What are the two methods payroll accountants use to determine federal income tax withholding amounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as ncorrect.) ?Wage-salary method ? Wage-bracket method ?Percentage method ? Salary-bracket method

What are the two methods payroll accountants use to determine federal income tax withholding amounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as ncorrect.) ?Wage-salary method ? Wage-bracket method ?Percentage method ? Salary-bracket method

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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i. The portion of the payroll tax levied on employers is O regressive, if the incidence is on employees. O difficult to determine without knowing the relative labor supply and demand elasticities. progressive, if the incidence is on employers. O proportional, if the incidence is on employers.
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table
Can you answer the question from the Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2019 or Earlier and the Employer’s Withholding Worksheet for Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or Later
Which of the following is not an employer payroll tax? Multiple Choice Social Security tax equal to that withheld from employees. Medicare tax equal to that withheld from employees. State unemployment tax. Federal unemployment tax. Federal income tax equal to that withheld from employees.
My other question did not have the completed time card attached. The completed timecard is attached below. Complete the payroll register for Bill Brown for the pay period ending on August 31. Fill in the regular, overtime, and total earnings from the time card. Calculate Bill’s federal income tax using the IRS Employee Income Tax Withholding table for a semimonthly pay period (see https://www.irs.gov/pub/irs-pdf/p15t.pdf). Calculate Social Security tax at 6.2% and Medicare tax at 1.45%. Bill elected to withhold 10% of his earnings for retirement and 5% for health insurance. Calculate Net Pay. Bill will be paid with Check No. 1145.
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2023 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2022 federal income tax tables for Manual Systems with Forms W-4 from 2020 or Later with Standard Withholding and 2022 FICA rates have been used. Click here to access the Percentage Method Tables Click here to access the Wage-Bracket Method Tables Amount to Be Withheld Filing No. of Withholding Gross Wage Employee Status Allowances or Salary Method Percentage Wage-Bracket Method Lennon, A. N/A $675 weekly Stan, P. S N/A 1,365 weekly McNeil, S. HH N/A 1,775 biweekly Harrison, W. HH N/A 2,500 semimonthly Smythe, M. MFJ N/A 5,380 monthly
Which of the following are not included in an employer’s payroll tax expense? a) state income taxes b) employer portion of FICA taxes c) state unemployment taxes d) federal unemployment taxes
Which of the following statements about the FICA tax is not true? a. The income amount subject to the Social Security portion of FICA tax has increased significantly over the years. b. No FICA taxes are required to be paid by employees or employers in 2020 due to COVID c. The FICA tax is composed of two parts, Social Security and Medicare. xd. Self-employed individuals pay self-employment taxes. Oe. Wages subject to FICA tax that are received by a self-employed individual reduce the individual's maximum Social Security tax base.
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2024 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2023 federal income tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard Withholding and 2023 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Click here to access the Percentage Method Tables. Employee Louis, S. Hanks, X. Gillespie, H. Tromley, P. Farley, R. Filing Status S S MFJ MFJ MFJ No. of Withholding Allowances N/A N/A N/A N/A N/A I Gross Wage or Salary $1,040 weekly 1,910 weekly 1,890 biweekly 2,315 semimonthly. 3,200 monthly Amount to Be Withheld Percentage Method 00000 Wage-Bracket Method
Identify the list of accounts below that would normally all have a debit balance. Multiple Choice Payroll Taxes Expense, Salaries Expense, Workers' Compensation Insurance Expense Worker's Compensation Insurance Expense, Prepaid Insurance, Medicare Tax Payable Worker's Compensation Insurance Payable, Salaries Payable, Salaries Expense Social Security Tax Payable, Medicare Tax Payable, Employee Income Tax Payable
Payroll Accounting Payments that are exempt from Federal Income Taxes? How many allowances to claim on W-4 if the marital status is unknown? Deadline to distribute W-4 to employees
Am. 339.