At the end of the first pay period of the year, Sofia earned $5,100 of salary. Withholdings from Sofia's salary include FICA SocialSecurity taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $522 of federal income taxes, $182 of medical insurancedeductions, and $32 of life insurance deductions. Compute Sofia's net pay for this first pay period. (Round your intermediate and finalanswers to 2 decimal places.)Gross payFICA Social SecurityFICA MedicareFederal income taxesMedical insurance deductionLife insurance deductionTotal deductionsNet pay

Lets understand the basics. Gross pay is a pay available to employee without considering any…

Answered: s to 2 decimal places.) ay Social…

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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32 During the week ended June 15, Wiley Automotive's employees earned $2,650 of gross wages and had $363 of federal income tax withheld. All of their employees had already earned over $7,000 of gross wages for the year so none of their wages were subject to FUTA or SUTA tax. However, all of their wages were still subject to Social Security tax of 6.2% and Medicare tax of 1.45%. The journal entry to record Payroll Tax Expense for the pay period would be: 2
D42 Enter X 21 Gross FUTA Tax DUE 22 23 Problem 4 24 25 26 27 28 29 30 Total Futa Taxable Wages 31 Credit against FUTA (assume applicable) 32 33 34 Problem 5 35 36 37 38 39 40 Gross FUTA Tax DUE 41 Credit against FUTA (assume applicable) 42 NET FUTA tax: With the following data, compute the Credit against FUTA: (assume applicable as well as the Maximum Credit allowed). Esc B With the following data, compute the NET FUTA Tax. Instructions Accessibility: Good to go ☆ Type here to search F1 fx 3650 Problem 1 4₁ @ 2 F2 # F3 Problems 2-5 3 $ 127,000 (c) $ Ş ZI -¤- CỌ: C (b) 6,750 3,100 (d) 3650 $ O E F4 4 F5 % 5 F6 8 AS b F7
Question 14 What is your average tax rate if you pay taxes of $7134 on taxable income of $57920? (Reminder: Enter your answer as a decimal, not a percentage.) Your Answer: Answer
7
PSc 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 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: Tony Daniels (Married; 4 federal withholding allowances) earned weekly gross pay of $790. Federal income tax withholding = $ 2: Mario Gonzales (married; 5 federal withholding allowances) earned biweekly gross pay of $2,010. He participates in a flexible spending account, to which he contributes $110 during the period. Federal income tax withholding = $ 3: Angela Brown (single; 3 federal withholding allowances) earned monthly gross pay of $5,085. For each period, she makes a 401(k) contribution of 13.5% of gross pay. Federal income tax withholding = $ 4: Linda…
In step 2 how did you get the excess income tax of 19,520.00?
taxable income : 1225000 income taxes payable: 245000
Find the amounts that are missing from this summary of an income tax return: a. Gross income $42,685 b. Adjustments to income $3,670 c. Adjusted gross income d. Deductions $8,978 e. Adjusted gross income less deductions f. Exemptions (4 $3,100) $12,400 g. Taxable income Vince Bottolito's adjusted gross income on his federal tax return was $53.748. He claimed the standard deduction of $4,850, and one exemption at $3,100. What was Vince's taxable income? The Valek's gross income last vear was $64.890. They had adjustments to income totaling S3.829. Their deductions totaled $12.502. and they had four exemptions at S3.100 each. Find their taxable income.
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
The interest tax shield year 1 is ______$ million (Round to three decimal places) The interest tax shield year 2 is ______$ million (Round to three decimal places) The interest tax shield year 3 is ______$ million (Round to three decimal places) The interest tax shield year 4 is ______$ million (Round to three decimal places) The interest tax shield year 5 is ______$ million (Round to three decimal places)
Federal income taxes are allowed as an itemized deduction but are limited to $10,000? Ture or false

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