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- Required Information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. செ Gross Pay through August 31 Gross Pay for September $ 6,800 2,400 131,800 $ 700 2.500 8.400 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Tax Tax Rate Tax Amount Subject to Tax FICA-Social Security FICA-Medicare FUTA BUTAThe biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. Round your answers to the nearest cent. FICA Taxes Employee OASDI HI Employee Name Biweekly Taxable Wages No. 711 Castro, Manny $4,000.00 $4 512 Corrales, Pat 984.00 624 Guitar, Joseph 1,018.00 325 Moore, Connie 1,203.40 422 Morrison, Harry 2,300.00 Robertson, 210 1,274.80 Catherine 111 Swarez, Joseph 1,322.00 Totals Employer's OASDI Total Taxable Wages Employer's OASDI Tax Employer's HI Tax Total Taxable Wages Employer's HI TaxCampus Cellular provides cell phones and 1 year of cell service to students for an upfront, nonrefundable fee of $300 and a usage fee of $5 per month. Students may renew the service without paying another upfront fee for each year they are on campus (on average, students renew their service one time). What amount of revenue should Campus Cellular recognize in the first year of the contract?
- udent Das... E2020 DL-Google D.. M MHE Reader Minimum Wage-P.. ulating Pay practice problems D 日 a Share Edit View Insert Format Tools Add-ons Help Last edit w 100% > Normal text Arial 12 Calculate the Pay for the following scenarios: 1- Kayla works full-time at a flower shop and makes $10 an hour. She earns 1.5 times that for every hour beyond 40 in overtime. This year was especially busy and she was able to clock-in for 50 hours! What amount will Kayla get paid in total for the week? Regular pay $10 x 40 = %3D Overtime pay ($10 x 1.5)= $15x10= Total Gross Pay = regular + OT= 2-An independent contractor earns $5 000 per month in revenue & has $1.200 inRequired: b-1. Suppose Ekiya receives a competing job offer of $140,000 in wages and nontaxable (excluded) benefits worth $9,000. What is the amount of Ekiya's after-tax compensation for the competing offer? b-2. Which job should she take if taxes are the only concern? Complete this question by entering your answers in the tabs below. Required B1 Required B2 Suppose Ekiya receives a competing job offer of $140,000 in wages and nontaxable (excluded) benefits worth $9,000. What is the amount of Ekiya's after-tax compensation for the competing offer? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Required B2 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Taxable income (6) Income tax liability After-tax compensationComputing 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
- Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee L. Torabi Filing Status S Dependents None Annual Salary Spouse Annual Salary and Pay Frequency Federal Income Tax per Period $ 42,500 Not applicable R. Beninati S One Other $ 51,500 Not applicable G. Fisher MJ Three <17 $ 48,000 $80,000 per biweekly J. Tillman MJ Two <17 SA 39,650 $23,790 per weeklyCENU COC Marty and Dee have 2 qualifying children for the child and dependent care credit. They paid $5,200 for their eligible work-related expenses. Marty's W-2 shows $56,720 in wages box 1. Dee was a full-time student for 10 months. The dollar limit for their work-related childcare expenses is. Select one: O a $2,500 b. $3,000 c. $5,200 d. $8,000 - e. None of these 4 ~nd bör danskt- Pinde ---- to non Powered by TOPY 2008-2023 Interactyx Limited. All rights reserved. Statement of Rights and Responsibilities@ S Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. X * Required: Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.) Employee L. Torabi R. Beninati G. Fisher J. Tillman F2 # 3 E D Filing Status S S MJ MJ JUL 7 80 F3 $ 4 Dependents None One Other Three 8 Federal Income Tax per Period J DII F8 A CV B N M DD 9 F9 K ) O 4 O W F10 L < Check my work * P F11 {
- Service Industry AccountingThe Spectrum Fitness Club charges a nonrefundable annual membership fee of $1,200 for its services. For this fee, each member received a fitness evaluation (value $200), a monthly magazine (annual value $25), and two hours’ use of the equipment each week (annual value $1,100). Each of the three elements of the annual membership can be purchased separately. The initial direct costs to obtain the membership are $180. The direct cost of the fitness evaluation is $100, and the monthly direct costs to provide the other services are estimated to be $25 per person. Give the journal entries to record the transactions in 2019 relative to a membership sold on May 1, 2019.Data table T Plan A: Pay $0.09 per minute of long-distance calling. Plan B: Pay a fixed monthly fee of $18 for up to 300 long-distance minutes and $0.06 per minute thereafter (if she uses fewer than 300 minutes in any month, she still pays $18 for the month). Plan C: Pay a fixed monthly fee of $23 for up to 480 long-distance minutes and $0.05 per minute thereafter (if she uses fewer than 480 minutes, she still pays $23 for the month).Review your friend Johnny's weekly paystub/earning's statement and answer questions #1 -4 that follow it. 121213 EARNINGS STATEMENT Pay Perlod: 2018 - 042018 Abstract United Jamaica, NY. 11433, USA Pay Date 0O2018 Employee 2214 Johnny Brave Marital Status Single Exemptions: 0 Jamaica NY. 4564I, USA Secial Security ss6 bEDUCTIONS YTD TOTAL B1.20 347 20 631.40 2.00 EARNINGS RATE 10 HOURS TOTAL 400.00 0.00 0.00 0.00 0.00 0.00 YTD TOTAL TOTAL 5.600.00 Salary Overtime Holiday Vacatin Bonus Ploat Fica- Medicare Fica- Social Secunty Federal Tax State Ta 0.00 240 45.10 2000 0.00 0.00 00 0.00 DEDUCTION TOTAL 95.70 GROSS PAY 400.00 S00.00 NET PAY 30430 420.20 1. For the one week pay period ending 04/03/2018, what is Johnny's gross pay? (Section 4.2) Page 9 2. How much was deducted for federal income tax in this pay period? (Section 4.2) 736 DM