PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN: 9781337619783
Author: BIEG
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 2CP
To determine
Write the solutions to manage the firm’s policies for compensated leave time more effectively.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Issue: Huche Company allows its employees to carry over unused personal time off (PTO) days (vacation, sick days, etc.) from year to year. In addition, employees have the option to “cash out” their unused days at the end of the year. John Keevens was just paid $685 for his unused PTO days. Since he is a nonexempt employee, John has questioned the amount of his last paycheck (which includes the $685). The PTO days push the paid hours over 40, and he wants to be paid for his overtime hours.
Question to be Answered: What would you tell John in regards to his request for overtime pay on his PTO hours?
Jack is a commission salesperson. Jack is required to pay his own expenses and does not
receive an allowance from his employer. During the year his gross salary was $60,000 and he
received $20,000 in commissions. He incurred and paid the following expenses earning the
income:
Description
Advertising
Client entertainment
Travel Costs
Amount
$10,000
11,000
10,000
What is Jack's maximum employment expense deduction under section 8 for 2022?
Do not use commas or dollar signs.
A/
What is Jack's maximum employment expense deduction under section 8 for 2022, if Jack
does not receive commission income?
Germaine was employed during the first six months of 2021 and earned an $80,000 salary.
During the next six months, he collected $7,200 of unemployment compensation.
He borrowed $6,000 (using his personal residence as collateral) and withdrew $1,000 from his savings account (on which he had earned $60 interest).
Germaine’s parents loaned him $8,000 (interest-free) on July 1 of the current year, when the federal rate was 3%.
Germaine did not repay the loan during the year and used the money for living expenses.
Please calculate Germaine’s adjusted gross income for the year.
Chapter 2 Solutions
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Ch. 2 - Prob. 1SSQCh. 2 - Prob. 2SSQCh. 2 - Compute the hourly and overtime rates for a...Ch. 2 - Bruce Eaton is paid 10 cents per unit under the...Ch. 2 - Prob. 1MQCh. 2 - Prob. 1QRCh. 2 - Prob. 2QRCh. 2 - Prob. 3QRCh. 2 - Prob. 4QRCh. 2 - Prob. 5QR
Ch. 2 - Prob. 6QRCh. 2 - Prob. 7QRCh. 2 - Prob. 8QRCh. 2 - Prob. 9QRCh. 2 - Prob. 10QRCh. 2 - Prob. 11QRCh. 2 - Prob. 12QRCh. 2 - Prob. 13QRCh. 2 - Prob. 14QRCh. 2 - Prob. 15QRCh. 2 - When is time spent by employees in attending...Ch. 2 - Under what conditions would preliminary and...Ch. 2 - Prob. 18QRCh. 2 - Prob. 19QRCh. 2 - Prob. 20QRCh. 2 - Prob. 21QRCh. 2 - Prob. 22QRCh. 2 - Prob. 23QRCh. 2 - Prob. 24QRCh. 2 - Prob. 25QRCh. 2 - Prob. 1QDCh. 2 - Prob. 2QDCh. 2 - Prob. 3QDCh. 2 - Prob. 4QDCh. 2 - Mack Banta, a nonexempt account representative,...Ch. 2 - Prob. 1PACh. 2 - Prob. 2PACh. 2 - Prob. 3PACh. 2 - The wages and hours information for five employees...Ch. 2 - Gabrielle Hunter, a waitress at the...Ch. 2 - Prob. 6PACh. 2 - John Porter is an hourly employee of Motter...Ch. 2 - Prob. 8PACh. 2 - Prob. 9PACh. 2 - Prob. 10PACh. 2 - Potts, Inc., recently converted from a 5-day,...Ch. 2 - Kyle Forman worked 47 hours during the week for...Ch. 2 - Barbara Ripa receives 695 for a regular 40-hour...Ch. 2 - Cal DiMangino earns 2,875 each month and works 40...Ch. 2 - Sheila Williams, a medical secretary, earns 3,575...Ch. 2 - Prob. 16PACh. 2 - Prob. 17PACh. 2 - During the first week in November, Erin Mills...Ch. 2 - Refer to Problem 2-18A. Assume that Mills had...Ch. 2 - Wendy Epstein, a sales representative, earns an...Ch. 2 - Prob. 21PACh. 2 - Casey Collins average workweek during the first...Ch. 2 - Prob. 1PBCh. 2 - Bert Garro is a waiter at La Bron House, where he...Ch. 2 - Prob. 3PBCh. 2 - The wages and hours information for five employees...Ch. 2 - Hunter Sobitson, a waiter at the Twentieth Hole...Ch. 2 - Prob. 6PBCh. 2 - Prob. 7PBCh. 2 - Prob. 8PBCh. 2 - Prob. 9PBCh. 2 - Under the decimal system of computing time worked...Ch. 2 - Costa, Inc., recently converted from a 5-day,...Ch. 2 - Prob. 12PBCh. 2 - Kenneth Johanson worked 49 hours during the week...Ch. 2 - Carl La Duca earns 3,875 each month and works 40...Ch. 2 - Prob. 15PBCh. 2 - Jody Baush is a salaried employee who normally...Ch. 2 - Colleen Prescott is a salaried employee who works...Ch. 2 - During the first week in April, Courtney Nelson...Ch. 2 - Refer to Problem 2-18B. Assume that Nelson had...Ch. 2 - Warrenda Spuhn, a sales representative, earns an...Ch. 2 - Maria Cohen is employed as a salesperson in the...Ch. 2 - Connie Gibbs collected a 2,000 bonus for her...Ch. 2 - Prob. 1CPCh. 2 - Prob. 2CP
Knowledge Booster
Similar questions
- During 2019, Matti Conner, president of Maggert Company, was paid a semimonthly salary of 6,000. Compute the amount of FICA taxes that should be withheld from her:arrow_forwardDarrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.arrow_forwardCrash Airlines provides the following fringe benefits to its employees. For each benefit, state whether or not an accounting entry would be needed at the end of the year to accrue the cost of the benefit. State your justification for each answer. Each employee earns two days of paid sick leave for each 160 hours he or she works for the company. Each employee is also permitted to fly free of charge on any Crash Airlines flight that is not fully booked with customers. The employee may take as many flights in the course of a year as he or she wishes.arrow_forward
- Jane Heinlein is the payroll accountant for Sia Lights of Carter, Nebraska. The employees of Sia Lights are paid biweekly An employee, Melinda Gunnarson, comes to her on September 11 and requests a pay advance of $985, which she will pay back in equal parts on the September 27 and October 11 paychecks. Melinda is single with no dependents and is paid $40,820 per year. She contributes 1 percent of her pay to a 401(k) plan and has S45 per paycheck deducted for a court-ordered garnishment. The Federal WIH value of $143 is considered from 2019 for Single with one withholding Required: Compute her net pay for her September 25th paycheck. Her state income tax rate is 6.84 percent. Her W-4 is from prior to 2020. You do not need to complete the number of hours. (Round your intermediete celculations and final answer to 2 decimal places.) Net payarrow_forwardFred Blake has agreed to work for the Cummings Foundation at a total annual salary of $ 55,000. He is uncertain whether he should be paid bi-weekly or semi - monthly and has asked for your assistance. Calculate the typical deductions for CPP and El that must be taken from Fred's salary under either alternative. Will the choice affect the total El or CPP Fred pays during the year?arrow_forwardOn the December 31, 2015, payday, Jo is out sick. Prior to this $3,000 paycheck, her 2015 taxable wages were $120,000. If Jo picked up her paycheck on-January 4, 2016, how much FICA should Jo’s employer have withheld? $43.50 $169.50 $229.50 None of the abovearrow_forward
- In 2020, Landen Company paid Trudy $61,500 in salary. Trudy's spouse contracted COVID and Trudy was isolated, therefore $2,400 was set aside for sick pay for two weeks. Trudy stayed at home for another ten weeks, caring for their children who were unable to attend school. Landen set aside $10,000 in pay for family leave. Landen set aside $6,000 of Trudy's earnings for the employee retention credit (5 weeks). The weekly allowance for health-care expenditures is $200. Calculate Laden's: Round your answers to the nearest two decimal places. Credit for sick pay $fill in the blank 1 Credit for family leave $fill in the blank 2 Employee retention credit $fill in the blank 3arrow_forwardDirk Gently’s regular hourly wage rate is $16, and he receives an hourly rate of $24 for work in excess of 40 hours. During a recent pay period, Dirk works 46 hours. Dirk’s federal income tax withholding is $100, and he has no voluntary deductions.Record the payroll for Dirk Gently’s wages. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Creditarrow_forwardABC Corp. grants its employees 20 days' vacation leave for the whole year. Such vacation leave may be converted into cash before the end of the year. Inday, an accounting clerk of the company, who is earning a rate of P 600 per day, monetized her unused vacation leave of P 6,600 at the end of the year. The whole amount of P 6,600 monetized unused vacation is: S1: Part of Inday's taxable compensation. S2: Partly treated taxable compensation and partly exempt from income tax. a. Only S1 is true b. Only S2 is truc O c. Both are true O d. Both are falsearrow_forward
- .Industrious as he is known, Arthur, a non-VAT registered citizen, works and a government employee at daytime and accepts clients for accounting work after office hours. At the same time, Arthur maintains a t-shirt printing shop to earn more. For the taxable year ending December 31, 2021, Arthur earned the following amounts: Taxable compensation income P 850,000 Gross receipts from accounting work 1,500,000 T-shirt printing shop Gross sales P 1,400,000 Cost of sales (800,000) Gross income P 600,000 Operating expenses (400,000) Net income…arrow_forwardMunabhaiarrow_forwardChristine Erickson is the payroll accountant for Multi Winds Energy of Lincoln, Nebraska. The employees of Multi Winds Energy are paid biweekly. An employee, Linda Larson, comes to her on September 9 and requests a pay advance of $1,040, which she will pay back in equal parts on the September 24 and October 22 paychecks. Ind is single with no dependents and is paid $54,500 per year. She contributes 5 percent of her pay to a 401(k) plan... paycheck deducted for a court-ordered garnishment. Assume that no pre-tax deductions exist for any employee and as $250 per box 2 is not checked. Required: Compute her net pay for her September 24 paycheck. Her state income tax rate is 6.84 percent. Use the wage-bracket tables in Appendix C to determine the federal income tax withholding amount. You do not need to complete the number of hours. (Round your intermediate calculations and final answer to 2 decimal places.) Answer is complete but not entirely correct. Not pay $ 759.80xarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT