The employees collectively earn a gross wage of $85,000 for the pay period. But the employer says that they cost $92,000. Discuss the discrepancy.
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The employees collectively earn a gross wage of $85,000 for the pay period. But the employer says that they cost $92,000. Discuss the discrepancy.
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- N1. Account Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.)1/2 items. Calculate Pro Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Gross pay Net pay Consultant $2,510 per week Not applicable Regular earnings rate Overtime earnings rate. Number of withholding allowances 3 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheid for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Check My Work Computer Programmer $32 per hour 2,510 Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your…Volpe Corporation has only four employees who are all paid $860 per week. Compute the total FICA taxes that the employer would withhold from the four employees each week and the amount the company would pay as its own liability for the employer's share of the FICA taxes on the weekly wages of the four employees: Employees' total OASDI $fill in the blank 1 Employees' total HI $fill in the blank 2 Employer's total OASDI $fill in the blank 3 Employer's total HI
- The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. Round all computations to the nearest cent. FICA Taxes Employee No. Employee Name Biweekly Taxable Wages OASDI HI 711 Castro, Manny $1,000.00 512 Corrales, Pat 968.00 624 Guitar, Joseph 1,004.00 325 Moore, Connie 1,046.40 422 Morrison, Harry 1,200.00 210 Robertson, Catherine 1,044.80 111 Swarez, Joseph 1.122.00 Totals Employer's OASDI Total Taxable Wages Employer's OASDI TaxRequired 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 withholdingPower is a contract worker. His basic pay is calculated at 40 hours at a normal rate of R50 per hour. In certain week, he worked 40 hours at normal rate. He then worked 13 hours overtime at 1,5 rate of the normal working hours. On Sunday and public holidays, he worked 7 hours at a rate of 2 times the normal rate. Calculate his gross pay. And calculate his net pay if the overtime and abnormal overtime rates remain the same per hour but Power worked for a four week month and that R1200 medical aid contribution is deducted.
- 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 2Volpe Corporation has only four employees who are all paid $1,200 per week. Compute the total FICA taxes that the employer would withhold from the four employees each week and the amount the company would pay as its own liability for the employer's share of the FICA taxes on the weekly wages of the four employees: Employees' total OASDI $fill in the blank 1 Employees' total HI $fill in the blank 2 Employer's total OASDI $fill in the blank 3 Employer's total HIUrmilaben
- Marin Company's gross pay for the week ended August 22 totalled $71,200, from which $3,880 was deducted for CPP, $1,125 for El, and $19,900 for income tax. Prepare the entry to record the employer payroll costs, assuming these will not be paid until September. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to O decimal places, e.g. 1,575.) Date Account Titles Aug. 22 Debit CreditCan you please help by explaining this problem? You do not have to give the answer to this one. I just need an example explaining how to work a problem like this one. Employee and employer OASDI: 6.2% Employer and Employee HI: 1.45% Employee HI: plus an additional 0.9% on wages over @200,000. Also allpicable for self-employed. minimum hourly wage of $7.25 Crow earned $585.15 during the week ended Mar. 1, 20--. Prior to payday, Crow had cumulative gross earnings of $4,733.20. round your answers to the nearest cent. a. The amount of OASDI taxed to withhold from Crow's pay is $ b. THe amount of HI taxes to withhold from Crow's pay is $The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. Round your answers to the nearest cent. FICA Taxes Employee OASDI HI Employee Name Biweekly Taxable Wages No. 711 Castro, Manny $4,000.00 $4 512 Corrales, Pat 984.00 624 Guitar, Joseph 1,018.00 325 Moore, Connie 1,203.40 422 Morrison, Harry 2,300.00 Robertson, 210 1,274.80 Catherine 111 Swarez, Joseph 1,322.00 Totals Employer's OASDI Total Taxable Wages Employer's OASDI Tax Employer's HI Tax Total Taxable Wages Employer's HI Tax