**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

See similar textbooks

Similar questions

Elite Co. has office furniture that cost $75,000 and that has been depreciated $48,000. Record the disposal under the following assumptions: * It was exchanged for similar office furniture. The old furniture has a fair market value of $46000, and $8000 was paid. *It was exchanged for similar office furniture. The old office has a fair market value of $25000 and $29000 was paid.
This was the two part question I'm so sorry for submitting the wrong one.
The company pays its workers the difference between their regular wages and the amount received for jury duty. Employee 1 is a non- exempt employee who has been receiving $400 a week. He was not at work this pay period because he completed 5 days of jury duty for which he was paid $70 ($10 per day plus 20 cents per mile from her house to the courthouse, a 20-mile round trip). How much of Employee 1's earnings from the company are subject to FICA taxes since he didn't actually have any work time?
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.
Steven takes a full-time position that pays an hourly wage of $32. The job assumes that he will work five 8-hour days a week. The government takes out 6.2% for Social Security, 1.45% for Medicare, and 15% for Federal income tax. Steven will have $80 taken out for health insurance and 6% of his after-tax monthly income taken out for retirement. GAI _________________ GMI _________________ ATM _________________             Total Expenses ________________    Net __________________
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…
Question 32: What statement about Form l-9 is accurate? Answer: A. O The employee submits one or two documents to verify employment eligibility. В. O It was significantly revised and expanded in 2020. C. O A company submits this to request an EIN. D. O It is also referred to as Publication 15. Question 33: Match each incentive plan to its definition. Profit-sharing Employee receives a portion of the company's profits after exceeding a predetermined level DROP HERE Employee may purchase shares of the business after meeting predetermined goals Stock options DROP HERE Sabbaticals Paid leave after working a predetermined number of years DROP HERE Monies received for reaching a specific sales/production goal Cash incentives DROP HERE Question 34: Rachel is a server at a family restaurant in Omaha, NE. As a tipped employee, she receives an hourly wage that is less than the federal minimum wage. This week, her combined hourly wages and tips was less than the federal minimum wage. What happens…
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.
Damerly Company (a Utah employer) wants to give a holiday bonus check of $375 to each employee. Since it wants the check amount to be $375, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 4.95% Utah income tax must be withheld on supplemental payments.
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