⒸCengage Leaming 2013