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: p Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix Cito determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 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 Pay Union Dues per Period $ 1,720 $ 3,540 $ $ 3,265 $ $ 2,890 120 240 Garnishment per Period $ $ $ 50 75 100 Net Pay

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: p Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix Cito determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 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 Pay Union Dues per Period $ 1,720 $ 3,540 $ $ 3,265 $ $ 2,890 120 240 Garnishment per Period $ $ $ 50 75 100 Net Pay

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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Required information [The following information applies to the questions displayed below] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September $ 800 6,400 2,000 122,100 a. 2,100 8,000 b. C. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 for this pay period. Compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal…
Ee 372.
You have just received a garnishment order for your employee Derek Jones. The gamishment order requires you to deduct and remit 17% of gross eanings less statutory deductions, from Derek's pay for court ordered family support payments. You are preparing the January 15", 2018 semi-monthly payroll and have the following information related to Derek Employee Information Employee Name Birth Date Derek Jones May 17, 1992 Pay Details Annual salary Vacation pay Gamishment order Pay schedule Employer name $45,000 6% paid each pay 17% Semi-monthly St. Johns Company located in Brandon, Manitoba Miscellaneous deductions RRSP deduction $4150.00 per month Union dues $430.00 per pay Additional information Federal tax (already calculated) $134.02 Provincial tax (already calculated) 5128.24 CPP deduction (already calculated) $84.60 El deduction (already calculated)- $34.87 Required: Calculate Derek's January 15h Net Pay Show and label your calculations
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Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single and claims two withholding allowances, how much would be deducted from his pay for FIT? Hint: There are two ways to determine his deduction—do not use tables for percentage method. a. Wage-bracket table $ b. Percentage method
Eaton Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee. Enter all amounts as positive numbers. If an amount is zero, enter "0". Round interim and final answers to two decimal places. Click here to access the Wage-Bracket Method Tables. Employee Hal Bower Ruth Cramden Gil Jones Teresa Kern Ruby Long Katie Luis Susan Martin Jim Singer Martin Torres Marital Status M S S M 3 M Ση η Σ S M No. of Withholding Allowances 1 1 3 4 2 8 1 Payroll Period W = Weekly S = Semimonthly M = Monthly D = Daily W W W M M S D S M Wage $1,350 590 675 3,100 2,730 955 108 2,500 3,215 Amount to Be Withheld 000000000
Greer Utsey earned $49,100 in 2022 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate In Kentucky for 2022 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 Appendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the following employee share of the taxes for the third weekly payroll of the year. Note: Do not round Intermediate calculation. Round your final answers to 2 decimal places. Federal income tax withholding Social Security tax Medicare tax State income tax withholding LA 5 S 58.54 13.69 47.21
Select the best answer. What is the maximum amount of tax credits available to employers for paid leave provided to employees under the FFCRA? 100% of the qualifying payments made to employees who took leave for a qualifying reason, A. thus giving the employer full reimbursement B. 100% of the payments made for the first two weeks of paid leave and 2/3ds of the payments made for the additional ten weeks C. 100% of the payments made to full-time employees only 100% of the payments made to employees who were employed for at least 30 days prior to D. the leave Submit Answers
Aa 130.
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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 Annual Dependents Salary 2<17 ♥ 63,000.00 Period Salary $ 2,423.08 Hourly Rate $ 53.85 Answer is complete but not entirely correct. Period Ended: Overtime Rate $ 80.77 X Number of Regular Hours 40.00 X Number of Overtime Hours 8.00 $ Regular Earnings 2,423.25 2/5/2021 Overtime Earnings Gross Earnings $ 646.16 S 3,069.41 X