The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees haveunion dues or garnishments deducted from their pay. You do not need to complete the number of hours.Required:Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C todetermine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 percent of taxablepay. No employee has exceeded the maximum FICA limit.Note: Round your intermediate calculations and final answers to 2 decimal places.EmployeeFiling Status,DependentsPayUnion Duesper PeriodGarnishmentper PeriodNet PayS. BergstromMJ-0$1,810$50C. PareMJ-2 (<17)$3,720 $120L. Van der HoovenS-1 (Other)$3,445 $240 $75S. LightfootMJ-0$3,070$100

The percentage method for manual payroll systems has no wages or allowance limit. So, organizations…

Answered: Required: Calculate their net pay using…

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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The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 Answer is complete but not entirely correct. Union Dues per Period Garnishment per Period S Pay $ 1,810 $ 3,720 $ 3,445 $ 3,070 $ S 120 240 $ $ 50 75 100 $ $ S $ Net Pay 1,489.02 2,906.45 x 2,575.44X 2.425.43
Using the percentage method for manual payroll with W 4s from 2020 or later in Appendix C calculate the federal withholding amounts for the following employees. No information was included in Step 4 of the W 4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) Pay Frequency Amount per Fedei Employee Filing Status Dependents Pay Period Income S. Calder MJ Three <17 Monthly 24 10,600 P Singh HH One <17 Biweekly 2$ 3,360 B. Nelson MJ None Daily 2$ 508
Justice earned $1,080.00 during the most recent semimonthly pay period. Justice is single and has indicated checkbox withholding, has no pre-tax deductions, and has filed a 2023 Form W-4. Using the following table, how much should be withheld for federal income tax? Note: Use the wage-bracket table. 2023 Wage Bracket Method Tables for Manual Payroll Systems with Forms W-4 From 2020 or Later SEMIMONTHLY Payroll Period If the Adjusted Wage Single or Married Filing Amount (line 1h) is Married Filing Jointly Head of Household Form W-4, Form W-4, Standard withholding Step 2, Checkbox withholding Standard Step 2, Checkbox Standard withholding withholding withholding Separately Form W-4, Step 2, Checkbox withholding At least But less than The Tentative Withholding Amount is: $ 670 $ 685 $ 0 $ 10 $ 0 $ 24 $ 10 $ 42 $ 685 $ 700 $ 0 $ 12 $ 0 $ 26 $ 12 $ 44 $ 700 $ 715 $ 0 $ 13 $ 0 $ 27 $ 13 $ 46 $ 715 $ 730 $ 0 $ 15 $ 0 $ 29 $ 15 $ 47 $ 730 $ 745 $ 0 $ 16 $ 0 $ 30 $ 16 $ 49 $ 745 $ 760 $0 $ 18 $…
1. Match each form name with its associated description. Form 1099-NEC Form 1096 Form W-9 Request for Taxpayer Identification Number and Certification Nonemployee Compensation Annual Summary and Transmittal of U.S. Information Returns 2. The SUTA taxes for an employee whose year-to-date earnings prior to the current period are $12,400, who earns $1,500 during the current period, who works in a state with a credit reduction of 1.5%, and whose state imposes a SUTA tax rate of 2.5% with an associated wage base of $12,600 would be$______ 3. Which of these states does NOT levy SUTA tax on employees as well as employers? Answer: A. New Jersey B. Alaska C. Pennsylvania D. Rhode Island
For all payroll calculations, use the following tax rates and round amounts to the nearest cent Employee: OASDI: 6.2% on first $118,500 earned; Medicare 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Recording Sales tax On July 5, Williams Company recorded sales of merchandise inventory on account $55,000. The sales were subject to sales tax of 4%. On August 15, Williams Company paid the sales tax owed to the state from the July 5 transaction. Requirements Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. Journalize the transaction to record the payment of sales tax to the state on August 15.
Ashvin
Kk8.
For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Sam Coleridge (married; 4 federal withholding allowances) earned weekly gross pay of $565.00 Federal income tax withholding = S 2 Michael Kolk (single, 2 federal withholding allowances) earned biweekly gross pay of $975. He participates in a flexible spending account, to which he contributed $100 during the period Federal income tax withholding = $ 3 Anita McLachlan (single, 0 federal withholding allowances) earned monthly gross pay of $2.440. For each period, she makes a 401(k) contribution of 9% of gross pay Federal income tax withholding = $ 4 Stacey Williamson (married; 3 federal withholding allowances) earned semimonthly gross pay of $1,250. She…
Concerning Payroll Accounting - I need to clarify what portion of wages are used to calculate Social Security tax (6.2%) & Medicare tax (1.45%) in a single pay period. Are both taxes calculated on gross wages or calculated on adjusted wages for after pre-tax deductions (i.e., Health Insurance Premiums & Retirement deductions)? Thank you. Jewelee Marple
For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. If an amount is zero, enter "0". NAME BEGINNINGCUMULATIVEEARNINGS TOTALEARNINGS ENDINGCUMULATIVEEARNINGS TAXABLE EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE Axton, C. 112,800.00 7,691.00 120,491.00 Edgar, E. 145,465.00 10,900.00 156,365.00 Gorman, L. 36,879.00 3,064.00 39,943.00 Jolson, R. 24,634.00 2,325.00 26,959.00 Nixel, P. 6,850.00 2,463.00 9,313.00
This problem continues the process of preparing the Kipley Company's Employee Payroll Register for the pay period ending January 8th, 20--. In previous chapters, gross wages were computed for each employee and using this data, FICA withholding and employer FICA liability was computed. Requirements: Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction. Determine and record the federal income taxes for each employee. Determine and record the state income taxes for each employee. Determine and record the city income taxes for the city of Pittsburgh. Total each input column. Below lists each employee's assigned Time Card No., Filing Status, and Withholding Allowances. This information is necessary when determining the amount of tax to withhold. TimeCard No. EmployeeName FilingStatus No. ofWithholdingAllowances 11 Fran M. Carson S N/A 12 William A. Wilson S N/A 13 Harry T. Utley MFJ N/A 21 Lawrence R. Fife MFJ N/A 22 Lucy K. Smith S N/A…

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