Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 11, Problem S11.7SE
Computing payroll amounts considering FICA tax ceilings
Lori Waverly works for MRK all year and earns a monthly salary of $12,000. There is no overtime pay. Lori’s income tax withholding rate is 20% of gross pay. In addition to payroll taxes, Lori elects to contribute 4% monthly to United Way. MRK also deducts $125 monthly for co-payment of the health insurance premium. As of September 30, Lori had $108,000 of cumulative earnings.
Requirements
- Compute Lori’s net pay for October.
- Journalize the accrual of salaries expense and the payments related to the employment of Lori Waverly.
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Giana Bailey works for JMK all year and eams a monthly salary of $11.800 There is no overtima,pay Giana's income tax withholding rate is 10% of gross pay In
addition to payroll taxes, Giana elects to contribute 3% monthly to United Way. JMK also deductss275 monthly for co-payment of the health insurance premium. As of
September 30, Giana had $106,200 of cumulative eamings
O (Cick the icon to view payroll tax rate information)
Requirements
1. Compute Giana's net pay for October.
2. Journalize the accrual of salaries expense and the payments related to the employment of Giana Bailey.
Requirement 1. Compute Giana's net pay for October. (Round all amounts to the nearest cent)
Withholding deductions
Net (take-home) pay
Frie
Choose trom any list or enter any number in the input fields and then click Check Answer
Sienna Watson works for MRK all year and earns a monthly salary of $12,200. There is no overtime pay. Sienna's income tax withholding rate is 12% of gross pay. In addition to payroll taxes, Sienna elects to contribute 1% monthly to United Way
for co-payment of the health insurance premium. As of September 30, Sienna had $122,000 of cumulative earnings.
(Click the icon to view payroll tax rate information.)
Read the requirements.
Requirements
Requirement 1. Compute Sienna's net pay for October. (Round all amounts to the nearest cent.)
Gross pay
Withholding deductions:
Employee income tax
$ 12,200.00
1. Compute Sienna's net pay for October
2. Journalize the accrual of salaries expense and the payment related to the
employment of Sienna Watson
Employee OASDI tax
Employee Medicare tax
Employee contribution to United Way
Employee health insurance
Total withholdings
Net (take-home) pay
$ 1,464.00
675.80
176.90
122.00
300.00
2,738.70
$ 9,461,30
Requirement 2. Journalize the accrual of…
Lucy Rose works at College of Fort Worth and is paid $12 per hour for a 40-hour workweek and time-and-a-half for hours above 40.
A (Click the icon to view payroll tax rate information.)
Read the requirements.
Requirement 2. Rose is single, and her income tax withholding is 15% of total pay. Rose's only payroll deductions are payroll taxes. Compute Rose's net (take-home) pay for the week. Assume Rose's earnings to date are less
than the OASDI limit. (Round all amounts to the nearest cent.)
Withholding deductions:
Net (take-home) pay
Requirement 3. Journalize the accrual of wages expense and the payments related to the employment of Lucy Rose. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Begin with the entry to accrue wages expense and payroll withholdings for Lucy Rose. (Round all amounts to the nearest cent.)
Date
Accounts and Explanation
Debit
Credit
Chapter 11 Solutions
Horngren's Accounting (11th Edition)
Ch. 11 - Prob. 1QCCh. 11 - On January 1, 2018, a business borrowed $18,000 on...Ch. 11 - Prob. 3QCCh. 11 - Prob. 4QCCh. 11 - Prob. 5QCCh. 11 - Prob. 6QCCh. 11 - Prob. 7QCCh. 11 - Prob. 8QCCh. 11 - Prob. 9QCCh. 11 - McDaniel and Associates reported the following...
Ch. 11 - Prob. 1RQCh. 11 - Prob. 2RQCh. 11 - Prob. 3RQCh. 11 - Prob. 4RQCh. 11 - What do short-term notes payable represent?Ch. 11 - 6. Coltrane Company has a $5,000 note payable that...Ch. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQCh. 11 - Prob. 11RQCh. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. S11.1SECh. 11 - Prob. S11.2SECh. 11 - Recording unearned revenue On June 1, Guitar...Ch. 11 - Accounting for a note payable On December 31,...Ch. 11 - Determining current portion of long-term note...Ch. 11 - Computing and journalizing an employee’s total pay...Ch. 11 - Computing payroll amounts considering FICA tax...Ch. 11 - Prob. S11.8SECh. 11 - Computing bonus payable On December 31, Peterson...Ch. 11 - Prob. S11.10SECh. 11 - Prob. S11.11SECh. 11 - Prob. S11.12SECh. 11 - Prob. S11.13SECh. 11 - Prob. E11.14ECh. 11 - Prob. E11.15ECh. 11 - Prob. E11.16ECh. 11 - Prob. E11.17ECh. 11 - Prob. E11.18ECh. 11 - Prob. E11.19ECh. 11 - Prob. E11.20ECh. 11 - Prob. E11.21ECh. 11 - Prob. E11.22ECh. 11 - Prob. E11.23ECh. 11 - Prob. E11.24ECh. 11 - Journalizing and posting liabilities The general...Ch. 11 - Computing and journalizing payroll amounts Lee...Ch. 11 - Prob. P11.27APGACh. 11 - Journalizing liability transactions The following...Ch. 11 - Computing times-interest-earned ratio The income...Ch. 11 - Journalizing and posting liabilities The general...Ch. 11 - Prob. P11.31BPGBCh. 11 - Prob. P11.32BPGBCh. 11 - Prob. P11.33BPGBCh. 11 - Prob. P11.34BPGBCh. 11 - Prob. P11.35CPCh. 11 - Prob. 11.1DCCh. 11 - Prob. 11.2DCCh. 11 - Ethical Issue 11-1 Many small businesses have to...Ch. 11 - > Financial Statement Case 11-1 Details about a...
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What Is And How To Calculate FICA Taxes Explained, Social Security Taxes And Medicare Taxes; Author: Whats Up Dude;https://www.youtube.com/watch?v=fzK3KDDYCQw;License: Standard Youtube License