Maggie Vitteta, single, works 34 hours per week at $10 an hour. How much is taken out for federal income tax with one withholding exemption? (Assume the overtime for each employee is a time-and-a-half rate after 40 hours

Maggie Vitteta, single, works 34 hours per week at $10 an hour. How much is taken out for federal income tax with one withholding exemption? (Assume the overtime for each employee is a time-and-a-half rate after 40 hours

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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Elizabeth’s regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of 40 hours. During a January pay period, Elizabeth works 49 hours. Elizabeth’s federal income tax withholding is $97, and she has no voluntary deductions. Compute Elizabeth’s net pay for the pay period. Assume that the FICA tax rate is 7.65%.
For self-employed persons, social security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages. Compute Austin's total social security and Medicare taxes for the first quarter if she is self-employed and earns $5,000.00 on a semimonthly basis.
Helen Meyer receives a travel allowance of $210 each week from her company for time away from home. If this allowance is taxable and she has a 10 percent income tax rate, what amount will she have to pay in taxes for this employee benefit annually? (Round your final answer to 2 decimal places.)
Helen Meyer receives a travel allowance of $160 each week from her company for time away from home. If this allowance is taxable and she has a 15 percent income tax rate, what amount will she have to pay in taxes for this employee benefit annually? (Round your final answer to 2 decimal places.) Annual tax amount
Low Country Goods has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30. these employees worked the hours shown below. Information about hourly rates, marital status, federal income tax withheld, and cumulative earnings prior to the current pay period also appears below. Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate Employee Regular Hours Worked Hourly Rate Marital Status Federal Income Tax Withheld Cumulative Earnings Amora Brandon 47 $12.50 M 49.00 $ 17,620 Carlos Cortez 48 11.30 M 19.00 16,955 Jane Jennings 40 11.00 M 23.00 Sarah Wise 51 10.50 S 57.00 16,060 14,640 Required: 1. Enter the basic payroll information for each employee in a payroll register. Record the employee's name, marital status, total and overtime hours, and regular hourly rate. Note: Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and…
Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hours per week. Lupino's rate of pay is $12.00 per hour paid weekly. Federal income tax withheld was $54.00. His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%. He worked 8 hours of overtime last week (week ended July 16). Required: 1. Compute the following: If required, round your answers to the nearest cent. a. Regular pay for the week $fill in the blank 2fb4580b7fd0f80_1 b. Overtime pay for the week $fill in the blank 2fb4580b7fd0f80_2 c. Total gross wages $fill in the blank 2fb4580b7fd0f80_3 d. Social Security withheld $fill in the blank 2fb4580b7fd0f80_4 e. Medicare tax withheld $fill in the blank 2fb4580b7fd0f80_5 f. Total withholding $fill in the blank 2fb4580b7fd0f80_6 g. Net pay $fill in the blank 2fb4580b7fd0f80_7 2. Journalize the payroll entry. When required,…
During the first week of January, an employee works 50 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $16 per hour, and her wages are subject to no deductions other than Federal Insurance Contributions Act (FICA) Social Security. Federal Insurance Contributions Act (FICA) Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $137,700 earned each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $80 ingrederal income taxes withheld. What is the amount of this employee's net pay for the first week of January? (Round your intermediate calculations to two decimal places.) Multiple Choice $732.68 $812.68 $147.32…
Susan works 32 hours per week and is paid $15 per hour and works 50 weeks per year. Calculate the CPP, EI and Income tax payable that has to be paid by the Susan and her employer.
D
A senior citizen gets a part-time job at a fast-food restaurant. She earns $9 per hour for each hour she works, and she works exactly 30 hours per week. Thus, her total pretax weekly income is $270. Her total income tax assessment each week is $50, but she has determined that she is assessed $3 in taxes for the final hour she works each week. This person's average tax rate each week is percent. (Round your answer to one decimal place)
Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, single or married filing separately), social security taxes, and state income tax (1%). Enter deductions beginning with a minus sign (-). Round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. As we go to press, the federal income tax rates for 2023 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2022 federal income tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard Withholding and 2022 FICA rates have been used. Click here to…
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