Homework Answers
| PART 1 | ||
| PARTICULARS | AMOUNT | |
| Gross pay | $ 600,000.00 | |
| Less: Deductions | ||
| Federal income taxes | $ 76,000.00 | |
| Social security | $ 37,200.00 | |
| Medicare | $ 8,700.00 | |
| Charitable contributions (1% x $600000) | $ 6,000.00 | |
| Union dues (2% x $600000) | $ 12,000.00 | $ 139,900.00 |
| Net pay | $ 460,100.00 | |
Since in requirement details about journal entry like additional CPP and employees EI not given, they are not made. Also only one requirement is explicitly showing.
hope this helps though.
Add Answer to:
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to...
Help!!!! Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting...
Help!!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 2. Prepare the journal...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $580,000. The following amounts have been withheld: Federal income taxes $73,000 Social Security 35,960 Medicare 8,410 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $58,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to...
Cornerstone Exercise 8-26 Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000....
Cornerstone Exercise 8-26 Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Federal income taxes Social Security Medicare $63,000 31,000 7,250 Charitable contributions 1% of gross pay 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2% and applies to all but $50,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 441,750 x 2. Prepare the journal...
I just need to know what number to input into the blank spaces, please!!! Cornerstone Exercise...
I just need to know what number to input into the blank spaces,
please!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is...
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid...
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security $30,000 8,000 18,600 4,350 1% of gross pay 1% of gross pay Medicare Charitable contributions Union dues Also, the unemployment tax rate is...
overstated, understated Assume that the Cole Designs Inc. financial statements Brief Exercise 8-49 Payroll Taxes Sid's...
overstated, understated Assume that the Cole Designs Inc.
financial statements
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who eam a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security Medicare Charitable contributions Union dues $30,000 8,000 18,600 4,350 1% of gross pay...
Problem: The following payroll liability accounts are included in the ledger of Armitage Company on January...
Problem: The following payroll liability accounts are included in the ledger of Armitage Company on January 1. FICA-SS Taxes Payable FICA-Medicare Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $ 615.60 144.40 1,204.60 108.95 288.95 1,954.40 870.00 360.00 In January, the following transactions occurred. Jan. 10 Sent check for $870.00 to union treasurer for union dues. Deposited check for $1,964.60 in Federal Reserve bank...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first mon of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $500,000 100,000 9.60% 5.40% 6.29% 1.45% Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal...
BMX Company has one employee. FICA Social Security taxes are6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
Payroll Entries Widmer Company had gross wages of $270,000 during the week ended June 17. The...
Payroll Entries Widmer Company had gross wages of $270,000 during the week ended June 17. The amount of wages subject to social security tax was $243,000, while the amount of wages subject to federal and state unemployment taxes was $34,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.3% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $54,000. If an amount box does not require an entry, leave it blank....
Help!!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 2. Prepare the journal...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $580,000. The following amounts have been withheld: Federal income taxes $73,000 Social Security 35,960 Medicare 8,410 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $58,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to...
Cornerstone Exercise 8-26 Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Federal income taxes Social Security Medicare $63,000 31,000 7,250 Charitable contributions 1% of gross pay 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2% and applies to all but $50,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 441,750 x 2. Prepare the journal...
I just need to know what number to input into the blank spaces,
please!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is...
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security $30,000 8,000 18,600 4,350 1% of gross pay 1% of gross pay Medicare Charitable contributions Union dues Also, the unemployment tax rate is...
overstated, understated Assume that the Cole Designs Inc.
financial statements
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who eam a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security Medicare Charitable contributions Union dues $30,000 8,000 18,600 4,350 1% of gross pay...
Problem: The following payroll liability accounts are included in the ledger of Armitage Company on January 1. FICA-SS Taxes Payable FICA-Medicare Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $ 615.60 144.40 1,204.60 108.95 288.95 1,954.40 870.00 360.00 In January, the following transactions occurred. Jan. 10 Sent check for $870.00 to union treasurer for union dues. Deposited check for $1,964.60 in Federal Reserve bank...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first mon of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $500,000 100,000 9.60% 5.40% 6.29% 1.45% Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
Most questions answered within 3 hours.
-
Wildhorse Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item
basis....
asked 26 minutes ago -
3. (10 pts) You grow a corn crop that yields 150 bushels ac-1,
with the following...
asked 15 minutes ago -
7. The term Six Sigma refers to:
Select one:
a. The control limits established in a...
asked 25 minutes ago -
For the following reaction: A(g) + 2 B(g) ⇌ 2 C(g) Calculate the
equilibrium constant K...
asked 27 minutes ago -
Which of the following best describes tidal volume? options:
1.The amount of oxygen in the air...
asked 43 minutes ago -
1. Smaller cost distortions occur when the traditional systems'
single indirect-cost rate and the activity-cost-driver rates:...
asked 51 minutes ago -
Using either a FMECA approach or some other appropriate RCA
tool, identify five risk treatment actions...
asked 52 minutes ago -
If for a test the P-value is between 0.0025 and 0.005, what
conclusion can you draw?...
asked 1 hour ago -
Using Python. Write a function clean2(aList) that takes a list
of integers aList as argument, and...
asked 1 hour ago -
Intrapreneurship is defined as the
development of an enterprise culture with an existing (Nandan,
2009). An...
asked 1 hour ago -
QUESTION 1 Tamiflu is a drug used to treat influenza. A study
found that Tamiflu reduced...
asked 1 hour ago -
Which of the following would be less likely to be used to
allocate factory overhead when...
asked 1 hour ago