Ashavinbhai Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate forhours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and theMedicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $250 and $238, respectively, forthe first week of January. The following information is for the first week in January Year 1.EmployeeKellyJonHours Worked5752Wage Rate perHour$ 21$ 26Requireda. Calculate the gross pay for each employee for the week.b. Calculate the net pay for each employee for the week.c. Prepare the general journal entry to record payment of the wages.Complete this question by entering your answers in the tabs below.Req A and BReq CCalculate the gross pay for each employee for the week.Calculate the net pay for each employee for the week.(Round intermediate calculations and your final answers to 2 decimal places.)KellyaGross payb.Net payJon< Req A and BReq C >

Solution By StepsStep 1: Calculate Gross Pay for Each Employee For Kelly:40 hours at $21 per hour =…

Answered: Zolnick Enterprises has two hourly…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4E

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During the third calendar quarter of 20--, the Beechtree Inn, owned by Dawn Smedley, employed the persons listed below. Also given are the employees salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employers portion of FICA tax on the tips was estimated as the same amount. Employees are paid weekly on Friday. The following paydays occurred during this quarter: Taxes withheld for the 13 paydays in the third quarter follow: Based on the information given, complete Form 941 on the following pages for Dawn Smedley. Phone number: (901) 555-7959 Date filed: October 31, 20--
_____1. Johnson Industries, a semiweekly depositor, pays its employees every Friday. When should the company deposit the employment taxes for each weekly payday? _____2. What rule should Bartlett Repair, a new company, follow in making its deposits for accumulated employment taxes? _____3. Quail Hollow Motors (a semiweekly depositor) accumulates taxes of 105,000 on Monday and must deposit this amount on Tuesday, the next banking day. On Tuesday, the company accumulates additional taxes of 20,000. What deposit rule should Quail Hollow Motors follow for depositing the additional 20,000?
Zolnick Enterprises has two hourly employees—Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $228, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Hours Worked Wage Rate per Hour Kelly 54 $ 20 Jon 49 $ 25 Requireda. Calculate the gross pay for each employee for the week.b. Calculate the net pay for each employee for the week.c. Prepare the general journal entry to record payment of the wages.
Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $245 and $228, respectively, for the first week of January. The following information is for the first week in January Year 1. Wage Rate per Hour Employee Kelly Hours Worked $ 22 $ 27 50 Jon 45 Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Complete this question by entering your answers in the tabs below. Reg A and B Req C Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate calculations and your final answers…
Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $233, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Kelly Jon Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Req A and B a. b. Hours Worked 54 49 Complete this question by entering your answers in the tabs below. Wage Rate per Hour $ 22 $ 27 Gross pay Net pay Req C Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate…
Zolnick Enterprises has two hourly employees: Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $130,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $255 and $223, respectively, for the first week of January. The following information is for the first week in January, Year 1: Hours Wage Rate Employee Kelly Jon Worked per Hour 56 $ 18 51 $ 23 Required a. & b. Calculate the gross pay and the net pay for each employee for the week. Note: Round the intermediate calculations and your final answers to 2 decimal places. a. Gross pay b. Net pay Kelly Jon
Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $260 and $228, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Kelly Jon Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Req A and B a. b. Hours Worked 54 49 Complete this question by entering your answers in the tabs below. Wage Rate per Hour $ 19 $ 24 Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate calculations and your final answers…
Kmu
Peter works for Company G and gets paid monthly. He made $8,500 throughout the month of January. Each calendar year, the social security tax is 6.2 percent of the first $137,700 of employee earnings, and the Medicare tax is 1.45 percent of all wages. From All Earnings, the FUTA tax rate of.6 percent is imposed. The SUTA tax rate of 5.4 percent is applied to an employee's first $6,000 of salary. Scott's earnings were subject to a $1,325.17 federal income tax withholding. Peter monthly net compensation is:
Scott is an employee at Company G and is paid monthly. For the month of January, he earned a total of $8,500. The tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of .6% is applied on ALL Earnings. The SUTA tax rate of 5.4% is applied to the first $6,000 of an employee's pay. The amount of federal income tax withheld from Scott’s earnings was $1,325.17. Scott’s net pay for the month is:
Thomas Martin receives an hourly wage rate of $18, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 44; federal income tax withheld, $347; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?
Thomas Martin receives an hourly wage rate of $19, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $362; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. a.$1,748 b.$1,311 c.$874 d.$931

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