Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,825. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status is single. If an amount is zero, enter "0". OASDI a. 9th paycheck b. 17th paycheck c. 20th paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $235,800, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be withheld 609.15 $ HI 142.46

Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,825. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status is single. If an amount is zero, enter "0". OASDI a. 9th paycheck b. 17th paycheck c. 20th paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $235,800, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be withheld 609.15 $ HI 142.46

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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BEI-1 Beth Corbin'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, Beth works 45 hours. Beth's federal income tax withholding is $95, she has no voluntary deductions, and the FICA tax rate is 7.65%. Compute Beth Corbin's gross earnings and net pay for the pay period.
3. Jackson Sanders works for Myers Company all year and earns a monthly salary of $3,800. There is no overtime pay. Based on Jackson's W-4, Myers withholds income taxes at 10% of his gross pay. As of July 31, Jackson had $28,000 of cumulative earnings. (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Myers Company related to the employment of Jackson Sanders for the month of August. (Record debits first, then credits. Round all amounts to the nearest cent. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $117,000 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $117,000 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. X
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1. Richard's monthly salary is $8,600. Income tax schedule First $3,000.. no tax $3,001 to $5,000....10% Above $5,000....28% Required: a) Compute his total income tax liability b) Compute his net pay
verlay/Index 6. Use the figure below. George Clinton works for a company that uses a percentage method to compute the income tax withheld. Clinton is single and claims one allowance. The weekly withholding for each allowance is $61.54. He earns $421 a week. Find the amount of income tax withheld. SINGLE PERSONS-WEEKLY PAYROLL PERIOD If the amount of wages (after subtracting withholding allowances) is: withheld shall be Under $51- The amount of income tax to be Over - But not over - of excess over- $51 S188 10% $51 $188 $606 $13.70 plus 15% $188 $606 $1,341 Clarion University of Penneyvania $76.40 plus 25% $606 OA $25.72 B $39.42 OC $53.92 D $67.62
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What is toms net pay per month and what does he pay in FICA taxes?
Income Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.
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list 0 K 3. Kendell Sanders works for Ford Company all year and earns a monthly salary of $4,500. There is no overtime pay. Based on Kendell's W-4, Ford withholds income taxes at 20% of his gross pay. As of July 31, Kendell had $31,500 of cumulative earnings. (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Ford Company related to the employment of Kendell Sanders for the month of August. (Record debits first, then credits. Round all amounts to the nearest cent. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit