In December 2018, GrabCo withholds from an employee’s pay: $100 Medicare; $200 FITW; $50 SIT, and a $40 contribution to a 401k. For this pay period, its 941-tax liability for this employee is: Group of answer choices $100 $200 $400 $450
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In December 2018, GrabCo withholds from an employee’s pay: $100 Medicare; $200 FITW; $50 SIT, and a $40 contribution to a 401k. For this pay period, its 941-tax liability for this employee is:
Group of answer choices
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$200
$400
$450
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- Mr. X was an employee with the following information from his employment in 2020. Salaries and wages - $27,000 RRSP contribution in 2020 - $5,500 Membership dues paid by Mr. X - $500 Calculate Mr. X's the net employment income for 2020? Question 7 options: a) $21,500 b) $27,500 c) $21,000 d) $27,000The Looney Tunes has four employees. The following is the draft payroll for August 2022 INCOME Basic Pay Overtime Travelling Uniform Protective Clothing Material Aid & Supplies Commission Entertainment Allowance GROSS PAY DEDUCTIONS NIS NHT EDUCATION TAX INCOME TAX Pension Union Dues Health Insurance Loan Repayment Total Deductions NET PAY Required a. Tom Jerry Sylvester Tweety 80,000 170,000 210,000 385,000 10,000 4,000 0 0 0 10,000 10,000| 12,000 0 6,000 6,000 0 0 0 0 0 12,000 20,000 10,000 15,000 0 0 30,000 0 0 0 0 45,000 118,000 190,000 262,000 465,000 8,000 17,000 21,000 38,500 3,000 3,000 3,000 3000 2,100 2,100 2,100 2,500 0 0 0 50,000 Complete te payroll for August 2022Joshua Company has a define contribution plan that covers its existing employees. The terms of the plan require Joshua to contribute 5% of the annual employee salaries to the retirement plan each year. The payroll shows the annual salaries and contributions made as follows: Year Gross Payroll Contributions made 2021 P10,000,000 P670,000 2022 12,200,000 430,000 How much is the benefit expense in 2022 profit or loss and the amount of prepaid (accrued) banefit as of December 31.2022? O P430.000 and P180,000 accrued O P610,000 and P180,000 accrued O P430,000 and P10,000 prepaid O P610.000 and P10.000 prepaid
- The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) of Angelou, a purely compensation income earner: Gross compensation income - Php 400,000.00 13th month pay and other benefits 40,000.00 Amount of taxes withheld (by the employer) 30,000.00 Commission 50,000.00 Pagibig contributions 10,000.00 Philhealth contributions 10,000.00 SSS 10,000.00 Union dues…(18) Mary Matthews made $1,150 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married filing jointly. (Use Wage Bracket Method) Round your answer to two decimal place.In 2020, the amount of FICA (Social Security) amount due is_6.2_% on the first $137,700 earned for the calendar year. In2020, the amount of Medicare due is_0.9%_on all wages earned for the calendar year. Use the Worksheet Below to Calculate the Social Security and Medicare expenses due for each Self Employed Business Owner. Annual Wages Earned Annual Social Security Due Annual Medicare Contribution Due 1 $ 10,650 $25,500 $5,500 $18,300 $20,300 $120,000 $140,000 $225,000 $8,500 $257,000 2 3 4 5 7 8 10 Calculate: Self-Employed Taxes Owe for Business Owners. Use the Tax Table (brackets) to calculate the amount of Taxes each Business Owner will have to pay. MARRIED FILING so - $19,400 HEAD OF RATE SINGLE HOUSEHOL So - $13,850 10% SO - $9,700 12% $9,700 s39,475 $19,400 $78,950 $13,850 $52,850 22% S39,475 - S84,200 S78,950 - $168,400 $52,850 - S84,200 24% S84,200 - $160,725 S160,400 - $321,450 s84,200 - $160,700 S160,725 - $204,100 S321,450 - $408,200 S160,700 - $204,100 32% 35% $204,100 -…
- Putnam Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $19,500 for the period. The pension formula calculated a pension cost of $264,000. Only $15,840 was contributed to the pension plan administrator. (a) Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. (b) Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.Presented below is pension information related to Tyre Recycling Inc., for the calendar year 2019. The corporation uses ASPE. Current service costs $ 50,000 Contributions to the plan 55,000 Actual return on plan assets 40,000 Defined benefit obligation (beginning of year) 600,000 Fair value of plan assets (beginning of year) 400,000 Interest cost on the obligation 10% The pension expense to be reportedfor 2019 is Select one: a. $110,000. b. $70,000. c. $65,000. d. $50,000. e. None of the above.An employer agrees to pay $14,800 for medical insurance and contribute an additional 5% of the employees' $148,000 gross salaries to a retirement program. The entry to record these accrued benefits is:
- During January 2021, ABC Inc. incurs employee salaries of $3,000,000. Federal income tax withholding was $450,000, State income tax was $187,500, and $30,000 for the employee portion of health insurance (payable to Blue Cross). The employer portion for Health Care was $90,000. 1. Record the employee salary expense, withholdings including FICA (Emplyees' responsibility: Social Security 6.2% and Medicare 1.45% of the gross pay), and salaries payable for January 2021 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes (Emplyers' responsibility: Social Security 6.2% and Medicare 1.45% of the gross pay) (assuming no employee passed the $7000 income limit on this first month of January for FUTA 0.6% and SUTA 5.4% combined 6% of the first $7000 annual income) When ready, after preparing Journal Entries on paper, answer the following questions.VishunuSandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $458,800 Projected benefit obligation 574,100 Pension asset/liability 115,300 Accumulated OCI (PSC) 103,900 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $94,400 Settlement rate, 8% Actual return on plan assets 54,600 Amortization of prior service cost 19,100 Expected return on plan assets 51,500 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 75,700 Contributions 101,100 Benefits paid retirees 86,700 (a) Using the data above, compute pension expense for Sandhill Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive.) SANDHILL CORP.Pension Worksheet General Journal…
