SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN: 9780357391266
Author: Nellen
Publisher: Cengage
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Cengage Learning
Ch8 SMH/HW
1. MP.08.01.ALGO
eBook
v2.cengagenow.com
+
C CengageNOWv2 | Online teaching and learning resource...
G Abigail Trenkamp owns and operates the Trenkamp Colle...
b Answered: MASTERY PROBLEM Abigail Trenkamp owns...
Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, marital status, information from time cards on hours worked each day, and
the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 1½ times the regular rate. All weekend hours are paid at
double the regular rate.
Trenkamp uses a weekly federal income tax withholding table (see Figure 8-4). Social Security tax is withheld at the rate of 6.2% for the first $160,200 earned. Medicare tax is
withheld at 1.45% and state income tax at 3.5%. Each employee has $12 withheld for health insurance. All employees use payroll deduction to the credit union for varying
amounts as listed and standard withholding.
Trenkamp Collection Agency
Name
S
S
Payroll Information for the Week Ended November 18, 20--
Hours Hours Hours Hours Hours Hours
Employee Marital Worked Worked Worked Worked Worked Worked
No.
Status
T
Hours
M
W
T
Worked Hourly
F
Rate
Berling, James
1
MFJ
2
2
9
8
8
9
10
$12
Credit
Union
Total
Deposit Earnings
$149.60 $24,525
<
Merz, Linda
2
MFJ
0
0
8
8
00
8
8
10
15
117.00
30,480
Goetz, Ken
3
MFS
0
0
6
7
8
00
9
10
10
13
91.30
23,400
Menick, Judd
4
S
8
8
0
0
8
00
80
9
13
126.50
26,325
Morales, Eva
5
MFS
0
0
8
8
8
6
8
13
117.05
24,730
Heimbrock, Jacob
6
MFJ
0
0
00
8
8
Townsley, Sarah
7
MFS
4
0
6
60
6
00
10
8
4
42
154.25
159,240
6
4
12
83.05
21,425
Salzman, Beth
8
MFJ
6
2
8
8
6
10
6
6
11
130.00
6,610
Layton, Esther
9
MFJ
0
0
8
00
00
8
8
80
8
11
88.00
5,760
Thompson, David
10
MFJ
0
2
10
9
7
7
ས
10
14
128.90
25,830
Vadillo, Carmen
11
S
8
0
4
8
00
8
00
80
9
13
139.11
24,115
*MFS Married Filing Separately.
**MFJ Married Filing Jointly.
The Trenkamp Collection Agency follows the practice of drawing a single check for the net amount of the payroll and depositing the check in a special payroll account at the
Progress: 1/1 items
Check My Work 2 more Check My Work uses remaining.
Assignment Score: 47.92%
All work saved.
Save and Exit Submit Assignment for Grading"
Transcribed Image Text:< >
Cengage Learning
Ch8 SMH/HW
1. MP.08.01.ALGO
eBook
v2.cengagenow.com
+
C CengageNOWv2 | Online teaching and learning resource...
G Abigail Trenkamp owns and operates the Trenkamp Colle...
b Answered: MASTERY PROBLEM Abigail Trenkamp owns...
Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, marital status, information from time cards on hours worked each day, and
the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 1½ times the regular rate. All weekend hours are paid at
double the regular rate.
Trenkamp uses a weekly federal income tax withholding table (see Figure 8-4). Social Security tax is withheld at the rate of 6.2% for the first $160,200 earned. Medicare tax is
withheld at 1.45% and state income tax at 3.5%. Each employee has $12 withheld for health insurance. All employees use payroll deduction to the credit union for varying
amounts as listed and standard withholding.
Trenkamp Collection Agency
Name
S
S
Payroll Information for the Week Ended November 18, 20--
Hours Hours Hours Hours Hours Hours
Employee Marital Worked Worked Worked Worked Worked Worked
No.
Status
T
Hours
M
W
T
Worked Hourly
F
Rate
Berling, James
1
MFJ
2
2
9
8
8
9
10
$12
Credit
Union
Total
Deposit Earnings
$149.60 $24,525
<
Merz, Linda
2
MFJ
0
0
8
8
00
8
8
10
15
117.00
30,480
Goetz, Ken
3
MFS
0
0
6
7
8
00
9
10
10
13
91.30
23,400
Menick, Judd
4
S
8
8
0
0
8
00
80
9
13
126.50
26,325
Morales, Eva
5
MFS
0
0
8
8
8
6
8
13
117.05
24,730
Heimbrock, Jacob
6
MFJ
0
0
00
8
8
Townsley, Sarah
7
MFS
4
0
6
60
6
00
10
8
4
42
154.25
159,240
6
4
12
83.05
21,425
Salzman, Beth
8
MFJ
6
2
8
8
6
10
6
6
11
130.00
6,610
Layton, Esther
9
MFJ
0
0
8
00
00
8
8
80
8
11
88.00
5,760
Thompson, David
10
MFJ
0
2
10
9
7
7
ས
10
14
128.90
25,830
Vadillo, Carmen
11
S
8
0
4
8
00
8
00
80
9
13
139.11
24,115
*MFS Married Filing Separately.
**MFJ Married Filing Jointly.
The Trenkamp Collection Agency follows the practice of drawing a single check for the net amount of the payroll and depositing the check in a special payroll account at the
Progress: 1/1 items
Check My Work 2 more Check My Work uses remaining.
Assignment Score: 47.92%
All work saved.
Save and Exit Submit Assignment for Grading

Transcribed Image Text:< >
Ch8 SMH/HW
1. MP.08.01.ALGO
Cengage Learning
eBook
v2.cengagenow.com
+
C CengageNOWv2 | Online teaching and learning resource...
G Abigail Trenkamp owns and operates the Trenkamp Colle...
b Answered: MASTERY PROBLEM Abigail Trenkamp owns...
Required:
1. Prepare a payroll register for Trenkamp Collection Agency for the week ended November 18, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter
$390 for Salzman and $440 for Layton. Leave this column blank for all other employees.) Select the "NAME" in the order provided above. When required, round your
answers to 2 decimal places. If your answer is zero, enter "0".
PAYROLL REGISTER
FOR THE PERIOD ENDED November 18, 20
NAME
MARIT.
STATUS
EARNINGS
REGULAR
EARNINGS
OVERTIME
EARNINGS
TOTAL
TAXABLE
EARNINGS EARNINGS
CUMULATIVE UNEMPLOY.
TOTAL
COMP.
TAXABLE
EARNINGS
SOCIAL
SECURITY
DEDUCTIONS DE
FEDERAL
INCOME
TAX
Berling, J.
MFJ ▼
480
168
648
25,173
0
648
28 X
Merz, L.
MFJ ▼
<
Goetz, K.
MFS ▾
Menick, J.
S ▾
Morales, E.
MFS ▾
Heimbrock, J.
MFJ ▼
Townsley, S.
MFS ▾
Salzman, B.
Layton, E.
MFJ ▾
MFJ ▼
Thompson, D.
MFJ ▼▾
p p p p p p p p p
400 X
185 X
585 X
21,065 X
585 X
15 X
440 X
0
440
21,940 X
440
15 X
275
352
X
627
X
23,252 X
627
X
58 X
494
>
0
494
25,224
0
494
13 x
1,360 X
0
1,360 X
107,200 X
0
960
114 X
252 x
72
X
324 X
374
176
550
21,749 X
7,185 X
0
324 X
3 X
365 X
550
12 X
440
0
440
6,075 X
440
440
8
x
473
93.50
X
566.50 X
22,201.5 X
0
566.50 X
6 X
Vadillo, C.
S
481
208
689
24,804
0
689
67 x
5,469 X
1,254.50 X 6,723.50 X
305,868. X
805 X 6,323.50 x
339 X
2. Assuming that the wages for the week ended November 18 were paid on November 21, prepare the journal entry for the payment of this payroll. When required, round
your answers to 2 decimal places. If an amount box does not require an entry, leave it blank.
Progress: 1/1 items
Check My Work 2 more Check My Work uses remaining.
Assignment Score: 47.92%
All work saved.
Save and Exit
Submit Assi
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