Sanders Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 4 hours. The direct labor standard wage rate at the firm is $13.50 per hour. Last month, 3,580 direct labor hours were used to prepare 900 tax returns. Total wages were $50,120. Read the requirements. ……... Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) The actual (direct labor) wage rate per hour paid last month is

Sanders Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 4 hours. The direct labor standard wage rate at the firm is $13.50 per hour. Last month, 3,580 direct labor hours were used to prepare 900 tax returns. Total wages were $50,120. Read the requirements. ……... Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) The actual (direct labor) wage rate per hour paid last month is

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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An appliance company has three installers. Larry earns $325 per week, Curly earns $490 per week, and Moe earns $565 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax $ total FUTA tax $ (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax $ total FUTA tax $ Submit Answor
Tio Tom's Dive Shop has 6 employees who each make $12,500 for the first quarter. Total quarterly federal income tax withheld from wages = $6,900. What should line 6 be on the first quarter Form 941 for Tio Tom's Dive Shop? (All wages are taxable for OASDI, HI and federal income tax).
Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $7,208. Payroll for the month of May is as follows: • FICA Social Security tax rate at 6.2% FICA Medicare tax rate at 1.45% Federal income tax of $400 • State income tax of $75 Health-care insurance premium of $298 • Union dues of $50 • The employee is responsible for covering 14% of his or her health insurance premium What is the net pay of the one employee for the month of May? Round to the nearest penny, two decimals. # No new data to save. Last checked at 11:47pm Submit C
For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: Jenna Love works at College of Charlotte and is paid $35 per hour for a 40-hour workweek and time-and-a-half for hours above 40. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Requirement 1. Compute Love's gross pay for working 58 hours during the first week of February. Net (take-home) pay Gross Pay Requirement 2. Love is single, and her income tax withholding is 10% of total pay. Love's only payroll deductions are payroll taxes. Compute Love's net (take-home) pay for the week. Assume Love's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent.) Withholding deductions: Date (...) Begin with the entry to accrue wages expense and payroll withholdings for Jenna…
The Waterston Group (WG) provides tax advice to multinational firms. WG charges clients for (a) direct professional time (at an hourly rate) and (b) support services (at 30% of the direct professional costs billed). The three professionals in WG and their rates per professional hour are as follows: (Click the icon to view the hourly rates.) WG has just prepared the bills for two clients. The hours of professional time spent on each client are as follows: (Click the icon to view the hours by client.) Read the requirements. Requirement 1. What amounts did WG bill to South Beach Dominion and Amsterdam Enterprises? Determine the formula needed to calculate the total cost per professional for each client when WG allocates support costs at 30% of direct professional costs. + ( X = Cost per professional Question Viewer
Deep Mouse Designs has 14 employees within Denver City and County. The employees earned $9.80 per hour and worked 160 hours each during the month. The employer must remit $4.00 per month per employee who earns more than $500 per month. Additionally, employees who earn more than $500 per month must have $5.75 withheld from their pay. Required: What is the employee and employer Occupational Privilege Tax for these employees? (Round your answers to 2 decimal places.)
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During the first week of February, Gabe Hopen earned earned $300. Assume that FICA taxes are 7.65 percent of wages up to $106,800, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is .8 percent of wages up to $13,000. Assume that Gabe has voluntary with holdings of $27.40 (in addition to taxes) and that federal and state income tax with holdings are $18 and $6, respectively. Using the information above, what amount is the check, netof all deductions, that Gabe received for the week's pay? Group of answer choices $259.60 $274.60 $277.00 $225.65
Juan dela Cruz, a newly hired operations manager of ABC Company, wondered how much would be his withholding tax on compensation per month. Due to lack of technical knowledge on taxation, he consulted you and presented the following information:Basic monthly pay, P45,500.00Monthly gas allowance, P1,000.00Monthly rice subsidy, P2,500.00Mobile load and internet allowance, P1,200.00Monthly contributions:SSS Contribution, P1,125.00Pag-IBIG Contribution, P300.00Philhealth Contribution, P1,800.00Compute the withholding tax on compensation income of Juan dela Cruz using this formula: 2,500 + (Excess of 33,333 * 25%)
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