Take me to the textWater Cruises rents canoes and other water crafts to campers and hikers. On February 15, 2021, Water Cruises prepared theirsemi-monthly payroll for their employees. The current CPP rate is 5.45%, the current El rate is 1.58%, and the appropriateincome tax rate is 18%. The employer pays half of the health care premium, and the employees pay the other half. Assume theemployer contributes 100% toward CPP and 140% toward El. Payroll information for February 15, 2021 is listed below.Employee Total Hours Hourly Rate Total Health CareM. Swift$19.00S. Current$20.00B. Wavey$14.0074.082.088.0$17.00$16.00$18.00Do not enter dollar signs or commas in the input boxes.Round your answer to 2 decimal places.a) Calculate gross and net pay for each employee. Employee GrossSM. Swift 1258S. Current 1312ELTotalCPPWavey 1584$✓4154$✓$$226.49$91.90Health Care $26.5Income Tax226.44✔236.16$S✓$285.12✓747.72$CPP-68.61x$-71.50"Remember to properly account for the $3,500 exemptionb) Calculate the employer contributionsEmployer ContributionsxS19.8820.73EI✓25.03$65.64✓$$✓IN$Health Care9.510726.5$V$✓$✓$✔TotalDeductionsNet Paytrommal

Payroll register is a tool that contains information regarding wages like gross pay, income tax,…

Answered: Water Cruises rents canoes and other…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 1PB

See similar textbooks

Similar questions

An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $202. a. Determine the gross pay for the week.fill in the blank 1 of 2$ b. Determine the employee’s net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.fill in the blank 2 of 2$
Waterkraft rents canoes and other water crafts to campers and hikers. On April 15, 2020, Waterkraft prepared their semi- monthly payroll for their employees. The current CPP rate is 5.25%, the current El rate is 1.58%, and the appropriate income tax rate is 19%. The employer pays half of the health care premium, and the employees pay the other half. Assume the employer contributes 100% toward CPP and 140% toward El. Payroll information for April 15, 2020 is listed below. Employee Total Hours Hourly Rate Total Health Care M. Swift 79.0 $14.00 S. Current 71.0 $22.00 B. Wavey 71.0 $18.00 Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. a) Calculate gross and net pay for each employee. Employee Gross $ M. Swift 1027 S. Current 1065 $ $13.00 $15.00 $16.00 $ Income Tax $ 195.13 $ 202.35 CPP* 53.92 x 27.96 X Payroll Register Deductions 16.23 16.83 ΕΙ $ $ $ Health Care 7 11 $ $ Total Deductions $ $ Net Pay 950.48 X LA
Supermercado Caridad offers its employees vacation benefits and contributes a 2% contribution to a 401K. Employees had total wages of $ 125,000 and vacation benefits of $ 28,460. Calculate how much the employer contributes for the 401k. Make the wage entries related to vacation pay. Make the wage entries related to the 401K contribution.
Solve the following problem using 6.2%, up to $117,000, for social security tax and 1.45%, no wage limit, for Medicare tax. As payroll manager for Freeport Enterprises, it is your task to calculate the monthly social security and Medicare withholdings for the following employee. If necessary, round your answer to the nearest cent. If an amount is zero, enter "0". Year-to-Date Employee Earnings Current Month Social Security Medicare Andretti, K. $137,000 $16,350 $ $
Mr. Mani started his new job in Burlington, Ontario on 15t January 2021 with Mandy's Inc. and gets his payment weekly. His annual salary package is $78,000. Each week his gross salary is $1500.00. His Federal claim code is 1 and Provincial claim code is 1. How much is the total Employee withholdings taxes (CPP, El & Income Tax) and employer's contribution (CPP & EI) for 2021 that will be submitted to CRA by Mandy's Inc. (Assume that Mr. Mani is the only employee of Mandy's Inc. for calendar year 2021) A.$24171.80 B.$23815.98 C.$27851.26 D.$25796.00
Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Hint: It is important to ascertain whether a person's wages are considered wages or drawings. If an amount is zero, enter "0". Round your answers to the nearest cent. OASDI Taxable Name and Position Zena Vertin, Office Nicole Norge, Sales Bob Mert, Delivery Audrey Martin, Partner Beth James, Partner Totals Employer's OASDI Tax Employer's HI Tax Salary $720 per week 1,410 per month 485 per week 465 per week 465 per week $ Earnings $ OASDI Tax HI Taxable Earnings $ HI Tax
An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $518. a. Determine the gross pay for the week.$fill in the blank 1 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $162,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax Pay Period End September 24 December 31
Carbon Neutral Inc. has four employees who work on an hourly basis and are paid semi-monthly. The current CPP rate is 5.70%, the current EI rate is 1.58%, and the appropriate income tax rate is 15%. Each employee contributes a portion of their pay to the United Way. The employer pays the 50% of the amount of the health care premium for the employees. Assume the employer contributes 100% toward CPP and 140% toward EI. Payroll information for the week ending April 1, 2022, is listed below. Employee Total Hours Hourly Rate United Way Health Care May Bee 72.00 $13.50 $8.00 $16.00 See Eye 77.00 $14.00 $9.00 $22.00 Nose He 80.00 $14.50 $12.00 $24.00 Run Up 82.00 $15.50 $15.00 $24.00 Required: Calculate gross and net pay for each employee. Please remember to account for the CPP annual exemption of $3,500. Round your answers to 2 decimal places. Calculate the…
Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. Compute the net pay for each employee. View the biweekly payroll period percentage method withholding chart. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes - BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative amount to Plus this withhold is: percentage-exceeds— that the Adjusted Wage Total deductions Net pay Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount…
Supermarket Caridad offers its employees vacation benefits and contributes a 2% contribution to a 401K. The employees had total wages of $ 125,000 and vacation benefits of $ 28,460. Calculate how much the employer contributes for the 401k.Make the wage entries related to vacation pay.Make the wage entries related to the 401K contribution.
An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $230. a. Determine the gross pay for the week.$fill in the blank 1 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.$fill in the blank 2

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS