The following employees of CIBA Ironworks in Bristol, Ilinois, are paid in different frequencies. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method in Aprendix C (or the IRS federal income tax assistant or IRS Publication 15-T). Include Illinols income tax of 4.95 percent of taxable pay. No employee has exceeded the maximum FICA limits. You do not need to complete the number of hours. There is no information for Step 4 and all W-4s were received in 2020. No box was checked in Step 2. (Round your Intermediate calculations and final answers to 2 decimal places.) Filing Status, Dependents Union Dues per Perlod 780 Garnishment per Period Net Pay Frequency Pay Employee 50 Weekly Semi-monthly Monthly Biweekly MJ-0 C. Whaley F. Paguaga K. Harvey L. Bolling $ 2,940 $ 7,450 S 2,640 120 MJ-2 (<17) S-1 (Other) 240 $ 75 100 MJ-0

The following employees of CIBA Ironworks in Bristol, Ilinois, are paid in different frequencies. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method in Aprendix C (or the IRS federal income tax assistant or IRS Publication 15-T). Include Illinols income tax of 4.95 percent of taxable pay. No employee has exceeded the maximum FICA limits. You do not need to complete the number of hours. There is no information for Step 4 and all W-4s were received in 2020. No box was checked in Step 2. (Round your Intermediate calculations and final answers to 2 decimal places.) Filing Status, Dependents Union Dues per Perlod 780 Garnishment per Period Net Pay Frequency Pay Employee 50 Weekly Semi-monthly Monthly Biweekly MJ-0 C. Whaley F. Paguaga K. Harvey L. Bolling $ 2,940 $ 7,450 S 2,640 120 MJ-2 (<17) S-1 (Other) 240 $ 75 100 MJ-0

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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BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $316.20. FICA Medicare taxes are withheld in the amount of $73.95. Federal unemployment taxes are $30.60 and State unemployment taxes are $275.40 for this pay period. Medical Insurance of $242.25 is withheld as requested by the employee and federal income taxes are $607.05. Use this information to record below the journal entry for the employer's payroll tax expense for this first pay period of the year in January. Note: Round your answers to 2 decimal places. View transaction list View journal entry worksheet No 1 Date January 31 General Journal Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit 696.15 Credit 316.20 73.95 30.60 275.40
Allison is paid $3,000 per week. What is the amount of federal income tax withheld from Allison’s paycheck under the following conditions? Assume that Allison has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: Allison is single and no dependents. Allison is married (her spouse does not work) and claims two dependents who are under the age of 17. Allison is single, claims no dependents, but wants $60 in additional withholding.
Mark Turney owns Creative Corners. He does his banking at United Federal Bank (UFB) in Tucson, Arizona. The amounts in his general ledger for payroll taxes and the employee's withholding of Social Security, Medicare, and federal income tax as of April 15 of the current year show the following: Social Security tax payable (employer and employee), $3,020; Medicare tax payable (employer and employee), $734; FUTA tax payable, $84; SUTA tax payable, $414; and Employees income tax payable, $4,622. Journalize the payment of the Form 941 deposit to UFB and thepayment of the SUTA tax to the State of Arizona as of April 15, 20--. NOTE: PREPARE YOUR JOURNAL ENTRIES IN PROPER FORMAT - OTHERWISE YOU WILL NOT RECEIVE CREDIT
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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
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Calculate the employer's total FUTA and SUTA taxes. As TCLH Industries operates in North Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings threshold of $29,600. Current period taxable earnings for FUTA and SUTA taxes are the same as those for FICA taxes. Year-to-date taxable earnings for FUTA and SUTA taxes, prior to the current pay period, are as follows: Zachary Fox: $0 Calvin Bell: $20,478.57 David Alexander: $198,450 Michael Sierra: $117,600
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