Herbert Santana manages a Dairy King drive-in. His straight-time pay is $16 per hour, with time-and-a-half for hours in excess of 40 per week. Santana's payroll deductions include withheld income tax of 20%, FICA tax, and a weekly deduction of $7 for a charitable contribution to United Way. Santana worked 55 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements Requirements Requirement 1. Compute Santana's gross pay and net pay for the week. Assume earnings to date are $13,000. (Round all amounts to the nearest cent.) Begin by computing Santana's gross pay for the week. Gross Pay

Herbert Santana manages a Dairy King drive-in. His straight-time pay is $16 per hour, with time-and-a-half for hours in excess of 40 per week. Santana's payroll deductions include withheld income tax of 20%, FICA tax, and a weekly deduction of $7 for a charitable contribution to United Way. Santana worked 55 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements Requirements Requirement 1. Compute Santana's gross pay and net pay for the week. Assume earnings to date are $13,000. (Round all amounts to the nearest cent.) Begin by computing Santana's gross pay for the week. Gross Pay

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 1PB

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Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were 12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrexs state is 5.4%, but Payrex qualifies for a rate of 2.0% because of its good record of providing regular employment to its employees. Other employer payroll taxes are at the rates described in the chapter. REQUIRED 1. Calculate Payrexs FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7. 2. Prepare the journal entry for Payrexs payroll taxes for the week ended January 7. 3. What amount of payroll taxes did Payrex save because of its good employment record?
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
Holden Smith manages a Dairy World drive-in. His straight-time pay is $18 per hour, with time-and-a-half for hours in excess of 40 per week. Smith's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $10 for a charitable contribution to United Way. Smith worked 57 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Smith's gross pay and net pay for the week. Assume earnings to date are $10,000. (Round all amounts to the nearest cent.) Begin by computing Smith's gross pay for the week. Gross Pay Compute Smith's net pay for the week. (Round all amounts to the nearest cent.) Withholding deductions:
Martin Jackson receives an hourly wage rate of $17, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld, $351; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson? a.$807.50 b.$1,118.44 c.$395.94 d.$1,086.94
K Herbert Sampson manages a Dairy World drive-in. His straight-time pay is $18 per hour, with time-and-a-half for hours in excess of 40 per week. Sampson's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $9 for a charitable contribution to United Way. Sampson worked 54 hours during the week. i (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Sampson's gross pay and net pay for the week. Assume earnings to date are $13,000. (Round all amounts to the nearest cent.) Begin by computing Sampson's gross pay for the week. Gross Pay More info xt pages For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Get…
Herbert Sully manages a Frosty Boy drive-in. His straight-time pay is $20 per hour, with time-and-a-half for hours in excess of 40 per week. Sully's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $6 for a charitable contribution to United Way. Sully worked 56 hours during the week. (Click the icon to view payroll tax rate information) Read the requirements Requirement 1. Compute Sully's gross pay and net pay for the week. Assume earnings to date are $14,000. (Round all amounts to the nearest cent.) Begin by computing Sully's gross pay for the week. Gross Pay
Martin Jackson receives an hourly wage rate of $15, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 42; federal income tax withheld, $322; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson? Oa. S645.00 Оь. s89663 Oc. $274.63 Od. $889.63
Sienna Watson works for MRK all year and earns a monthly salary of $12,200. There is no overtime pay. Sienna's income tax withholding rate is 12% of gross pay. In addition to payroll taxes, Sienna elects to contribute 1% monthly to United Way for co-payment of the health insurance premium. As of September 30, Sienna had $122,000 of cumulative earnings. (Click the icon to view payroll tax rate information.) Read the requirements. Requirements Requirement 1. Compute Sienna's net pay for October. (Round all amounts to the nearest cent.) Gross pay Withholding deductions: Employee income tax $ 12,200.00 1. Compute Sienna's net pay for October 2. Journalize the accrual of salaries expense and the payment related to the employment of Sienna Watson Employee OASDI tax Employee Medicare tax Employee contribution to United Way Employee health insurance Total withholdings Net (take-home) pay $ 1,464.00 675.80 176.90 122.00 300.00 2,738.70 $ 9,461,30 Requirement 2. Journalize the accrual of…
Thomas Martin receives an hourly wage rate of $18, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 44; federal income tax withheld, $347; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?
Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 43; federal income tax withheld, $333; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to White? If required, round your answers to the nearest cent. a.$957.00 b.$901.88 c.$856.88 d.$1,335.00
Thomas Martin receives an hourly wage rate of $17, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $324; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. O a. $1,564 O b. $782 O c. $833 O d. $1,173
Thomas Martin receives an hourly wage rate of $25, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 47; federal income tax withheld, $375; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. Oa. $1,263 Ob. $1,175 Oc. $2,350 Od. $1,763