< > 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 < > 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

< > 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 < > 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

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter2: Working With The Tax Law

Section: Chapter Questions

Problem 1RP

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