Using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C, calculate the federal withholding amounts for the following employees. No box was checked in Step 2, and no additional information was included in Step 4 (Round your intermediate calculations and final answers to 2 decimal places.) Employee Filing Status Dependents Pay Frequency Amount per Federal Pay Period Income Tax L. Abbey G. Narleski T. Leider Head of Household Married/Joint Single 2<17 Semimonthly $ 4,300 None Weekly $ 2,000 None Monthly $ 4,200

Using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C, calculate the federal withholding amounts for the following employees. No box was checked in Step 2, and no additional information was included in Step 4 (Round your intermediate calculations and final answers to 2 decimal places.) Employee Filing Status Dependents Pay Frequency Amount per Federal Pay Period Income Tax L. Abbey G. Narleski T. Leider Head of Household Married/Joint Single 2<17 Semimonthly $ 4,300 None Weekly $ 2,000 None Monthly $ 4,200

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.3: Reporting Withholding And Payroll Taxes

Problem 1WT

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Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: *All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny.) 2. CONCEPTUAL CONNECTION Jet would like to hire a new employee at a salary of $65,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $9,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 25% of gross pay, what will be the total cost of this employee for Jet?
Using the percentage method for manual payroll with W-4s from 2020 or later in Appendix C calculate the federal withholding amounts for the following employees. No information was included in Step 4 of the W-4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.)
Using the percentage method for manual payroll with W 4s from 2020 or later in Appendix C calculate the federal withholding amounts for the following employees. No information was included in Step 4 of the W 4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) Pay Frequency Amount per Fedei Employee Filing Status Dependents Pay Period Income S. Calder MJ Three <17 Monthly 24 10,600 P Singh HH One <17 Biweekly 2$ 3,360 B. Nelson MJ None Daily 2$ 508
On September 30, Hilltop Company's selected payroll accounts are as follows: FICA Social SecurityTax Payable FICA Medicare Tax Payable Employees’ Federal IncomeTax Payable − + − + − + Sept. 30 1,876.08 Sept. 30 438.76 Sept. 30 3,210.85 (employer) (employer) Sept. 30 1,876.08 Sept. 30 438.76 (employee) (employee) Bal. 3,752.16 Bal. 877.52 Federal Unemployment Tax Payable State Unemployment Tax Payable − + − + Sept. 30 575.32 Sept. 30 1,183.40 Required: Prepare general journal entries to record the following: Oct. 15 Payment of federal tax deposit of FICA taxes and the federal income tax. 31 Payment of state unemployment tax. 31 Payment of federal unemployment tax. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded…
Using the percentage method for manual payroll with W-4s from 2020 or later in Appendix C calculate the federal withholding amounts for the following employees. No information was included in Step 4 of the W-4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) Employee S. Calder P. Singh B. Nelson Filing Status MJ HH MJ Dependents Three <17 One <17 None Pay Frequency Monthly Biweekly Daily Amount per Pay Period $ $ $ 10,600 3,360 508 Fedel Income
Required: Milligan's Millworks pays its employees weekly. Use the wage-bracket tables with Forms W-4 from 2020 or later from Appendix C to compute the federal income tax withholdings for the following employees of Milligan's Millworks. Assume that no pre-tax deductions exist for any employee, box 2 is not checked for all employees, and a manual payroll system is used. Note: Round your intermediate calculations and final answers to 2 decimal places. Leave no cells blank. Enter "0" wherever required. Employee D. Balestreri Y. Milligan H. Curran D. Liberti Single Single Filing Status Married/Joint Head of Household Dependents Two <17 One Other Two <17, one Other One <17 $ $ $ $ Weekly Pay 880 $ 1,153 872 $ 850 Federal Tax 0.00 0.00
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Concerning Payroll Accounting - I need to clarify what portion of wages are used to calculate Social Security tax (6.2%) & Medicare tax (1.45%) in a single pay period. Are both taxes calculated on gross wages or calculated on adjusted wages for after pre-tax deductions (i.e., Health Insurance Premiums & Retirement deductions)? Thank you. Jewelee Marple
Stark Company has five employees. Employees paid by the hour earn $14 per hour for the regular 40-hour workweek and $21 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August. a. Complete this payroll register by filling in all cells for the pay period ended August 31. Prepare…