Problem #3Ernesto Enterprises uses the wage-bracket method to determine federal income tax withholding on itsemployees. Find the amount to withhold from the wages paid each employee.EmployeeFiling Status No. of WithholdingPayroll PeriodWageAmount to BeAllowancesw = WeeklyWithheldS = SemimonthlyM= MonthlyD= DailyLily TroonMFJN/A$1,250Barry OrtegaN/A695Pat LopezN/A915Rex KimMFJN/AM3,070Ruth HoraceMFJN/AM2,730Tom GleamMFJN/A1,200Tom AbreuN/A115Holly Sanchez sKathy NeeN/AN/A2,040MFJM3,500

In the question as not financial year is mentioned, we will compute as year 2021

Answered: Problem #3 Ernesto Enterprises uses the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...

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Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Amount to BeWithheld Employee MaritalStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Corn, A. S 2 $675 weekly $fill in the blank 1 $fill in the blank 2 Fogge, P. S 1 1,960 weekly fill in the blank 3 Felps, S. M 6 1,775 biweekly fill in the blank 5 fill in the blank 6 Carson, W. M 4 2,480 semimonthly fill in the blank 7 fill in the blank 8 Helm, M. M 9 5,380 monthly fill in the blank 9
Eployees Salary Details Total Income Tax (12 Employee Total Hours Overtime Other Pay/Hour Overtime Gross Pay Net Pay Worked our Deductibles Name Hours Ahmad 150 10 SA000 SS52.00 S3.54.00 120 10 $2.0000 5340.00 S1.760.00 $2.54.00 S4.202.00 15 Fatima S25.0 180 20 S4.900.0 SSBL.00 1525 13.75 S1.2L.00 10 The employee with the max net salary is: Fatima 13 14 15 17 1- Build the table shown above exactly the same. (pay attention to the styling ex.Merged cells, Borders and alignment). 2- Name the worksheet as " Payroll". 3- Calculate the Gross Pay using the formula: ( Total hours worked * pay/hours + total overtime hours * overtime/hour) 4- Calculate the income tax using the formula ( income tax percentage * gross pay → 0.12*gross pay). 5- Add the other deductibles column as it is. 6- Calculate the net pay by using the formula ( gross pay - (income tax + other deductibles). 7- Merge the cells B10:E11) as shown. 8- Find the maximum and minimum values in net pay column and highlight them. 9.…
Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". If required, round your calculations and final answers to the nearest cent. EmployeeNo. Employee Name Marital Status No. of WithholdingAllowances Gross Wageor Salary Amountto BeWithheld 1 Amoroso, A. M 4 $1,610 weekly $fill in the blank 1 2 Finley, R. S 0 825 biweekly fill in the blank 2 3 Gluck, E. S 5 9,630 quarterly fill in the blank 3 4 Quinn, S. M 8 925 semimonthly fill in the blank 4 5 Treave, Y. M 3 2,875 monthly
Problem#2 Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. Employee Employee No. Name 2 3 4 Fox, A. Aiken, T. Larey, P. Wolf, M. Filing Status No. of Withholding Allowances N/A MFJ S MFJ MFJ N/A N/A N/A Gross Wage or Salary Amount to Be Withheld $1,575 weekly 1,200 biweekly 1,090 semimonthly 8,120 monthly
Exercise 9-11 (Algo) Computing payroll taxes LO P2, P3 Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4 % of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Ken S Tim V Steve S Cumulative Pay $ 5,200 44,400 91,000 Employee Ken S Tim V Complete this question by entering your answers in the tabs below. Required A Compute the amounts in this table for each employee. Pay Subject to FICA Social Security Steve S Julie W Michael M Zach R Christina S Kitty O John W Totals a. Compute the amounts in this table for each employee. b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Hint Remember to include in those totals any employee share of taxes that the company must collect. Required B Employee Julie W…
Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through Gross Pay for August 31 September $ 6,000 $ 1,500 2,000 2,100 132,900 9,500 a. b. C.
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).
Compute the net pay for each employee and answer the additional requirements that follow: Deductions Employee Basic Pay SSS Philhealth Withholding Tax Ericka Bilango 40,300.00 581.30 550.00 100.00 P 3,933.84 Alani Ching 37,600.00 581.30 517.00 100.00 3,267.09 Audrey Tan 35,500.00 581.30 488.13 100.00 2,749.31 1. How much is the total Salaries Expense? 2. How much is the total payroll deductions? 3. How much is the total credit to Cash upon payment of salaries? Is this the same as the take-home pay? Pag-IBIG
2 Complete the following table for weekly wages, using the current tax tables. All employees have been employed for over 28 days Name Gross TFN Tax Free Tax withheld Net Wages Threshold supplied Yes Wages Avery 410 Yes Kent 345 Yes No Petal 150 No No 490 Yes Yes Wood Yes Yes Jarrod 300 Total amount of PAYG to remit to ATO via BAS/IAS
Ward Feb. 1 6,300 1,355 Required: 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 2018. Note: Round amounts to the nearest whole dollar and enter all amounts as positive values. Employee Gross Earnings Federal Income Social Security Medicare Tax Withheld Tax Withheld Tax Withheld Arnett 3,900 546 234 $ 59 Cruz 5,100 918 306 77 Edwards 2,900 363 174 44 Harvin 2,200 275 132 33 < Nicks 5,650 1,271 339 47 Shiancoe 3,100 481 186 85 Ward 6,300 1,355 378 95 $ 1,318 331 2. Calculate the following employer payroll taxes for the year: (a) social security; (b) Medicare; (c) state unemployment compensation at 5.4% on the first $10,0 employee's earnings; (d) federal unemployment compensation at 0.6% on the first $10,000 of each employee's earnings; (e) total. Note: Round amounts to the nearest whole dollar and enter all amounts as positive values. (a) $ 1,745
Computing Federal Income Tax Using the table (Refer to Figure 8-4 in the text.), determine the amount of federal income tax an employer should withhold weekly for employees with the following marital status, earnings, and withholding allowances: Marital Status Total Weekly Earnings Number of Allowances Amount of Withholding (a) S $364.80 2 (b) S 445.80 1 (c) M 493.40 3 (d) S 493.60 0 (e) M 702.70 5

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