**The San Bernardino County Fair Payroll Calculation Exercise**The San Bernardino County Fair hires about 100 people during fair time. Their hourly wages range from $5.50 to $8.50. California has a state income tax of 9%. Sandy Denny earns $8.50 per hour; George Barney earns $5.50 per hour (assume this is the current minimum wage). They both worked 36 hours this week. Both are married; however, Sandy claims 2 exemptions and George claims 1 exemption. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare.**Questions:**a. **What is Sandy’s net pay after FIT** (use the [Table 91](#) and [Table 92](#)), Social Security tax, state income tax, and Medicare have been taken out? *(Round your answer to the nearest cent.)* **Sandy’s net pay after FIT**: ______________b. **What is George’s net pay after the same deductions?** *(Round your answer to the nearest cent.)* **George’s net pay after FIT**: ______________

Deductions are the diminution in the amount of tax payable due to exemptions.

The San Bernardino County Fair hires about 100 people during fair time. Their hourly wages range from $5.50 to $8.50. California has a state income tax of 9%. Sandy Denny earns $8.50 per hour; George Barney earns $5.50 per hour (assume this is the current minimum wage). They both worked 36 hours this week. Both are married; however, Sandy claims 2 exemptions and George claims 1 Check exemption. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. a. What is Sandy's net pay after FIT (use the Table 91 and Table 9.2), Social Security tax, state income tax, and Medicare have been taken out? (Round your answer to the nearest cent.) Sandy's net pay after FIT b. What is George's net pay after the same deductions? (Round your answer to the nearest cent.) George's net pay after FIT Next > 915 670/2 12 of 13 < Prev

The San Bernardino County Fair hires about 100 people during fair time. Their hourly wages range from $5.50 to $8.50. California has a state income tax of 9%. Sandy Denny earns $8.50 per hour; George Barney earns $5.50 per hour (assume this is the current minimum wage). They both worked 36 hours this week. Both are married; however, Sandy claims 2 exemptions and George claims 1 Check exemption. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. a. What is Sandy's net pay after FIT (use the Table 91 and Table 9.2), Social Security tax, state income tax, and Medicare have been taken out? (Round your answer to the nearest cent.) Sandy's net pay after FIT b. What is George's net pay after the same deductions? (Round your answer to the nearest cent.) George's net pay after FIT Next > 915 670/2 12 of 13 < Prev

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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This was the two part question I'm so sorry for submitting the wrong one.
Mary Johnson is earning $40,000 per week as her basic salary.Ms. Johnson lives in a house that the company pays the Landlord $5,000 weekly. She receives a non-taxable uniform allowance of $12,500 per week. Ms. Johnson has asked the payroll department to deduct from her salary $5,000 to National Housing Trust (NHT). The company has an approved pension scheme for which the employee contributes 5% per week and the employer matches this amount by contributing the same percentage for the employee. Required: a) Calculate the net pay for Mary Johnson for the week. b) Compute the taxes that the company will pay for Ms. Johnson.
In an effort to keep low-wage workers' salaries commensurate with the cost of living, a number of states have amended their constitutions to allow the minimum wage to be adjusted with inflation. You are the accountant for a company that owns a chain of 14 fast food restaurants in a state which adjusts the minimum wage for inflation. Each restaurant employs 25 workers, each averaging 20 hours per week at the current federal minimum wage, $7.25 per hour. (a) How many hours at minimum wage are paid out each week by the company? hr (b) At the current rate of $7.25 per hour, what is the amount (in $) of the weekly "minimum wage" portion of the restaurant's payroll? $ (c) If the inflation rate this year is 0.7%, calculate the "adjusted" minimum wage rate (in $ per hour) to be paid next year. (Round your answer to two decimal places.) $ per hour (d) How much in "additional wages" will the company have to pay out next year at the adjusted rate (in $)? (Round your answer to the…
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Take me to the text Jaclyn earns a salary of $50,000 per year and is paid semi-monthly. The current CPP rate is 5.45%, the current El rate is 1.58% and her income tax rate is 20%. Calculate her net pay for each semi-monthly pay period. Properly account for the $3,500 exemption Do not enter dollar signs or commas in the input boxes. Use the negative sign for values that must be subtracted. Round your answers to 2 decimal places. Gross Pay $2083.33 Canada Pension Plan $ Employment Insurance $ x Income Tax $-416.67 Net Pay X Check Note: The "check" button does not submit your attempt.To submit the attempt, go to the end of the quiz and click on the "submit all and finish" button.
Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.
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The San Bernardino County Fair hires about 150 people during fair time. California has a state income tax of 9%. Sandy Denny earns $13.00 per hour; George Barney earns $14.00 per hour. They both worked 39 hours this week. Both are married; however, Sandy files jointly and George files separately. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. a. What is Sandy's net pay after FIT (use the Table 9.1), Social Security tax, state income tax, and Medicare have been taken out? Note: Round your answer to the nearest cent. Sandy's net pay after FIT b. What is George's net pay after FIT (use the Table 9.1), Social Security tax, state income tax, and Medicare have been taken out? Note: Round your answer to the nearest cent. George's net pay after FIT c. What is the difference between Sandy's net pay and George's net pay? Note: Round your answer to the nearest cent. Difference in net pay
Richie Riches, a clothing resale store, employs one salesperson, Danielle Hopeton. Hopeton's straight-time wage is $30 per hour, with time-and-a-half pay for hours above 40. Richie Riches withholds income tax (20%), FICA—OASDI (6.2%), and FICA-Medicare (1.45%) from Hopeton's pay. Richie Riches also pays payroll taxes for FICA-OASDI (6.2%), FICA-Medicare (1.45%), and state and federal unemployment (5.4% and 0.6%, respectively). During the week ended December 26, Hopeton worked 50 hours. Prior to this week, she had earned $1,600. Read the requirements. Requirement 1. Compute Hopeton's gross pay and net (take-home) pay for the week. Begin with the computation of gross pay. (Round all amounts to the nearest whole dollar.) Gross Pay: Straight-time pay for 40 hours Overtime pay for 10 hours Gross Pay Now calculate net (take-home) pay. (Round all amounts to the nearest whole dollar.) Withholding deductions: Employee income tax Employee OASDI tax Employee Medicare tax Net (take-home) pay 1200
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Cracks of Dawns, a clothing resale store, employs one salesperson, Dia Hollace. Hollace's straight-time wage is $50 per hour, with time-and-a-half pay for hours above 40. Cracks of Dawns withholds income tax (20%), FICA-OASDI (6.2%), and FICA-Medicare (1.45%) from Hollace's pay. Cracks of Dawns also pays payroll taxes for FICA-OASDI (6.2%), FICA-Medicare (1.45%), and state and federal unemployment (5.4% and 0.6%, respectively). During the week ended December 26, Hollace worked 44 hours. Prior to this week, she had earned $1,700. Read the requirements. Requirement 1. Compute Hollace's gross pay and net (take-home) pay for the week. Begin with the computation of gross pay. (Round all amounts to the nearest whole dollar.) Gross Pay: Gross Pay Requirements (Round all amounts to the nearest dollar.) Compute Hollace's gross pay and net (take-home) pay for the week. Record the payroll entries that Cracks of Dawns would make for each of the following. 1. 2. a. Accrual of salaries and wages…