Problem 5-4A (Algo) James Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Lauren Stenn comes to him on April 2 and requests a pay advance of $1,000, which Lauren will pay back in equal parts on the April 15 and May 15 paychecks. Lauren is single with one dependent under 17 and is paid $50,960 per year. Lauren contributes 3 percent of gross pay to a 401(k) and has $133 per paycheck deducted for a Section 125 plan. Required: Compute the net pay on Lauren's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2 is not checked. (Round your intermediate calculations and final answer to 2 decimal places.) Net pay

Problem 5-4A (Algo) James Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Lauren Stenn comes to him on April 2 and requests a pay advance of $1,000, which Lauren will pay back in equal parts on the April 15 and May 15 paychecks. Lauren is single with one dependent under 17 and is paid $50,960 per year. Lauren contributes 3 percent of gross pay to a 401(k) and has $133 per paycheck deducted for a Section 125 plan. Required: Compute the net pay on Lauren's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2 is not checked. (Round your intermediate calculations and final answer to 2 decimal places.) 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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Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,000. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status s single. If an amount is zero, enter "0". a. 9th paycheck b. 17th paycheck c. 22nd paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $216,000, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be deducted for the year? $ $ OASDI 558 186 ✓ 0 ✓ $ HI 1,044 ✔
Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25. Required 1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $159. Compute her net pay for the eight days’ work paid on February 26. Round amounts to the nearest cent. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). Round amounts to the nearest cent. 4. Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate…
(J) lauprechta Incorporated has the following employees on payroll: Employees is paid Semimonthly Naila $ 6,000 3 dependents Married, Wilfred $ 5,300 2 dependent Married, Byron $3900 0 dependents Single, Annie $ 4,500 1 dependent Head of Household. Assume that the employer uses the percentage method table for a manual payroll system. Prepare form 940 for 2022. No futa deposits were made during the year. assume Lauprechta has timely paid all amounts due to the state unemployment fund assume a total of amount of 3471 and the payroll was consistent throughout the entire year.
No 1 Required Information [The following information applies to the questions displayed below.] d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week. (Round your answers to 2 decimal places.) 2 The following Information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $27 per hour and 1⁄2 times her regular rate for hours over 43 per week. Kayla worked 45 hours the first week in January. Kayla's federal income tax withholding is equal to 12 percent of her gross pay. Webber pays medical Insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,050. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber pays medical Insurance of $115 per week for Paula and contributes $95 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2…
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Short Ex. S11 - 6. Lucy Rose works at College of Fort Worth and is paid $12 per hour for a 40 - hour workweek and time - and - a - half for hours above 40. Requirements Compute Rose's gross pay for working 60 hours during the first week of February. Rose is single, and her income tax withholding is 15% of total pay. Rose's only payroll deductions are payroll taxes. Compute Rose's net (take - home) pay for the week. Assume Rose's earnings to date are less than the OASDI limit. Journalize the accrual of wages expense and the payment related to the employment of Lucy Rose.
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Computing Net Pay Tom Hallinan works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $15 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a 12-hour lunch break during an 8-hour day. His time card is shown. Name Tom Hallinan Week Ending March 30, 20- Hours Worked Day In Out In Out Regular Overtime M 7:55 12:02 12:32 5:33 8 1 T 7:59 12:04 12:34 6:05 8 1½ W 7:59 12:05 12:35 4:30 T 8:00 12:01 12:30 5:01 1/2 F 7:58 12:02 12:31 5:33 8 1 S 7:59 9:33 11/2 Complete the following for the week: regular hours x $15 per hour overtime hours x $22.50 per hour a. b. C. Total gross wages 000
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Latan is an employee of Giant Computers where the job responsibilities include selling computers and software to customers. Latan is married filing jointly with two dependents under 17. The annual salary is $49,200 and receives a 3 percent commission on all sales. During the semimonthly pay period ending September 30, Latan sold $21,200 of computers and software. Required: Complete the payroll register for the September 30 pay period with a pay date of October 5. P/R End Date: Check Date: Latan Totals Name 9/30/2022 10/5/2022 Filing Status Dependents Hourly Rate or Period Wage Company Name: Number of Regular Hours Number of Overtime Hours Giant Computers Commissions $ 0 Regular Earnings $ 0 Overtime Earnings Gross Earnings $