PSb 5-2 Determine the Taxable Earnings Subject to FUTA Tax For each of the described pay periods, determine the taxable earnings subject to FUTA tax: NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $12,200, $5,250 and $3,000. During the current pay period, these employees earn $2,400, $2,000 and $1,350, respectively. Taxable earnings subject to FUTA tax = $ 2: A business employs two individuals, whose taxable eamings to date (prior to the current pay period) are $3,000 and $31,400. During the current pay period, these employees earn $3,300 and $1,450, respectively. Taxable earnings subject to FUTA tax = $ 3: A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,200, $46,700 and $500. During the current pay period, these employees ean $2,100, $1,140 and $920, respectively. Taxable earnings subject to FUTA tax = $

PSb 5-2 Determine the Taxable Earnings Subject to FUTA Tax For each of the described pay periods, determine the taxable earnings subject to FUTA tax: NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $12,200, $5,250 and $3,000. During the current pay period, these employees earn $2,400, $2,000 and $1,350, respectively. Taxable earnings subject to FUTA tax = $ 2: A business employs two individuals, whose taxable eamings to date (prior to the current pay period) are $3,000 and $31,400. During the current pay period, these employees earn $3,300 and $1,450, respectively. Taxable earnings subject to FUTA tax = $ 3: A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,200, $46,700 and $500. During the current pay period, these employees ean $2,100, $1,140 and $920, respectively. Taxable earnings subject to FUTA tax = $

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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Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Create a one-way data table that will show the Total Tax (cell C7) for the three values of Taxable Income shown in cells F5 to F7. Answer these questions about the process of creating the data table. Before creating the table, what formulas must be put into the cells around the table? What must be entered in cell F4 before selecting Data Table from What-If Analysis?
PSc 3-2 Calculate Gross Pay & Taxable Pay For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: An employee works 45 hours (45 - 40 were overtime hours) during a workweek in October of 2020. The employee earns $45/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $140,550 during the present year. He has requested that his employer withhold 8% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $. %3D Taxable income for social security tax = $. Taxable income for medicare tax = $ 2: An employee works 35 regular hours during a workweek in September of 2020. The employee was hired twelve years ago, earns a…
DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…
6-7A.LO2,3 payroll accounting by Beig and Toland Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax-OASDI...........6.2% on first $128,400 FICA tax-HI..........1.45% on total pay Federal income tax....$232.00 per pay SIT.....22%of the federal income tax withholding FUTA.....0.6% on first $7,000 SUTA.....0.05% on first 14,000 Additional payroll deductions include: 401k plan....3%per pay Child support garnishment......$100 Health insurance premium...$95 per pay Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $31,500)
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
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PSb 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4) For each employee listed. use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4 to the Federal Tax Tables in Appendix A of your textbook. Note: For simplicity. all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1. Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding=$
АCTIVITY 1.Some companies use the overtime premium method to determine gross earnings. Use this method to complete the following payroll ledger. Overtime is paid at the time-and-a-half rate for all hours over 40? O.T. Hours Worked Gross Earnings Total Reg. 0.T. Premium S Hours Rate Hours Rate Employee S M W TH F 0.T. Total 16. Averell, B. 10 9 8 5 12 7 51 $11.40 11 $5.70 $581.40 $62.70 $644.10 - 17. Brownlee, K. 7.75 10 5 9.75 8 10 $9.50 18. Carter, M. 12 11 8 8.25 11 $8.60 - |- 19. Parks, K. 8.5 5.5 10 12 10.5 7 $12.50 - 20. Parr, J. 10 9.75 9 11.5 10 $10.20
PSb 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding = $ 2: William Harrison (single; 1 federal withholding allowance) earned biweekly gross pay of $990. He contributes $75 to a flexible spending account during the period. Federal income tax withholding = $ 3: Loretta Goulet (married; 3 federal withholding allowances) earned monthly gross pay of $2,800. For each period, she makes a 401(k) contribution of 14% of gross pay. Federal…