Liam Wallace is general manager of Countrywide Salons. During 2018, Wallace worked for the company all year at a $11,800 monthly salary. He also earned a year-end bonus equal to 15% of his unemployment tax and federal unemployment tax. annual salary. Wallace's federal income tax withheld during 2018 was $826 per month, plus $2,124 on his bonus check. State income tax withheld came to $130 per month, plus $100 on the bonus. FICA tax was withheld on the annual earnings. Wallace authorized the following payroll deductions: Charity Fund contribution of 4% of total earnings and life insurance of $10 per month. Countrywide incurred payroll tax expense on Wallace for FICA tax. The company also paid state i (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Wallace's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar. Begin by computing Wallace's gross pay for the year. (Round all amounts to the nearest dollar.) More Info Gross pay: Salary $ 141,600 Bonus 21,240 For all payroll calculations, use the following tax rates and round amounts to the nearest cent: $ 162,840 Gross Pay OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Employee: Now compute Wallace's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Employer: Net pay: Gross pay 162,840 Withholding deductions: Federal income tax Print Done State income tax
Liam Wallace is general manager of Countrywide Salons. During 2018, Wallace worked for the company all year at a $11,800 monthly salary. He also earned a year-end bonus equal to 15% of his unemployment tax and federal unemployment tax. annual salary. Wallace's federal income tax withheld during 2018 was $826 per month, plus $2,124 on his bonus check. State income tax withheld came to $130 per month, plus $100 on the bonus. FICA tax was withheld on the annual earnings. Wallace authorized the following payroll deductions: Charity Fund contribution of 4% of total earnings and life insurance of $10 per month. Countrywide incurred payroll tax expense on Wallace for FICA tax. The company also paid state i (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Wallace's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar. Begin by computing Wallace's gross pay for the year. (Round all amounts to the nearest dollar.) More Info Gross pay: Salary $ 141,600 Bonus 21,240 For all payroll calculations, use the following tax rates and round amounts to the nearest cent: $ 162,840 Gross Pay OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Employee: Now compute Wallace's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Employer: Net pay: Gross pay 162,840 Withholding deductions: Federal income tax Print Done State income tax
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Need help ASAP (before 11:59), thanks!
Transcribed Image Text:Liam Wallace is general manager of Countrywide Salons. During 2018, Wallace worked for the
company all year at a $11,800 monthly salary. He also earned a year-end bonus equal to 15% of his unemployment tax and federal unemployment tax.
annual salary. Wallace's federal income tax withheld during 2018 was $826 per month, plus $2,124
on his bonus check. State income tax withheld came to $130 per month, plus $100 on the bonus.
FICA tax was withheld on the annual earnings. Wallace authorized the following payroll deductions:
Charity Fund contribution of 4% of total earnings and life insurance of $10 per month.
Countrywide incurred payroll tax expense on Wallace for FICA tax. The company also paid state
i (Click the icon to view payroll tax rate information.)
Read the requirements.
Requirement 1. Compute Wallace's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar.
Begin by computing Wallace's gross pay for the year. (Round all amounts to the nearest dollar.)
More Info
Gross pay:
Salary
$
141,600
Bonus
21,240
For all payroll calculations, use the following tax rates and round amounts to the
nearest cent:
$
162,840
Gross Pay
OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to
$200,000, 2.35% on earnings above $200,000.
OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all
earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first
$7,000 earned.
Employee:
Now compute Wallace's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.)
Employer:
Net pay:
Gross pay
162,840
Withholding deductions:
Federal income tax
Print
Done
State income tax
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