Stephanie Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. Her annual salary is $63,000, and her standard workweek is 45 hours. During the pay period ending February 5, 2021, she worked 8 hours overtime. She is married filing jointly with two dependents under the age of 17. Required: Complete the following payroll register for Stephanie's pay. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Company Name Stephanie Parker Forise Industries Filing Status MJ ✔ 2<17 Dependents > Annual Salary $ 63.000.00 Period Salary $ 2,423.08 Answer is complete but not entirely correct. Period Ended: Number of Overtime Hours Hourly Rate Overtime Rate $ 53.85$ 80.77 X Number of Regular Hours 40.00 X 2/5/2021 Overtime Regular Earnings Earnings 8.00 $ 2,423.25 $ 646.16 Gross Earnings S 3,069.41 X

Stephanie Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. Her annual salary is $63,000, and her standard workweek is 45 hours. During the pay period ending February 5, 2021, she worked 8 hours overtime. She is married filing jointly with two dependents under the age of 17. Required: Complete the following payroll register for Stephanie's pay. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Company Name Stephanie Parker Forise Industries Filing Status MJ ✔ 2<17 Dependents > Annual Salary $ 63.000.00 Period Salary $ 2,423.08 Answer is complete but not entirely correct. Period Ended: Number of Overtime Hours Hourly Rate Overtime Rate $ 53.85$ 80.77 X Number of Regular Hours 40.00 X 2/5/2021 Overtime Regular Earnings Earnings 8.00 $ 2,423.25 $ 646.16 Gross Earnings S 3,069.41 X

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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Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. 2021 Wage-Bracket Method Tables. Round your answer to the two decimal places. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%).
Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses 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. Naila Wilfred Byron Annie Semimonthly. Payroll $6,000 $5,300 $ 3,900 $ 4,500 Number of Dependents. from Form W-4 3 2 0 Marital Status Married. Married. Single Single Required: Complete the table for taxes to be withheld for each pay period. disto commutations and final answers to 2 decimal places.
Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Sten comes to Marbury on April 7 and requests a pay advance of $1,000, which Sten will pay back in equal parts on the April 15 and May 15 paychecks. Sten is single, with one dependent under 17, is paid $53,200 per year, contributes 3 percent of gross pay to a 401(k), and has $129 per paycheck deducted for a Section 125 plan. Required: Compute the net pay on Sten's April 15 paycheck. The applicable state income tax rate is 5.25 percent. Use the wage-bracket method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2 is not checked. Note: Round your intermediate calculations and final answer to 2 decimal places. > Answer is complete but not entirely correct. Net pay $ 2,216.67
River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $179,500. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date October 15 December 31 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax
In January, the payroll supervisor determines that gross earnings for Pharoah Company are $64,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.6% federal unemployment taxes.Pharoah asks you to record a journal entry for the employer payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 12.25.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses 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. Number of Dependents from Form Marital Status Semimonthly Payroll W-4 Naila Wilfred Byron $ 6,220 $ 5,520 $ 4,120 320 Married Married Single Annie $ 4,390 1 Head of Household Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. Employee Federal Withholding Tax Social Security Tax Medicare Tax Total Taxes Withheld Naila Wilfred Byron Annie
Lexington is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid semimonthly. Asa comes to Lexington on April 7 and requests a pay advance of $1,000, which Asa will pay back in equal parts on the April 14 and May 15 paychecks. Asa is single, with one dependent under 17, is paid $59, 600 per year, contributes 3 percent of gross pay to a 401(k), and has $137 per paycheck deducted for a Section 125 plan. Required: Compute the net pay on Asa's April 14 paycheck. The applicable state income tax rate is 5.25 percent. Use the wage - bracket method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine the federal income tax. Assume box 2 is not checked. Note: Round your intermediate calculations and final answer to 2 decimal places.Net pay
Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses 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. Number of Dependents from Form W-4 Semimonthly Payroll $ 6,400 $ 5,120 Marital Status Married 3 Naila Wilfred 2 Married $ 3,720 0 Byron Annie Single $ 4,320 1 Single Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. Employee Federal Withholding Tax Social Security Tax Medicare Tax Total Taxes Withheld Naila Wilfred Byron Annie
Wynne and Associates has employees with pay schedules that vary based on job classification. Use Figure 5.4. Required: Compute the Federal income tax withholding for each employee using the percentage method in Appendix C. Assume that no pre-tax deductions exist for any employee. (Round your intermediate calculations and final answers to 2 decimal places.) Marital Status No. of Pay Exemptions Frequency Weekly Monthly Pay Amount Federal Income Tax Employee S. Turner 9. S. 4,700 S 2,371.95 D. McGorray A Kennedy 10 23,500 M. 14. Daily 1,350 R. Thomas M 0. Annually S 120,000 66F Sunn e nere to séarch %24
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. 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. (Round your intermediate calculations and final answers to 2 decimal places.) > Answer is complete but not entirely correct. Employee S. Bergstrom C. Pare Filing Status, Dependents MJ-0 MJ-2 (<17) Pay $ 1,860 Union Dues per Period Garnishment per Period Net Pay $ 50 $ 1,910.00 $ 3,820 $ 120 $ 3,700.00 X L. Van der S-1 (Other) $ 3,545 $ 240 $ 75 $ 3,230.00 Hooven S.Lightfoot MJ-0 $ 3,170 100 3,070.00
Milligan's Millworks pays its employees weekly. Use the wage-bracket tables from Appendix C to compute the federal income tax withholdings for the following employees of Milligan's Millworks: (Assume that no pre-tax deductions exist for any employee and box 2 is not checked for all employees and Manual payroll system is used.) (Round your intermediate calculations and final answers to 2 decimal places. Leave no cells blank. Enter "0" wherever required.) Employee D. Balestren Y Milligan H. Curran D. Liberti Filing Status Single Single Married/Joint Head of Household Dependents Two <17 One Other Two <17, one Other One <17 $ $ $ $ Weekly Pay 760 5 1,213 752 $ 895 Federal Tax 0.00 0.00
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 Union Dues per Period Pay $ 1,760 $ 3,620 S $ 3,345 $ $ 2,970 Garnishment per Period $ 120 240 $ $ 50 75 100 Net Pay