!Required information[The following information applies to the questions displayed below.]Greer Utsey earned $48,400 in 2022 for a company in Kentucky. Greer is singlewith one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for2022 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is5.4 percent with a wage base of $11,100. Use the percentage method inAppendix C and the state information in Appendix D. Manual payroll system is usedand Box 2 is not checked.Required:Compute the employer's share of the taxes for the third weekly payroll of the year.Note: Do not round intermediate calculation. Round your final answer to 2 decimal places.Answer is complete but not entirely correct.SSFederal income tax withholdingSocial Security taxMedicare taxFUTA taxSUTA taxState income tax withholding60SSGA60$SA930.7757.68 X13.495.5850.22 X187.52 X

Federal unemployment tax act provides paymets to the unemployed workers as compensation for the loss…

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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
A new graduate has taken a job with an annual salary of $60,000. She expects her salary to go up by 2.5% each year for the first five years. Her starting salary is stored in cell A4 of an Excel worksheet, and the salary increase rate is stored in cell B4. Construct a table with years 1 through 5 in cells A6:A10 and her salary in cells B6:B10. Write the formula for her salary in year 2 (in cell B7) that can be copied and pasted correctly in cells B8 through B10
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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…
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 3, 2023, 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. Company Forise Industries Name Filing Status Period Salary Hourly Rate Dependents Parker Total Period Ended: 2/3/2023 Number of Regular Hours Number of Overtime Regular Earnings Overtime Earnings Gross Earnings Hours $ 0.00 $ 0.00 $ 0.00
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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…
Ron Valdez worked for two different employers. Until May, he worked for Rowland Construction Company in Ames, Iowa, and earned $22,940. The state unemployment rate for Rowland is 4.6%. He then changed jobs and worked for Ford Improvement Company in Topeka, Kansas, and earned $30,360 for the rest of the year. The state unemployment rate for Ford is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by each company. Round your answers to the nearest cent. Use Figure 5.1 to determine SUTA caps in Iowa and Kansas. a. Rowland Construction Company $fill in the blank 1 b. Ford Improvement Company $fill in the blank 2
Reed is a waiter at Albicious Foods in South Carolina. Reed is single with one other dependent and receives the standard tipped hourly wage. During the week ending October 20, 2023, 44 hours were worked, and Reed received $250 in tips. Calculate Reed's gross pay, assuming tips are included in the overtime rate determination. Use Table 3-2. Required: 1. Complete the payroll register for Reed. 2a. Does Albicious Foods need to contribute to Reed's wages to meet FLSA requirements? 2b. If so, how much should be contributed? Complete this question by entering your answers in the tabs below. Req 1 Company Complete the payroll register for Reed. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Name Req 2a Reed Totals Albicious Foods Filing Status Req 2b S Dependents 1 Other Hourly Rate or Period Wage Overtime Rate Period Ended: Number of Regular Hours 40.00 10/20/2023 Number of Overtime Hours 4.00 $ Regular Earnings
Makena is a salaried, exempt employee with Caxkyat Stores. Makena is single with one dependent under 17 and earns $35,500 per year. Required: Complete the payroll register for the biweekly pay period ending March 11, 2022, with a pay date of March 16, 2022. Note: Round your dollar values to 2 decimal places. P/R End Date: Check Date: Name Makena Totals 03/11/2022 03/16/2022 Filing Status Dependents Hourly Rate or Period Wage M Company Name Number of Regular Hours \ Number of Overtime Hours Caxkyat Stores Commissions Regular Earnings 0.00 Overtime Earnings Gross Earnings $ 0.00
! 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

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