Problem 6-1A (Static) Renee Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. Renee's annual salary is $184.000 Required: Calculate the following: (Round your final answers to 2 decimal places.) Pay Date October 15 December 31 Prior YTD Earnings $ Social Security Taxable Wages 176,333.33 $ Medicare Taxable Wages $ 0 $ Employer Share Social Security Tax 7.666.67 7,666.67 $ 0 Employer Share Medicare Tax $ 111.17 111.17

Problem 6-1A (Static) Renee Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. Renee's annual salary is $184.000 Required: Calculate the following: (Round your final answers to 2 decimal places.) Pay Date October 15 December 31 Prior YTD Earnings $ Social Security Taxable Wages 176,333.33 $ Medicare Taxable Wages $ 0 $ Employer Share Social Security Tax 7.666.67 7,666.67 $ 0 Employer Share Medicare Tax $ 111.17 111.17

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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Payroll Review ProblemCalculate payroll for Uno company’s one employee for the first week of March. Their only employee worked 50 hours and makes $12/hour. The employee has not exceeded any of the wage or tax limits. Use the tax rates as follows: TAX RATE LIMITS FICA – Soc Sec 6.20% $118,500 FICA – Medicare 1.45% None Fed Inc Tax 8.00% None FUTA 0.60% $7,000 SUTA 5.40% $12,000 Required: Calculate gross pay, deductions, and net pay. Prepare the journal entry to record wages expense and its related payroll liabilities for the employee’s payroll. Prepare the journal entry to record the payroll tax expense and related liabilities for Uno Company’s payroll.
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Problem 3 - 13A (Algo) Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. The annual salary is $66, 600 with a standard workweek of 40 hours. During the pay period ending February 4, 2022, Parker worked 8 hours of overtime. Parker is married filing jointly with two dependents under the age of 17. Required: Complete the following payroll register for Parker's pay. Note: Round your intermediate calculations and final answers to 2 decimal places.\table [[Company, Forise In,
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Payroll 4.1 Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, single or married filing separately), social security taxes, and state income tax (2%). Enter deductions beginning with a minus sign (-). Round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used.
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Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?