Problem #4Youngston Company (a Massachusetts employer) wants to give a holiday bonus check of $750 to eachemployee. Since it wants the check amount to be $750, it will need to gross-up the amount of thebonus. Calculate the withholding taxes and the gross amount of the bonus to be made to GennaFredrich if her earnings for the year are $55,920. Besides being subject to social security taxes andfederal income tax (supplemental rate), a 5.05% Massachusetts income tax must be withheld onsupplemental payments $Problem #5Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She hasjust decided to join the company's Simple Retirement Account (IRA form) and has a few questions.Answer the following for Montgomery:a. What is the maximum that she can contribute into this retirement fund? $b. What would be the company's contribution? $c. What would be her weekly take-home pay with the retirement contribution deducted (married filingjointly, wage-bracket method, and a 2.3% state income tax on total wages)? $d. What would be her weekly take-home pay without the retirement contribution deduction? $_

"As per the policy of our company, In case of multiple questions asked then, we are allowed to…

Answered: Problem #4 Youngston Company (a…

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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Problem 9-13----2019The FUTA Tax (LO 9.6) Thomas is an employer with two employees, Patty and Selma. Patty's wages are $12,450 and Selma's wages are $1,310. The state unemployment tax rate is 5.4 percent. Calculate the following amounts for Thomas: Round your answer to two decimal places. a. FUTA tax before the state tax credit $ b. State unemployment tax $ c. FUTA tax after the state tax credit $
Mark Turney owns Creative Corners. He does his banking at United Federal Bank (UFB) in Tucson, Arizona. The amounts in his general ledger for payroll taxes and the employee's withholding of Social Security, Medicare, and federal income tax as of April 15 of the current year show the following: Social Security tax payable (employer and employee), $3,020; Medicare tax payable (employer and employee), $734; FUTA tax payable, $84; SUTA tax payable, $414; and Employees income tax payable, $4,622. Journalize the payment of the Form 941 deposit to UFB and thepayment of the SUTA tax to the State of Arizona as of April 15, 20--. NOTE: PREPARE YOUR JOURNAL ENTRIES IN PROPER FORMAT - OTHERWISE YOU WILL NOT RECEIVE CREDIT
Problem 6-16 The Nanny Tax (LO 6.6) Sally hires a maid to work in her home for $400 per month. The maid is 25 years old and not related to Sally. During 2022, the maid worked ten months for Sally. Do not round immediate computations and round your final answers to two decimal places. a. What is the employer's share of Social Security tax Sally must pay? b. What is the employer's share of Medicare tax Sally must pay? Sally's employer's Medicare tax: $ c. What is the amount of Social Security and Medicare tax which must be withheld from the maid's wages? Sally should withhold for Social Security and Medicare tax of:
Compute Austin's total social security and Medicare taxes for the fourth quarter. if she is self-employed and earns $5,300.00 on a semimonthly basis. (For self-employed persons, Social Security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages.) the options are: a. 437.25 b. 810.90 c. 2623.50 d. 4865.40
What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,760.00, if she has already earned $46,560.00 this year? (Social security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.) a. $249.39 b. $257.04 c. $272.34 d. $287.64
Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.
Damerly Company (a Utah employer) wants to give a holiday bonus check of $375 to each employee. Since it wants the check amount to be $375, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 4.95% Utah income tax must be withheld on supplemental payments.
Dan Dietrich is an executive with Coronado Distributors. His gross earnings are $17,300 per month. a. What are the withholdings for social security and Medicare for Dan’s January paycheck? b. In what month will his salary reach the social security wage base limit? c. What are the social security and Medicare tax withholdings for Dan in the month named in part b?
Thuy worked as the assistant manager at Burger Crown through August 2021 and received wages of $81,000. Thuy then worked at Up and Down Burger starting in September of 2021 and received wages of $64,000. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2021 Form 1040. Round your answer to two decimal places.
1. Anderson Brown worked 39 hours during the first week of the calendar year and earns regular wages of $15/hour. She contributes 4% of gross pay to a 401(k) plan and $25/week to a dependent-care flexible spending account. Her Social Security tax for the week is $_____ . 2. Which statement about calculating taxable earnings for Social Security tax is accurate? Answer: A. 401(k) contributions are taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. B. 401(k) contributions are taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax. C. 401(k) contributions are not taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. D. 401(k) contributions are not taxable for Social Security tax and are not subtracted from gross pay when…
An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $202. a. Determine the gross pay for the week.fill in the blank 1 of 2$ b. Determine the employee’s net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.fill in the blank 2 of 2$

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