FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Anderson Brown worked 39 hours during the first week of the calendar year and earns regular wages of $15/hour. Assuming that she requests that 4% of her gross pay be contributed to a 401(k) plan and that she contributes $25 per week to a dependent-care flexible spending account, her Social Security tax for the week is $
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- Susan works 32 hours per week and is paid $15 per hour and works 50 weeks per year. Calculate the CPP, EI and Income tax payable that has to be paid by the Susan and her employer.arrow_forwardThe following information is available for the employees of Webber Packing Company for the first week of January Year 1 1. Kayla earns $26 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 50 hours the first week in January. Kayla’s federal income tax withholding is equal to 11 percent of her gross pay. Webber pays medical insurance of $100 per week for kayla and contributes $57 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,150. Paula’s federal income tax withholding is 17 percent of her gross pay. Webber pays medical insurance of $145 per week for Paula and contributes $135 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $75 per week for Paula. Assume the Social Security tax rate is 6 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4…arrow_forwardA senior citizen gets a part-time job at a fast-food restaurant. She earns $9 per hour for each hour she works, and she works exactly 30 hours per week. Thus, her total pretax weekly income is $270. Her total income tax assessment each week is $50, but she has determined that she is assessed $3 in taxes for the final hour she works each week. This person's average tax rate each week is percent. (Round your answer to one decimal place)arrow_forward
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