Problem 5-3A (Algo) The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 Union Dues per Period Pay $ 1,840 $ 3,780 $ 3,505 $ $ $ 3,130 120 240 Garnishment per Period $ $ $ 50 75 100 Net Pay

Problem 5-3A (Algo) The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 Union Dues per Period Pay $ 1,840 $ 3,780 $ 3,505 $ $ $ 3,130 120 240 Garnishment per Period $ $ $ 50 75 100 Net Pay

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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can you please help me answer this problem... Great Dane Casinos has the following data available for its December 31, 2019, payroll: Gross pay $180,000 Federal income taxes withheld 43,200 Gross pay is subject to FICA. A federal unemployment tax is also applicable at 0.8% of gross pay. Prepare the 2019 journal entries to record the wages earned and payroll taxes: 1) journal entry to record the employee portion of payroll taxes; 2) journal entry to record the employer portion of payroll taxes; and 3) journal entry to record the payment of all payroll liabilities. A correct answer should include 3 separate journal entries.
Problem 5-3A (Algo) The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 $ Pay Union Dues per Period 1,750 3,600 $ 3,325 $ $ $ $ 2,950 Garnishment per Period 120 240 $ $ 50 75 100 Net Pay
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