An employee works 45 hours (45 - 40 were overtime hours) during a workweek in October of 2020. The employee earns $45/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $140,550 during the present year. He has requested that his employer withhold 8% 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 = $
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- ROSE, a mixed income earner provided the following date for taxable year 2019: Compensation Income Salaries – (net of SSS, PHIC and HDMF contribution of Php25,000 and withholding tax of Php120,500) Php 795,500 13th month pay 65,000 Clothing allowance 10,000 Rice subsidy 24,000 Christmas bonus 5,000 Other compensation income 8,000 Overtime pay 90,000 Business and professional Income Sales Php 1,500,000 Cost of sales 800,000 Business expenses 200,000 Professional Fees – (net of Php100,000 w/tax, P900,000 Expenses-practice of profession, P300,000 Disregarding business and professional income, how much is the gross compensation income of ROSE for taxable year 2019:BE10.7 (LO 1), AP Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $95, and she has no voluntary deductions. Prepare the employer's journal entry to record payroll taxes for the period. Assume the FICA tax rate is 7.65%. Ignore unemployment taxes. Prepare entry for bonds issued.Sophie is a single taxpayer. For the first payroll period in July 2022, she is paid wages of $1,100 semimonthly. Sophie claims one allowance on her pre-2020 Form W-4. Click here to access the withholding tables. IRS Publication 15-T, Federal Income Tax Withholding Method Pay period 2022 Allowance Amount Weekly $ 83 Biweekly 165 Semimonthly 179 Monthly 358 Quarterly 1,075 Semiannually 2,150 Annually 4,300 Round intermediate computations and your final answer to two decimal places. a. Use the percentage method to calculate the amount of Sophie's withholding for a semimonthly pay period. Sophie's withholding: $ 921 X
- Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $50 each week to her company's 401(k) plan and has $50 put into her health savings account (nonqualified) each week. Her employer matches this $50 each week. Determine Whiteweiler's take-home pay if she is head of household. Enter deductions beginning with a minus sign (-). Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used.Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time, he earned $90,000 of self-employment income. On April 1, 2023, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $198,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Self-employment/FICA taxKyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2020. During that time, he earned $44,000 of self-employment income. On April 1, 2020, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Inc. From April through the end of the year, Kyle earned $178,000 in salary.What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate calculations to the nearest whole dollar amount.)
- Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022. During that time, he earned $44,000 of self-employment income. On April 1, 2022, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $178,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year?Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022. During that time, he earned $54,000 of self-employment income. On April 1, 2022, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $200,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Note: Round your intermediate calculations to the nearest whole dollar amount. Self Employment/FICA taxes= ???Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $25 put into her health savings account (nonqualified) each week. Her employer matches this $25 each week. Determine Whiteweiler's take-home pay if she is single. Enter deductions beginning with a minus sign (-). Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Gross pay $fill in the blank 1 HSA contributions fill in the blank 2 401(k) deductions fill in the blank 3 OASDI tax fill in the blank 4 HI tax fill in…
- K Felipe's Mexican Restaurant incurred salaries expense of $70,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $23,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,000), life insurance (cost to the company, $400), and retirement benefits (cost to the company. 8% of salaries expense). i (Click the icon to view payroll tax rate information.) Read the requirements. More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned per employee; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned per employee; SUTA: 5.4% on first $7,000 earned per employee. Date Print Done Requirement 1. Journalize…Nathan Upton earns $11.80/hour, and worked 42 hours during the most recent week. He does not make any voluntary deductions each period. Nathan Upton is married, and claims three withholding allowances for both federal and state. His year-to-date taxable earnings for Social Security tax, prior to the current pay period, are $137,220, and he is paid with check #0502. Social Security Tax= Medicare Tax=(18) Mary Matthews made $1,150 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married filing jointly. (Use Wage Bracket Method) Round your answer to two decimal place.