Psa 3-3 Calculate Federal Income Tax Withholding Using the Wage-Bracket Method (Pre-2020 Form W-4)For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer toPublication 15-TNOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.1 Sam Colendge (married, 4 federal withholding allowances) earned weekly gross pay of $565 00Federal income tax withholding-S2. Michael Kolk (single: 2 federal withholding allowances) earned biweekly gross pay of $975 He participates in a flexible spending account, to which he contributes $100during the periodFederal income tax withholding-53: Anita McLachlan (single. O federal withholding allowances) earned monthly gross pay of $2,440 For each period, she makes a 401(k) contribution of 9% of gross payFederal income tax withholding $4 Stacey Williamson (mamed, 3 federal withholding allowances) earned semimonthly gross pay of $1.250 She participates in a cafetena plan, to which she contributes$150 during the penodFederal income tax withholding-5

PSa 3-3 Calculate Federal Income Tax Withholding Using the Wage-Bracket Method (Pre-2020 Form W-4) For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4 Refer to Publication 15-T NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1 Sam Coleridge (married, 4 federal withholding allowances) earned weekly gross pay of $565 00 Federal income tax withholding-S 2 Michael Kok (single: 2 federal withholding allowances) earned biweekly gross pay of $975 He participates in a flexible spending account, to which he contributes $100 during the period Federal income tax withholding-5. 3 Anita McLachlan (single. O federal withholding allowances) earned monthly gross pay of $2,440 For each penod, she makes a 401(k) contribution of 9% of gross pay Federal income tax withholding S

PSa 3-3 Calculate Federal Income Tax Withholding Using the Wage-Bracket Method (Pre-2020 Form W-4) For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4 Refer to Publication 15-T NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1 Sam Coleridge (married, 4 federal withholding allowances) earned weekly gross pay of $565 00 Federal income tax withholding-S 2 Michael Kok (single: 2 federal withholding allowances) earned biweekly gross pay of $975 He participates in a flexible spending account, to which he contributes $100 during the period Federal income tax withholding-5. 3 Anita McLachlan (single. O federal withholding allowances) earned monthly gross pay of $2,440 For each penod, she makes a 401(k) contribution of 9% of gross pay Federal income tax withholding S

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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QUESTION ONE Mr Stephen Ncube is a resident of Zambia. The following detail relate to his employment in the tax period ended 31 July 2020. Salary Bonus Cost of living allowance Refund from medical aid society Cell phone allowance Cash in lieu of leave Expenses Doctor's consultation fees Contribution to retirement annuity fund Contribution to medical aid Contribution to medical pension fund Additional information provided by the employer ZMW 240 000 52 000 16 000 6 000 8 000 000 4 18 000 30 000 36 000 39 000 Requirements Calculate Stephen Ncube's tax liability for the year ended 31 December 2020. 1. The employer provided him with a well-furnished company house in April, however, according to the Rentals Board, market related rentals for the house was 6 000 ZMW per month. According to the employer the upkeep of the house was 2 000 ZMW per month. Stephen paid 2 500ZMW per month to his employer. 2. In March the employer provided him with the free use of a car with an engine capacity 3 200…
Question 6: What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: А. O $117,000 В. O $125,000 С. O S200,000 D. O $250,000
PURELY COMPENSATION INCOME EARNER Instructions: 1. Download BIR Forms 1700 AND 2316 Version 2018 at www.bir.gov.ph. Compute the income tax payable, if any. Relevant information: YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following…
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. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table
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Section 5-EMPLOYEE DATA: FORM W-4 AND STATE WITHHOLDING 0ALLOWANCE CERTIFICATES How long does a new employee have to submit a completed W-4? How must the employer withhold FIT until the W-4 is received from a new employee? On March 2, 2020, Mischa submits a new W-4. If payday is Friday, what is the date of the first paycheck that must reflect Mischa’s new W-4? On March 23,2020, Paul submits a new W-4. If Paul is paid the last weekday of each month, what is the date of the first paycheck that must reflect Paul’s new W-4? On October 2, 2020, Janet starts a part-time job. She did not owe federal income tax in 2019 and does not expect to earn enough to pay federal income tax for 2020, so she claims exempt from federal income tax withholding on her 2020 Form W-4. Does Janet need to submit a W-4 in 2021? If so, by when—and how does her employer withhold if she does not do this?
1 Federal Income Tax Withholding Bob Avery's weekly gross earnings for the present week were $2,550. Avery has three exemptions. Using the wage bracket withholding table in Exhibit 2 with a $81 standard withholding allowance for each exemption, what is Avery's federal income tax withholding? Round your answer to two decimal places.
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 deposit the FICA and FIT taxes.
What amount is withheld yearly for state income tax?
Question 7: What is the highest number of withholding allowances an employee using the wage-bracket method can claim on a pre-2020 Form W-4? Answer: А. В. С. 10 D. 480
PSb 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4) For each employee listed. use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4 to the Federal Tax Tables in Appendix A of your textbook. Note: For simplicity. all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1. Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding=$
PSb 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding = $ 2: William Harrison (single; 1 federal withholding allowance) earned biweekly gross pay of $990. He contributes $75 to a flexible spending account during the period. Federal income tax withholding = $ 3: Loretta Goulet (married; 3 federal withholding allowances) earned monthly gross pay of $2,800. For each period, she makes a 401(k) contribution of 14% of gross pay. Federal…