College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 7, Problem 5E
For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the
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For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. If an amount is zero, enter "0".
NAME
BEGINNINGCUMULATIVEEARNINGS
TOTALEARNINGS
ENDINGCUMULATIVEEARNINGS
TAXABLE EARNINGS
UNEMPLOYMENT
SOCIAL SECURITY
MEDICARE
Axton, C.
112,800.00
7,691.00
120,491.00
fill in the blank 1
fill in the blank 2
fill in the blank 3
Edgar, E.
145,465.00
10,900.00
156,365.00
fill in the blank 4
fill in the blank 5
fill in the blank 6
Gorman, L.
36,879.00
3,064.00
39,943.00
fill in the blank 7
fill in the blank 8
fill in the blank 9
Jolson, R.
24,634.00
2,325.00
26,959.00
fill in the blank 10
fill in the blank 11
fill in the blank 12
Nixel, P.
6,850.00
2,463.00
9,313.00
fill in the blank 13
fill in the blank 14
fill in the blank 15
For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. If an amount is zero, enter "0".
NAME
BEGINNINGCUMULATIVEEARNINGS
TOTALEARNINGS
ENDINGCUMULATIVEEARNINGS
TAXABLE EARNINGS
UNEMPLOYMENT
SOCIAL SECURITY
MEDICARE
Axton, C.
112,800.00
7,691.00
120,491.00
Edgar, E.
145,465.00
10,900.00
156,365.00
Gorman, L.
36,879.00
3,064.00
39,943.00
Jolson, R.
24,634.00
2,325.00
26,959.00
Nixel, P.
6,850.00
2,463.00
9,313.00
Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the
payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.)
View the employee information.
Compute the net pay for each employee.
View the biweekly payroll period percentage method withholding chart.
Li Kan
Isabel Poland
Gross earnings for the current pay period
Deductions for employee withholding taxes
-
BIWEEKLY Payroll Period Percentage Method
Withholding Chart
STANDARD Withholding Rate Schedules
Single or Married Filing Separately
of the
amount
The
tentative
amount to Plus this
withhold is: percentage-exceeds—
that the
Adjusted
Wage
Total deductions
Net pay
Adjusted wage amount is at least $0,
but less than $483
$
0.00
0%
$
Adjusted wage amount is at least
$483, but less than $865
$
0.00
10%
$
483
Adjusted wage amount…
Chapter 7 Solutions
College Accounting (Book Only): A Career Approach
Ch. 7 - Prob. 1QYCh. 7 - Which of the following taxes are not withheld from...Ch. 7 - Calculate an employees total earnings if the...Ch. 7 - Prob. 4QYCh. 7 - Prob. 5QYCh. 7 - Prob. 6QYCh. 7 - When is the payroll register updated? a. Annually...Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQ
Ch. 7 - Explain the difference between gross earnings and...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Determine the gross pay for each employee listed...Ch. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - For tax purposes, assume that the maximum taxable...Ch. 7 - On January 21, the column totals of the payroll...Ch. 7 - Prob. 7ECh. 7 - Assume that the employees in Exercise 77 are paid...Ch. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - Prob. 3PBCh. 7 - Prob. 4PBCh. 7 - Prob. 5PBCh. 7 - Attracting and retaining the best employees is...Ch. 7 - Southern Company pays its employees weekly by...Ch. 7 - Prob. 3A
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