Roberto's salary is $149,865.00 in 2022. Roberto is paid on a semimonthly basis, is unmarried and has one qualifying dependentunder the age of 17 per his Form W-4. Use the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 orLater. Use percentage method tables for a manual payroll systems.Required:a. What is Roberto's federal tax withholding per pay period?b. What is Roberto's FICA withholding per pay period before the social security limit is reached?c. For the last pay period in 2022, what is Roberto's FICA withholding?Note: For all requirements, round your intermediate computations and final answers to 2 decimal places.a. Federal tax withholdingsb. FICA withholdingsc. FICA withholdingsAmount

Social security tax: Employee's pension and benefit for disability are secured through the social…

Roberto's salary is $149,865.00 in 2022. Roberto is paid on a semimonthly basis, is unmarried and has one qualifying dependent under the age of 17 per his Form W-4. Use the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems.

Roberto's salary is $149,865.00 in 2022. Roberto is paid on a semimonthly basis, is unmarried and has one qualifying dependent under the age of 17 per his Form W-4. Use the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems.

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 required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the maximum percent that can be sent to the IRS for any one employee during the period of a year. 13.3% 13.5% 15.3% 15.5%
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
Yanni, who is single, provides you with the following information for 2021: Salary State income taxes Mortgage interest expense on principal residence Charitable contributions. 2,564 Interest income 1,923 Click here to access the exemption table. If required, round your answers to the nearest dollar. Compute the following: a. Yanni's taxable income: b. Yanni's AMT base: $128,200 12,820 11,538 c. Yanni's tentative minimum tax: X Incorrect
Ely is single, claims one dependent who is under the age of 17, and receives gross wages of $3,975 paid semimonthly. A 2021 Form W-4 is filed with the employer who uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later (see appendix). Assume that Ely has only one job or that step 2 of Form W-4 is not checked. What is the amount of income tax withheld on Ely's gross wages for each pay period? Multiple Choice $499.01 $512.83 $502.09 $577.82
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
1. Who assigns the SUTA tax rate to an employer? Answer: A. The Internal Revenue Service B. The state in which the employer is located C. The Social Security Administration D. The American Payroll Association 2. What is the due date for the first quarter FUTA tax? Answer: A. April 30 B. March 30 C. April 15 D. None of these options 3. Match each tax with its associated feature. SUTA Self-employment Social Security and Medicare The employer presently matches the amount employees pay. If net SE income is below $400, no tax is due. The number of laid-off employees may affect it.
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Jason Chen owns a business called Chen Home Building. He does his banking at Citizens National Bank in Seattle, Washington. The amounts in his general ledger for payroll taxes and the employees' withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows: Social Security tax payable (includes both employer and employee) $11,250 Medicare tax payable (includes both employer and employee) 2,625 FUTA tax payable 660 SUTA tax payable 3,850 Employee income tax payable 5,860 Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Apr. 15 1 2 2 3 3 4 4 5 Deposit of employee federal income tax and Social Security and Medicare taxes 5 6…
Question 2: Based on the wage-bracket method, the federal income tax withholding for an employee who files as Single, is paid weekly, completed the current Form W-4, has one job, and whose adjusted wage amount is $713 is $
Valentina is single and claims no dependents. Assume that Valentina has only one job or that step 2 of Form W-4 is not checked. Use the Wage Bracket Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later available online in Publication 15, Publication 15-T. "Federal Income Tax Withholding Methods." Use the appropriate wage bracket tables for a manual payroll systems Required: a. If Valentina is paid weekly and her annual wages are $82,680, what is the amount of withholding per paycheck? b. If Valentina is paid monthly with annual wages of $68,640, what is the amount of withholding per paycheck? c. If Valentina is paid biweekly with annual wages of $63,960, what is the amount of withholding per paycheck? d. If Valentina is paid semimonthly with annual wages of $77,160, what is the amount of withholding per paycheck? Amount a Withholdings per paycheck (b Withholdings per paycheck e Withholdings par paycheck d. Withholdings pet payg
Mahmet earned wages of $148,800 during 2022. Mahmet qualifies to file as head of household and claims two dependents under the age of 17. How much FICA tax is Mahmet's employer responsible to remit in 2022? Multiple Choice $21,935.40. $21,123.20. $22,543.20
Your pay also includes a deduction for Medicare. The 2022 rate is 1.45% of your annual salary as listed in question three. Do not use your taxable income as done in previous questions. If 1.45% of your earnings are deducted for Medicare, how much is deducted from your salary within one year? (Note: There is not a maximum contribution for Medicare; all earned wages are taxed. Your employer is required to match this amount too.) Question 3 Base Salary= 24.94 Week=1066 Month=4125 Year=58261