Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.] Greer Utsey earned $47,900 in 2022 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2022 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-5A (Algo) Required: Compute the employer's share of the taxes for the third weekly payroll of the year. Note: Do not round intermediate calculation. Round your final answer to 2 decimal places. Federal income tax withholding Social Security tax Medicare tax FUTA tax SUTA tax State income tax withholding घ

Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.] Greer Utsey earned $47,900 in 2022 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2022 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-5A (Algo) Required: Compute the employer's share of the taxes for the third weekly payroll of the year. Note: Do not round intermediate calculation. Round your final answer to 2 decimal places. Federal income tax withholding Social Security tax Medicare tax FUTA tax SUTA tax State income tax withholding घ

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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Required information (The following information applies to the questions displayed below. Gerald Utsey earned $47,600 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5,4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in ARRendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the following employee share of the taxes. (Do not round Intermediate calculation. Round your final answers to 2 decimal places.) Federal income tax withholding Social Security tax 56.75 13.27 Medicare tax State income tax withholding
ces ! Required information [The following information applies to the questions displayed below.] 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 1½ times her regular rate for hours over 40 per week. Kayla worked 45 hours the first week in January. Kayla's federal income tax withholding is equal to 9 percent of her gross pay. Webber pays medical insurance of $75 per week for Kayla and contributes $55 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,400. Paula's federal income tax withholding is 19 percent of her gross pay. Webber pays medical insurance of $105 per week for Paula and contributes $120 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for Paula. Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the…
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What is the monthly net take home pay? * A. P25,000 B. P24,486.67 C. P23,385 D. P22,871.67
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Required information [The following information applies to the questions displayed below.] 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 1½ times her regular rate for hours over 40 per week. Kayla worked 45 hours the first week in January. Kayla's federal income tax withholding is equal to 9 percent of her gross pay. Webber pays medical insurance of $75 per week for Kayla and contributes $55 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,400. Paula's federal income tax withholding is 19 percent of her gross pay. Webber pays medical insurance of $105 per week for Paula and contributes $120 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for Paula. Y Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the…
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• X Corp. pays its employees monthly. The payroll information for Employee Barney listed below is for January, 2021, the first month of X's fiscal year. Salary: $40,000 Fed. Income Tax Withheld: $8,000 Federal and State Unemployment Tax: 6% Social Security Tax: 6.2% Medicare Tax: 1.45% Payroll tax expense related to this employee will be: O $7,140 $47,140 O $40,000 O $5,460
An employee who earned a salary of $4,000 per month was startled at how low his net pay was. The Payroll Department provided the following information: CPP: $100 each (employee and employer EI: $80 re employee. $112 re emplyer Income tax $750 Union dues $50 Charitable donation $25 Vacation pay accrued $240 Calculate the employee’s net pay. Select answer from the options below $2,783 $2,995 $2,775 $2,543
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! Required information [The following information applies to the questions displayed below.] Greer Utsey earned $49,200 in 2023 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2023 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the following employee share of the taxes for the third weekly payroll of the year. Note: Do not round intermediate calculation. Round your final answers to 2 decimal places. Federal income tax withholding Social Security tax Medicare tax State income tax withholding