3: An employee works 50 hours (50-40 were overtime hours) during a workweek in December of 2021, He eams $9.500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $114.500 during the year. He has requested that his employer withhold 13% of gross pay to contribute to a 403(b) plan Taxable income for federal income tax withholding -S Taxable income for social security tax-$ Taxable income for medicare tax-S

3: An employee works 50 hours (50-40 were overtime hours) during a workweek in December of 2021, He eams $9.500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $114.500 during the year. He has requested that his employer withhold 13% of gross pay to contribute to a 403(b) plan Taxable income for federal income tax withholding -S Taxable income for social security tax-$ Taxable income for medicare tax-S

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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INSTRUCTIONS Compute for the Income Tax Due and Payable for taxable year ended December 31, 2020 assuming that the taxpayer will use the Optional Deductions. Reference shall be Republic Act No. 10963 or the Train Law. Sources of Income: 1. Compensation income from employment P 600,000 2. Income as Part-Time Instructor 100,000 184,000 3. 13th and 14trh Month Pay 4. Income from Professional Practice 500,000 5. Income from Business 6. Income from Cards and Mahjong Gambling 7. Income from Drug Pushing 8. Prizes and winnings from raffles 9. Interest income from bank deposits 10. Income from commissions as unlicensed real estate agent 11. Income from family farm 12. Income from family scrap items 13. Family gifts 1,000,000 180,000 500,000 400,000 100,000 200,000 400,000 100,000 100,000 14. Loan Proceeds 600,000 15. Money found on the street 100,000
In 2022, Ava, an employee, who files single, has AGI of $45,300 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $510 • Home office expenses: $1,530 • Unreimbursed employee expenses: $714 . • Gambling losses to the extent of gambling winnings: $2,200. What is Ava's total itemized deduction related to these items? 1,275 X
R. Pedro Penduko resigned in 2019 after 20 years of service. He had the following income during the year. Salary net of P80,000 withholding tax, P20,000 SS, P18,000 PhilHealth and P40,000 13th month pay P 480,000 Separation Pay 1,000,000 Compute the gross income to be reported in the annual income tax.
You are the accountant for the employer. The employer has only one employee. This is the payroll for the week ended January 31, 2022 All payroll taxes must be paid to the IRS on February 15, 2022 The payroll information is as follows Maximum annual salary subject to FICA 2022 is $147,000. FICA Tax Rate: 7.65% Self-employment tax rate: 15.30% Total weekly salary: $20,000 (total for 1 employee, all subject to FICA tax) ELT (Federal Income Tax withheld from employee's paycheck) $6,000. FICA TAX (withheld from employee's paycheck) needs to be calculated Question: For the employer's accounting records, what is the correct total amount of FICA tax and federal income tax that must be paid to the IRS on February 15, 20227 Multiple Choice $9,060,00 $1,530.00 $6,000.00 $3,000.00 None of the other choices are correct
An employee works 55 hours (55 - 40 were overtime hours) during a workweek in November of 2023. The employee earns $10,300/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $157,740 during the year. He has requested that his employer withhold 10.5% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $
Bigham Corporation, an accrual basis calendar year taxpayer, sells its servicesunder 12-month and 24-month contracts. The corporation provides services toeach customer every month. On July 1, 2019, Bigham sold the following customercontracts:
The following items are related to RED's payroll as of December 31, 2021: Accrued Salaries and Wages 776,000 Payroll deductions for: Income taxes withheld 56,000 SSS Contributions 64,000 Phil health Contributions 16,000 Advances to Employees 80,000 Required: How much is to be recognized as current liability?
The payroll of Sheridan Company for September 2019 is as follows.Total payroll was $492,000, of which $118,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $402,000. Income taxes in the amount of $78,800 were withheld, as was $9,400 in union dues. The state unemployment tax is 3.5%, but Sheridan Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $128,400 and 1.45% in excess of $128,400. No employee for Sheridan makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit.Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
Rick is employed by UT. In 2023 UT withheld $7,650 of payroll taxes from Rick's salary. What is the total combined employee and employer payroll tax that UT will be required to remit to the U.S. Treasury Department in 2023 as a result of employing Rick? Hint: The correct answer should be $15,300
An employee works 35 regular hours during a workweek in September of 2023. The employee was hired twelve years ago, earns a salary of $122,500/year, and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 10% of gross pay, which is to be contributed to a 403(b) plan. Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $
Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the lastquarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amountof federal income taxes withheld each month is $1,040. Journalize the payment of wages, and recordthe payroll tax on November 29.
Stacy Lee Parker is an employee in the exempt category with regard to uniform. Uniform is provided to her by her employer at a value of $20,000 per annum. What tax is to be paid by Stacy on this benefit for the year of assessment 2021? (Ignore laundering of the uniform). $0 $1188.30 $1666.65 $3565.25