Take me to the textWater Cruises rents canoes and other water crafts to campers and hikers. On February 15, 2021, Water Cruises prepared theirsemi-monthly payroll for their employees. The current CPP rate is 5.45%, the current El rate is 1.58%, and the appropriateincome tax rate is 18%. The employer pays half of the health care premium, and the employees pay the other half. Assume theemployer contributes 100% toward CPP and 140% toward El. Payroll information for February 15, 2021 is listed below.Employee Total Hours Hourly Rate Total Health CareM. Swift$19.00S. Current$20.00B. Wavey$14.0074.082.088.0$17.00$16.00$18.00Do not enter dollar signs or commas in the input boxes.Round your answer to 2 decimal places.a) Calculate gross and net pay for each employee. Employee GrossSM. Swift 1258S. Current 1312ELTotalCPPWavey 1584$✓4154$✓$$226.49$91.90Health Care $26.5Income Tax226.44✔236.16$S✓$285.12✓747.72$CPP-68.61x$-71.50"Remember to properly account for the $3,500 exemptionb) Calculate the employer contributionsEmployer ContributionsxS19.8820.73EI✓25.03$65.64✓$$✓IN$Health Care9.510726.5$V$✓$✓$✔TotalDeductionsNet Paytrommal

Payroll register is a tool that contains information regarding wages like gross pay, income tax,…

Answered: Water Cruises rents canoes and other…

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

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.
Portia Grant is an employee who is paid monthly. for the month of Jan of the current year, she earned a total of 8,538. the FICA tax for social security is 6.2% of the first 128,400 of employee earnings each calendar year and the FICA tax for medicare is 1.45% of all earnings. the FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first 7,000 of an employee's pay. the amount of federal income tax withheld from her earnings was 1,416.67. her net pay for the month is?
Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $2,250 and who counted 2 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)-- Assume the deduction for each withholding allowance is $75. If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is $0 Not over $43. . . ver--- But not over-- of excess over-- $43 --$222 | $ 0.00 plus 10% ---$43 $222 ---$767 $17.90 plus 15% --$222 $767 --$1,796| $99.65 plus 25% ---$767 $1,796 --$3,700 $356.90 plus 28% ---$1,796 $3,700 ---87,992 | $890.12 plus 33% --S3,700 $7,992 ---$8,025 | $2,306.38 plus 35% ---$7,992 $8,025 $2,317.93 plus 39.6% ---$8,025 $356.90 $442.02 $484.02 $630.00
Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2024. The payroll expense includes employer FICA fax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company 10% of salaries expense) (Click the icon to view payroll tax rate information.) Read the requirements Requirement 2. What was Ricardo's total expense for 2024 related to payroll? Select the labels associated with total payroll expense, and then enter in the corresponding amounts. (Round all amounts to the nearest cent. If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
K Felipe's Mexican Restaurant incurred salaries expense of $70,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $23,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,000), life insurance (cost to the company, $400), and retirement benefits (cost to the company. 8% of salaries expense). i (Click the icon to view payroll tax rate information.) Read the requirements. More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned per employee; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned per employee; SUTA: 5.4% on first $7,000 earned per employee. Date Print Done Requirement 1. Journalize…
An employee receives a bi-weekly gross salary of $2,000. The employee’s deductions include income tax of $218, CPP of $99, EI of $36, and union dues of $50. The employer’s share of the deductions includes CPP of $139 and EI of $36. What is the total amount of salaries and employee benefits expense that X Corp. would record on its income statement as a result of the employee's bi-weekly salary? answers a. $1,597 b. $1,772 c. $2,000 d. $2,175
John Jenkins earns $1,290 per week. The deductions from his pay were: FIT $111.00 FICA-OASDI 79.98 FICA-HI 18.71 State income tax 31.00 State disability insurance 9.03 Credit union deduction 40.00 Health insurance premium 47.50 Charitable contribution 5.00 John's disposable earnings would be: $1,290.00 - $111.00 (FIT) - $79.98 - $18.71 (FICA deductions) - $31.00 (SIT) - $9.03 (disability insurance) = $1,040.28 Example 6-3 Huffman Company has a child support order outstanding on one of its employees (Charles Suffert-$170 per week). Charles Suffert's disposable income is $950 per week. A new garnishment is received for a $5,000 debt to a credit card company. The company would take an additional $237.50 out of Suffert's pay. Lesser of: 25% x $950 $237.50 or $950 - (30 x $7.25) = $732.50 Kalen O'Brien earned $730 this week. The deductions from her pay were as follows: FIT $66.00 FICA-OASDI 45.26 FICA-HI 10.59 State income tax 36.50 State disability insurance 8.61 Health insurance premium…
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.
Kk.257.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS