PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN: 9781337619783
Author: BIEG
Publisher: CENGAGE L
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Question
Chapter 4, Problem 11PA
a.
To determine
Identify the maximum amount that can be contributed into the retirement fund.
b.
To determine
Determine the company’s contribution.
c.
To determine
State the amount that will be taken as a take home pay by the Person G after deducting the retirement contribution.
d.
To determine
Identify the amount that will be taken as a take home pay by the Person G without considering retirement contribution.
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George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the
following for Clausen:
a. What is the maximum that he can contribute into this retirement fund?
$
12,500 ✓
b. What would be the company's contribution?
$
X
Note: For items c. & d. below, round interim amounts two decimal places. Use these values in subsequent computations then round final answer to two decimal places.
c. What would be his weekly take-home if he contributes the maximum allowed retirement contribution (married, allowances, wage-bracket method, and a 2.3 % state income tax on total wages)?
Click here to access the Wage-Bracket Method Tables.
$
X
d. What would be his weekly take-home pay without the retirement contribution deduction?
X
Samantha Montgomery (age 42) is employed by Canon Company and is paid an annual salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery: Round your answer to the nearest cent.
a. What is the maximum that she can contribute into this retirement fund?
$fill in the blank 1
b. What would be the company's contribution?
$fill in the blank 2
Note: For items c. & d. below, round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places.
c. What would be her weekly take-home pay with the retirement contribution deducted (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)?
Click here to access the Wage-Bracket Method Tables.
$fill in the blank 3
d. What would be her weekly take-home pay without the retirement contribution deduction?
$fill in the blank 4
George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42, 640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen:
C) What would be his weekly take-home pay with the retirement contribution deducted? D) What would be his weekly take-home pay without the retirement contribution?
Chapter 4 Solutions
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Ch. 4 - Prob. 1SSQCh. 4 - Prob. 2SSQCh. 4 - Prob. 3SSQCh. 4 - Prob. 4SSQCh. 4 - Prob. 5SSQCh. 4 - Prob. 6SSQCh. 4 - Prob. 1MQCh. 4 - Prob. 1QRCh. 4 - Prob. 2QRCh. 4 - Prob. 3QR
Ch. 4 - What is the maximum contribution that an employer...Ch. 4 - Prob. 5QRCh. 4 - Prob. 6QRCh. 4 - Prob. 7QRCh. 4 - Prob. 8QRCh. 4 - Prob. 9QRCh. 4 - Prob. 10QRCh. 4 - Prob. 11QRCh. 4 - Prob. 12QRCh. 4 - Prob. 13QRCh. 4 - Trowbridge Company has just completed the...Ch. 4 - Prob. 15QRCh. 4 - Prob. 16QRCh. 4 - Prob. 17QRCh. 4 - Prob. 18QRCh. 4 - Prob. 19QRCh. 4 - Prob. 20QRCh. 4 - Prob. 1QDCh. 4 - Prob. 2QDCh. 4 - Prob. 3QDCh. 4 - Prob. 4QDCh. 4 - Prob. 5QDCh. 4 - Justin Holmes, an ex-employee, is entitled to a...Ch. 4 - Prob. 1PACh. 4 - Prob. 2PACh. 4 - Prob. 3PACh. 4 - Prob. 4PACh. 4 - Prob. 5PACh. 4 - Prob. 6PACh. 4 - Prob. 7PACh. 4 - Prob. 8PACh. 4 - Prob. 9PACh. 4 - Mattola Company is giving each of its employees a...Ch. 4 - Prob. 11PACh. 4 - Prob. 12PACh. 4 - Prob. 13PACh. 4 - Prob. 1PBCh. 4 - Prob. 2PBCh. 4 - Prob. 3PBCh. 4 - Prob. 4PBCh. 4 - Prob. 5PBCh. 4 - Prob. 6PBCh. 4 - Prob. 7PBCh. 4 - Prob. 8PBCh. 4 - Prob. 9PBCh. 4 - Harrington Company is giving each of its employees...Ch. 4 - Prob. 11PBCh. 4 - During the fourth quarter of 2019, there were...Ch. 4 - Prob. 13PBCh. 4 - Prob. 1CPCh. 4 - Prob. 2CP
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