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. Use January 15 for the end of the pay period and the payment date. Assume that the FICA tax rate is 7.65%. Federal unemployment taxes are $5 and state unemployment taxes total $2. Instructions Prepare the employer's journal entries to record Betsy's pay for the period (employee wages and taxes) Payment of Betsy's wages Employer payroll taxes а. b. с.

Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married filing jointly), social security taxes, and state income tax (1%). Enter deductions beginning with a minus sign (-). Round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. 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…

Lucy Rose works at College of Fort Worth and is paid $12 per hour for a 40-hour workweek and time-and-a-half for hours above 40. A (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 2. Rose is single, and her income tax withholding is 15% of total pay. Rose's only payroll deductions are payroll taxes. Compute Rose's net (take-home) pay for the week. Assume Rose's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent.) Withholding deductions: Net (take-home) pay Requirement 3. Journalize the accrual of wages expense and the payments related to the employment of Lucy Rose. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin with the entry to accrue wages expense and payroll withholdings for Lucy Rose. (Round all amounts to the nearest cent.) Date Accounts and Explanation Debit Credit

AZT Company has one employee who has worked January - March 15 of the current year. The employee is single, paid semi-monthly, and claims two allowances on his W-2. The federal withholding is $143. The company is in a state that has no state income taxes. The FICA Social Security tax rate is 6.2% on the first $118,500 of wages and the FICA Medicare tax rate is 1.45% on all wages. AZT Company's FUTA tax rate is 0.6% on the first $7,000 of wages and their SUTA tax rate is 1.95% on the first $8,000 of wages. The employee's earnings thus far are as follows: Gross pay Jan - Mar 15th Gross pay for March 31st $6,200 $1,280 Use the information above to calculate the employer's payroll taxes and prepare the journal entry AZT Company will use to record the employer's portion of the payroll taxes for the pay period ended March 31st. Date 03/31 Description Debit Credit to record employer's portion of payroll taxes for the pay period ending March 31st

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 $30 put into her health savings account (nonqualified) each week. Her employer matches this $30 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. Click here to access the Wage-Bracket Method Tables. Gross pay $930 HSA contributions -30 401(k) deductions -100 OASDI tax -57.66 HI tax -13.49 FIT   Net pay $

The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $3,060 in the current period and had cumulative pay for prior periods of $6,120. What is the amount of unemployment taxes the employer must pay on this employee's wages for the current period? Multiple Choice $420.00. $367.20. $52.80. O $183.60. $0.00.

Betty Strand's regular hourly wage rate is $18, and she receives an hourly rate of $27 for work in excess of 40 hours. During a January pay period, Betty works 47 hours. Betty's federal income tax withholding is $98, and she has no voluntary deductions. Compute Betty Strand's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round answers to 2 decimal places, e.g. 15.25.) Betty's gross earnings Betty's net pay $ $

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…

R.D. Kagen employs Audrey Lopez at a salary of $32,900 a year. Kagen is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Lopez's salary. In addition, Kagen must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.6% on the first $7,000 of Lopez's salary. Compute the total cost to Kagen of employing Lopez for the year.

lan McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid the regular rate for all hours worked for 40 hours per week. His Federal 11% of his salary . lan is single and claims 1 withholding allowances on his W-2 form. His weekly wages are subject to the following deductions.