FICA Taxes Biweekly Taxable Wages Employee No. Employee Name OASDI HI 711 Castro, Manny Corrales, Pat Guitar, Joseph Moore, Connie Morrison, Harry Robertson, Catherine Swarez, Joseph $1,000.00 968.00 512 1,004.00 1,046.40 1,200.00 1,044.80 1,122.00 Totals 624 325 422 210 111 Employer's OASDI Total Taxable Wages Employer's OASDI Tax Employer's HI Tax Total Taxable Wages Employer's HI Tax

FICA Taxes Biweekly Taxable Wages Employee No. Employee Name OASDI HI 711 Castro, Manny Corrales, Pat Guitar, Joseph Moore, Connie Morrison, Harry Robertson, Catherine Swarez, Joseph $1,000.00 968.00 512 1,004.00 1,046.40 1,200.00 1,044.80 1,122.00 Totals 624 325 422 210 111 Employer's OASDI Total Taxable Wages Employer's OASDI Tax Employer's HI Tax Total Taxable Wages Employer's HI Tax

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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Volpe Corporation has five employees who are all paid 1,020 per week. Compute the total FICA taxes that the employer would withhold from the five employees each week and the amount the company would pay as its own liability for the employer's share of the FICA taxes on the weekly wages of the five employees:
The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix Cito determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 Pay $ $ 1,715 3,880 $ 3,605 $ 3,230 Union Dues per Period $ $ GA Garnishment per Period $ 120 240 $ $ 50 75 100 $ $ $ $ Net Pay 1,398.35 3,117.86 2,541.37 2,760.04
How to get the gross taxable income
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The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) Employee Filing Status, Dependents S. Bergstrom MJ-0 Pay $ Union Dues per Period Garnishment per Period Net Pay 1,730 $ 50 C. Pare MJ-2 (<17) $ 3,560 $ 120 L Van der Hooven S-1 (Other) S 3,285 $ 240 $ 75 S Lightfoot MJ-0 S 2.910 S 100
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