Exhibit 4-1:Use the tables on the following pages to calculate the answers to the problems listed. Assume Forms W-4 from 2020 or Later using Standard Withholding.2022 Wage Bracket Method Tables for Manual Payroll Systems with Forms W-4 From 2020 or LaterBIWEEKLY Payroll PeriodIf the Adjusted WageAmount (line 1h) isAt least$390$400$410$420$430$440$450$465$480$495$510$525$540$555$570$585$600$615$630$645$660$675$690$705$720$735$750$765$780$795$810$825$840$855$870$885$900$915$930$945$960$975$990$1,005$1,020$1,035$1,050But lessthan$400$410$420$430$440$450$465$480$495$510$525$540$555$570$585$600$615$630$645$660$675$690$705$720$735$750$765$780$795$810$825$840$855$870$885$900$915$930$945$960$975$990$1,005$1,020$1,035$1,050$1,070$1,090$1,070$1,090 $1,110$1,130$1,110$1,130 $1,150$1,150$1,170$1,190$1,210$1,170$1,190$1,210 $1,230Married Filing JointlyStandardwithholding38352888888888888888888888888888888888888888888888888$10$12$14$16$18$20$22Form W-4, Step 2,Checkboxwithholding3993848885 88888 888 88888 8848* 8*8*3****** 8888888888$11$12$14$15$17$18$20$21$23$24$27$29$32$39$41$45$50$56$69$72$74$76$79Head of HouseholdStandardwithholdingThe Tentative Withholding Amount is:222222222222222 22222 2222225258582885886 83333$0$0$7$9$10$12$13$15$16$18$19$21$24$27$30$31$33$35$37$39$41$43$45Form W-4, Step 2,Checkboxwithholding$47$2$3$4$5$6$7$8$10$11$13$14$16$17$19$20$22$23$25$26$28$30$31$33$35$37$39$40$42$44$46$48$49$51$53$55$57$58$60$62$64$66$67$69$71$73$75$77$79$82$84$86$89$91$94$96Single or Married Filing SeparatelyForm W-4, Step 2.CheckboxwithholdingStandardwithholding$0$0SO$0$8$9$11$12$14$15$17$18$20$21$23$24$26$27$29$30$32$33$35$36$38$39$41$43$45$47$48$50$52$54$56$57$60$62$64$67$15$16$17$18$19$20$21$23$25$26$28$30$32$34$35$37$39$41$43$44$46$48$50$52$53$55$57$59$61$62$64$66$68$70$71$73$75$77$79$80$82$84$86$88$89$91$94$99$103$107$69$72$74$76$79Source: Internal Revenue Service.$112$116$121$125$129 2022 Percentage Method Tables for Manual Payroll Systems With Forms W-4 from 2020 or LaterBIWEEKLY Payroll PeriodSTANDARD Withholding Rate Schedules(Use these if the box in Step 2 of Form W-4 is NOT checked)If the Adjusted WageAmount (line 1h) is:At least-$0$996$1,787$4,210$7,848$0$498$893But lessthan-B$1,787$4,210$7,848$369 86$14,077 $1,170.22$14,077 $17,608 $2,665.18$17,608$25,913$3,795.10$6.701.85$25,913$2,105$3,924$7,038$8,804$21,263Thetentativeamount towithhold is:Married Filing Jointly$0.00$996$0.00$79.10of theamount thatthe AdjustedPlus thisWagepercentage- exceeds$0.00$0.000%10%12%22%24%32%35%37%Single or Married Filing Separately$498$893$2,105$39.50$3,924$184.94$7,038$585.12$8,804 $1,332.48$21,263 $1,897.60$6,258,250%10%12%22%24%32%35%37%$0$996$1,787$4,210$7,848Kenneth Karcher (single), $895 wagesMary Kenny (married filing jointly), $1,900 wagesThomas Carney (single), $1,460 wages$14,077$17,608$25,913$0$498$893$2,105$3,924$7,038$8,804$21,263Form W-4, Step 2, Checkbox, Withholding Rate Schedules(Use these if the box in Step 2 of Form W-4 IS checked)If the Adjusted WageAmount (line 1h) is:At least-$0$498$893$2,105$3,924$7,038$8,804$12.957$0$249$447$1,052$1,962$3,519$4,402$10,632But lessthan-B$2,105$3,924$7,038Thetentativeamount towithhold is:Married Filing Jointly$498$893$0.00$0.00$39.50$184.94$585.12$8,804 $1,332.48$12,957 $1,897,60$3,351.15$1,052$1,962$3,519$4,402$10,632of theamount thatthe AdjustedPlus thisWagepercentage- exceeds-$0.00$0.00$19.80$92.40$292.60$666.28$948.84$3,129.340%10%12%22%24%Single or Married Filing Separately$249$44732%35%37%0%10%12%22%so$498$893$2,105$3,924$7,038$8,804$12,95724%32%35%37%$0$249$447$1,052$1,962$3,519$4,402$10,632Source: Internal Revenue Service.Refer to Exhibit 4-1. Calculate the amount to withhold from the following employees using the biweekly table of the percentage method.

It has been given in the question that the withhold amount which is to be withheld by the company…

Refer to Exhibit 4-1. Calculate the amount to withhold from the following employees using the biweekly table of the percentage method. Kenneth Karcher (single), $895 wages Mary Kenny (married filing jointly), $1,900 wages Thomas Carney (single), $1,460 wages

Refer to Exhibit 4-1. Calculate the amount to withhold from the following employees using the biweekly table of the percentage method. Kenneth Karcher (single), $895 wages Mary Kenny (married filing jointly), $1,900 wages Thomas Carney (single), $1,460 wages

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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Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: *All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny.) 2. CONCEPTUAL CONNECTION Jet would like to hire a new employee at a salary of $65,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $9,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 25% of gross pay, what will be the total cost of this employee for Jet?
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PROBLEM: ON JANUARY 16, 2021, THE PAYROLL DEPARTMENT PROCESSED PAYROLL CHECKS FOR 300 EMPLOYEES COVERING THE WORK PERIOD FROM DECEMBER 24, 2020 TO JANUARY 08, 2021 AMOUNTING TO 450,000 1. RECORD THE TRANSACTION ON JANUARY 16, 2021: 1. DR.=? 2. =? 3. CR.=? 4. =? 2. RECORD THE REVERSING ON THE ACCRUAL PAYROLL ON JANUARY 1, 2021 5. DR. =? 6. =? 7. CR =? 8. =? INSTRUCTIONS: CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES: A. SALARIES EXPENSE B. PAYROLL PAYABLE C. ACCRUED PAYROLL PAYABLE
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Instructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.
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if someone could explain this step by step i'd rlly appresiate it thank you! Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $8,400.00 Employee Federal Income Tax Payable 950.00 United Way Contributions Payable 170.00 Earnings subject to Social Security tax 7,600.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent.
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