PAYROLL REGISTER FOR THE PERIOD ENDEDEARNINGSTAXABLE EARNINGSDEDUCTIONSSTATENO.MARIT.CUM.UNEMPL.FED. INC.soc. SEC.MEDICAREINCOMEHEALTHCREDITNAMEALLOW. STATUSREGULAROVERTIMEТОTALТОTALCOMP.SoC. SEC.TAXTAXTAXTAXINSUR.UNION1James Berling3M480.00636.0025,161.00636.00636.0018.0039.439.226.3612.00149.2M17.0039.999.3522.585.00117.0Goetz, Ken3M13.0027.286.3815.405.0091.34Menick, Judd4S55.0038.879.0921.955.00126.5Morales, Eva5M10.0030.637.1617.295.00117.0Heimbrock, Ja6M105.0059.5219.7247.605.00154.277M1.0020.094.7011.345.0083.08M24.0034.107.9819.255.00130.09M5.0027.286.3815.405.0088.01010M33.047.7418.675.00128.91111S64.0042.729.9924.125.00139.112319.00393.7497.89236.2855.001,324.7 2. Assuming that the wages for the week ended November 18 were paid on November 21, prepare the journal entry for the payment of this payroll.General Journal InstructionsPAGE 1GENERAL JOURNALDATEACCOUNT TITLEPOST. REF.DEBITCREDIT1Nov. 21Wages and Salaries Expense6,750.502Employee Federal Income Tax Payable319.00Social Security Tax Payable393.743Medicare Tax Payable97.89Health Insurance Premiums Payable55.005State Income Tax Payable236.28Credit Union Payable1,324.7678Cash4,323.834- EMPLOYEE EARNINGS RECORD FOR THE PERIOD ENDEDNovember2120--EARNINGSTAXABLE EARNINGSDEDUCTIONS20--STATEPERIODCUM.UNEMPL.FED INC.soc. SEC.MEDICAREINCOMEHEALTHCREDITENDEDREGULAROVERTIMEТОTALТОTALСOMP.soc. SEC.ТАXТАXТАХТАXINSUR.UNIONТОTALCK. NO.AMOU11/4330.0033.00363.006,145.50363.00363.0022.515.2612.711272.60125.08121237.911/11440.0049.50489.506,635.00489.50489.5011.0030.357.1017.131297.90175.49229314.011/1811/25 20--CREDITUNIONТОTALNET PAYCK. NO.149.6234.61401.393311117.00210.92434.08332291.30158.36281.64333126.50256.41370.593344117.05187.13306.873355154.25391.09968.91336683.05125.18198.823377130.00220.33329.67338888.00147.06292.943399.128.90193.39340.1134010139.11284.94404.06341111,324.762,426.674,323.8312 Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number of allowances claimed, marital status, information from time cards on hoursworked each day, and the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 12 times the regular rate. All weekend hours arepaid at double the regular rate.Trenkamp uses a weekly federal income tax withholding table. Social Security tax is withheld at the rate of 6.2% for the first $128,400 earned. Medicare tax is withheld at 1.45% andstate income tax at 3.5%. Each employee has $12 withheld for health insurance. All employees use payroll deduction to the credit union for varying amounts as listed. Trenkamp Collection AgencyPayroll Information for the Week Ended November 18, 20--Employee No of MaritalHours WorkedHourly Credit Union Total EarningsNameNo.Allow. Status S S M T WTFRateDeposit1/1–11/11Berling, James13889 10$12$149.60$24,525Merz, Linda24M88 88 1015117.0030,480Goetz, Ken2M0 06 789 101391.3023,400Menick, Judd428 8 0088 913126.5026,325Morales, Eva53M0 086 813117.0524,730Heimbrock, Jacob60 8888 442154.25127,440Townsley, Sarah7246 66 41283.0521,425Salzman, Beth8M6 2 886 611130.006,635Layton, Esther9.3M0 08888 81188.005,635Thompson, David10M0 2 10 9 77 1014128.9025,830Vadillo, Carmen11S8 048 88 913139.1124,11520 ㅇ 8 ㅇㅇㅇ 2 020

SoC. SEC. TAX TAX TAX TAX L00 636.00 18.00 39.43 9.22 6.3 17.00 39.99 9.35 22.5 13.00 27.28 6.38 15.4 55.00 38.87 9.09 21.9 10.00 30.63 7.16 17.2 105.00 59.52 19.72 47.6 1.00 20.09 4.70 11.3 24.00 34.10 7.98 19.2

SoC. SEC. TAX TAX TAX TAX L00 636.00 18.00 39.43 9.22 6.3 17.00 39.99 9.35 22.5 13.00 27.28 6.38 15.4 55.00 38.87 9.09 21.9 10.00 30.63 7.16 17.2 105.00 59.52 19.72 47.6 1.00 20.09 4.70 11.3 24.00 34.10 7.98 19.2

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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in utilities in both cities? 7. Use the tax table on questions 7 and 8. Jenna is a part-time receptionist at the dentist's office. Her income last year was $9,125. Her tax status is single, she claims one exemption for herself, and she plans on taking the standard deduction. What is her taxable income? If line 43 And you are - (taxable income) is- At But Single least less than Your tax is- 83,000 83,000 83,050 16,967 13,131 17,379 83,050 83,100 16,981 13,144 17.393 83,100 83,150 16,995 13,156 17,407 83,150 83,200 17,009 13,169 17,421 13,181 17,435 13,194 17.449 83,200 83,250 17,023 83,250 83,300 17,037 83,300 83,350 17,081 83,350 83,400 17,065 13,206 17,463 13,219 17,477 13,231 17,491 13,244 17,505 13,256 17,519 13,269 17,533 13,281 17,547 13,294 17,561 83,400 83,450 17,079 83,450 83,550 17,093 83,500 83,550 17,107 83,550 83,600 17,121 83,600 83,650 17,135 83,650 83,700 17,149 83,700 83,750 17,163 83,750 83,800 17,177 83,800 83,850 17,191 83,850 83,900 17,205 83,900 83,950 17,219…
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
Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in the table may NOT be used.) $0 $1,001 $3,001 Tax Bracket $10,001 $20,001 $40,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above Average Tax:__`17.729% Marginal Tax:__`25¹% Tax 5% 10% 15% 25% 30% 45% $ $ Taxable Income Amount Taxed type your ansv type your ansv type your ansv = type your ansv $16,500 $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaining $ $ $ $ type your answe type your answe type your answe type your answe
[The following information applies to the questions displayed below.] Henrich is a single taxpayer. In 2023, his taxable income is $537,000. What are his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places. a. All of his income is salary from his employer. Assume his modified AGI is $570,000. Income tax Net investment income tax Total tax liability Amount
Section 12.2 Assessment QUICK CHECK Calculate Given the informa- tion above, use Form 1040EZ in Figure 12.4 on pages 394 and 395 and the corresponding tax table in Figure 12.5 on page 397 to determine whether Shirley will owe the government money or will obtain a refund. How much money will she owe, 1. Who must file a federal income tax return? 2. What are the three basic tax forms discussed in this section? 3. What documents do you need to begin to prepare your tax return? THINK CRITICALLY or how much will her refund be? 4. Briefly describe situations in which it would be advantageous to use Form 1040A instead of Form 1040EZ. When would you use Form 1040EZ? SOLVE MONEY PROBLEMS 6. Planning for Tax Time Poor Fred. Tax time is drawing near, and he does not know how to begin to prepare his income tax return. He has piles of forms and other paperwork, but he just cannot figure out what to do with them. Fred needs help, USE MATH SKILLS 5. A Taxing Question Last year, Shirley, a single…
7. Consider the following excerpts from the income statement and tax returns of Rashford Inc. Amounts in $ Income before taxes Taxable income a. 22.4% b. 19.6% Income statement Depreciation 200 Warranty expenses* 120 Fine 100 *Warranty expenditures are tax deductible when payments are made to fulfil the warranty. C. 23.38% d. 17.92% e. None of the above 1,500 ANSWER: A Tax returns The statutory tax rate is 21%. There are no temporary or permanent differences other than the ones listed in the table. The effective tax rate of Rashford Inc. is: ? 250 0 0
Exercise 16-10 (Algo) Calculate income tax amounts under various circumstances; financial statement effects [LO16-2, 16-3] Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Taxable income Future deductible amounts Future taxable amounts. Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability The enacted tax rate is 25%. Required: Situation 1 2 3 4 $ 112 $ 244 $ 252 $ 344 16 20 20 16 16 56 2 16 8 2 For each situation, determine the following: Note: Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable. a. Income tax payable currently. b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability change. f. Income tax…
12/2/23, 11:25 AM 2023 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 11,000 $ 44,725 $ 95,375 $ 182.100 $ 231,250 $ 578,125 ezt.prod.mheducation.com/Media/Connect_Production/bne/accounting/spilker_15e/taxrateschedule2023.htm $ 95,350 $ 182,100 $ 231,250 $578,100 $ 11,000 $ 44,725 $ 95,375 $ 182,100 $ 231,250 $ 578,125 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 15,700 $ 15,700 $ 59,850 $ 59,850 $ 95,350 Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: The tax is: $ 0 $ 22,000 $ 22,000 $ 89,450 $ 89,450 $ 190,750 $364,200 $ 462,500 $693,750 $ 190.750 $364,200 9 $ 462,500 $ 693,750 $ 0 $ 11,000 $ 44,725 $ 95,375 $ 182,100 $ 231,250 $ 346,875 The tax is: $ 182,100 $ 231,250 $578,100 10% of taxable income $1,100 plus 12% of the excess over $11,000 $5,147 plus 22% of the excess over $44,725 $16,290 plus 24% of the excess over $95,375 $37,104 plus 32%…