If an employee has received over one million dollars in supplemental earnings for the year, any...
If an employee has received over one million dollars in supplemental earnings for the year, any further supplemental earnings should be withheld a.at a 22% withholding rate. b.using the wage bracket method. c.at a 37% withholding rate. d.using the aggregate method.
Homework Answers
| Option C is the answer | |
|
If the supplemental earnings of an employee exceeds one million dollars, the employer must withhold 37% tax on the employee's earnings above 1 million. Comment if you face any issues |
Add Answer to:
If an employee has received over one million dollars in
supplemental earnings for the year, any...
EXHIBIT 2 Table for Percentage Method of Withholding WEEKLY Payroll Period Wage Bracket Withholding Table (a)...
EXHIBIT 2 Table for Percentage Method of Withholding WEEKLY Payroll Period Wage Bracket Withholding Table (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax IS: Not over $43 Over- But not over- to withhold is: of excess over_ $43 $222 $767 $1,796 $3,700 $7,992 $8,025 $43 $222 . . $0.00 plus 10% -$767 . . $17.90 plus 15% $222 $767-$1,796 . . $99.65 plus 25% McGrath wage bracket...
OEX71-10 Calculate payroll Obj. 2 Breakin Away Company has three employees-a consultant, a computer programmer, and...
OEX71-10 Calculate payroll Obj. 2 Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Show Consultantc $4,000 per week Not applicable Computer Pregrammer Regular earnings rate Overtime earnings rate Number of withholding allowances $60 per hour 1.5 times hourly rate 550 per hour 2 times hourly rate or hourly employees overtime is paid for hours worked in excess of 40 hours per week. For the current pay...
Hello! How do I calculate the amount to be withheld using the percentage method? The percentage...
Hello! How do I calculate the amount to be withheld using the
percentage method? The percentage method table for 2018 is included
below. I'm guessing I somehow use the information underlined in red
for Felps?
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. Click here to...
Calculate Payroll Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The...
Calculate Payroll Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $4,000 per week $60 per hour $50 per hour Overtime earnings rate* Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 2 1 2 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay...
Need help solving this one! Damerly Company (a Utah employer) wants to give a holiday bonus...
Need help solving this one!
Damerly Company (a Utah employer) wants to give a holiday bonus check of $175 to each employee. Since it wants the check amount to be $175, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate),...
Sun Bank USA has purchased a 40 million one-year Australian dollar loan that pays 11 percent...
Sun Bank USA has purchased a 40 million one-year Australian dollar loan that pays 11 percent interest annually. The spot rate of U.S. dollars for Australian dollars (AUD/USD) is $0.625/A$1. It has funded this loan by accepting a British pound (BP)-denominated deposit for the equivalent amount and maturity at an annual rate of 9 percent. The current spot rate of U.S. dollars for British pounds (GBP/USD) is $1.60/£1. a. What is the net interest income earned in dollars on this...
Sun Bank USA has purchased a 8 million one-year Australian dollar loan that pays 13 percent...
Sun Bank USA has purchased a 8 million one-year Australian dollar loan that pays 13 percent interest annually. The spot rate of U.S. dollars for Australian dollars (AUD/USD) is $0.625/A$1. It has funded this loan by accepting a British pound (BP)-denominated deposit for the equivalent amount and maturity at an annual rate of 11 percent. The current spot rate of U.S. dollars for British pounds (GBP/USD) is $1.60/£1. a. What is the net interest income earned in dollars on this...
Knotts, Inc., an all-equity firm, is considering an investment of $1.72 million that will be depreciated...
Knotts, Inc., an all-equity firm, is considering an investment of $1.72 million that will be depreciated according to the straight-line method over its four-year life. The project is expected to generate earnings before taxes and depreciation of $598,000 per year for four years. The investment will not change the risk level of the firm. The company can obtain a four-year, 9.7 percent loan to finance the project from a local bank. All principal will be repaid in one balloon payment...
Lenny Florita, an unmarried employee, works 44 hours in the week ended January 12. His pay...
Lenny Florita, an unmarried employee, works 44 hours in the week ended January 12. His pay rate is $14 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $21.00 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
Zion, Inc. has one employee who has worked January - June of the current year. The...
Zion, Inc. has one employee who has worked January - June of the current year. The employee is single, paid weekly, and claims three allowances on her W-2. The company is in a state that has no state income taxes. The FICA Social Security tax rate is 6.2% on the first $118,500 of wages and the FICA Medicare tax rate is 1.45% on all wages. Zion, Inc.'s FUTA tax rate is 0.6% on the first $7,000 of wages and their...
EXHIBIT 2 Table for Percentage Method of Withholding WEEKLY Payroll Period Wage Bracket Withholding Table (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax IS: Not over $43 Over- But not over- to withhold is: of excess over_ $43 $222 $767 $1,796 $3,700 $7,992 $8,025 $43 $222 . . $0.00 plus 10% -$767 . . $17.90 plus 15% $222 $767-$1,796 . . $99.65 plus 25% McGrath wage bracket...
OEX71-10 Calculate payroll Obj. 2 Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Show Consultantc $4,000 per week Not applicable Computer Pregrammer Regular earnings rate Overtime earnings rate Number of withholding allowances $60 per hour 1.5 times hourly rate 550 per hour 2 times hourly rate or hourly employees overtime is paid for hours worked in excess of 40 hours per week. For the current pay...
Hello! How do I calculate the amount to be withheld using the
percentage method? The percentage method table for 2018 is included
below. I'm guessing I somehow use the information underlined in red
for Felps?
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. Click here to...
Need help solving this one!
Damerly Company (a Utah employer) wants to give a holiday bonus check of $175 to each employee. Since it wants the check amount to be $175, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate),...
Sun Bank USA has purchased a 40 million one-year Australian dollar loan that pays 11 percent interest annually. The spot rate of U.S. dollars for Australian dollars (AUD/USD) is $0.625/A$1. It has funded this loan by accepting a British pound (BP)-denominated deposit for the equivalent amount and maturity at an annual rate of 9 percent. The current spot rate of U.S. dollars for British pounds (GBP/USD) is $1.60/£1. a. What is the net interest income earned in dollars on this...
Sun Bank USA has purchased a 8 million one-year Australian dollar loan that pays 13 percent interest annually. The spot rate of U.S. dollars for Australian dollars (AUD/USD) is $0.625/A$1. It has funded this loan by accepting a British pound (BP)-denominated deposit for the equivalent amount and maturity at an annual rate of 11 percent. The current spot rate of U.S. dollars for British pounds (GBP/USD) is $1.60/£1. a. What is the net interest income earned in dollars on this...
Lenny Florita, an unmarried employee, works 44 hours in the week ended January 12. His pay rate is $14 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $21.00 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
Zion, Inc. has one employee who has worked January - June of the current year. The employee is single, paid weekly, and claims three allowances on her W-2. The company is in a state that has no state income taxes. The FICA Social Security tax rate is 6.2% on the first $118,500 of wages and the FICA Medicare tax rate is 1.45% on all wages. Zion, Inc.'s FUTA tax rate is 0.6% on the first $7,000 of wages and their...
Most questions answered within 3 hours.
-
The fuel economy of a 2011 Lexus RX 350 2wd 6 cylinder 3.5 L
automatic 5...
asked 9 seconds from now -
i.
the synthesized compund 2-bromo-butanal i have a IR peak at about
3200 and one at...
asked 11 seconds from now -
A
752 mL sample of water was placed in a 1000 gram pan of aluminum.
The...
asked 10 minutes ago -
1.In the context of chelation, what does binding strength mean?
What happens at the molecular level...
asked 3 minutes ago -
Describe two obstacles that makes fixing atmospheric nitrogen
difficult.
asked 23 minutes ago -
Evelyn incorporates her sole proprietorship, transferring it to
newly formed Papaya Corporation. The assets transferred have...
asked 9 minutes ago -
Assume that in a hydrogen atom, the electron circles the nucleus
in a circle of radius...
asked 18 minutes ago -
1 point) Given the significance level α=0.01 find the following:
(a) left-tailed z value z= (b)...
asked 12 minutes ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 13 minutes ago -
T
F 53) Most differences
between human groups are the result of biology rather than
culture....
asked 27 minutes ago -
A 5.20 mW helium neon laser emits a visible laser beam with a
wavelength of 633...
asked 30 minutes ago -
Assignment:
Your
organization has made a strategic decision
to
outsourcework
currently performed in house. You have...
asked 29 minutes ago