You have been working at a local distributor for the past couple of years. Your bi-weekly salary...
You have been working at a local distributor for the past couple of years. Your bi-weekly salary is $1,400. Your average income tax rate is 12%plus FICA taxes at 7.65%. Your employer provides health insurance to you which costs your employer $750.00per pay and costs you $75per pay (assume this is after tax). Determine the following based on your pay for your LAST paycheckof the year.
14. $______.__ __How much will your employer withhold from your paycheck for federal income taxes?
15. $______.__ __How much will your employer withhold from your paycheck for FICA taxes?
16. $________.__ __How much will your employer direct deposit into your bank account for your pay
17. $________.__ __What is your total cost to your employer for the bi-weekly pay period?
18. $__ __.__ __ If you work 80 hours bi-weekly, what is the average hourly cost to your employer for your services? (round to the nearest cent)
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You have been working at a local distributor for the past couple
of years. Your bi-weekly salary...
You have been working at a local distributor for the past couple of years. Your bi-weekly salary...
You have been working at a local distributor for the past couple of years. Your bi-weekly salary is $1,400. Your average income tax rate is 12%plus FICA taxes at 7.65%. Your employer provides health insurance to you which costs your employer $750.00per pay and costs you $75per pay (assume this is after tax). Determine the following based on your pay for your LAST paycheckof the year. 14. $______.__ __How much will your employer withhold from your paycheck for federal income taxes? 15. $______.__ __How much will...
Please answer all the questions that you can, thank you so much - How are employer-sponsored...
Please answer all the questions that you can, thank you so much - How are employer-sponsored saving plans different from a pension plan? -What is included in Gross Pay If you are paid every two weeks (bi-weekly) how many paychecks do you get a year? -What is the current Social Security Tax Rate and Medicare Tax Rate? -Look up the current 2020 caps for social Security and Medicare? What are they for each -Which tax provides for medical benefits? A....
Jack Goodall works for an Alberta organization and receives a regular salary of $1,900.00 bi-weekly. He...
Jack Goodall works for an Alberta organization and receives a regular salary of $1,900.00 bi-weekly. He will be receiving a payout of vacation pay with no time taken of $1,600.00 on a separate payment. He has federal and provincial TD1s on file with claim code 1. Calculate the income taxes to be withheld on the vacation pay. Your answer:
(JAVA Please) Program 1: FICA!? What’s FICA? If you’re taking this course, chances are that you’re...
(JAVA Please) Program 1: FICA!? What’s FICA? If you’re taking this course, chances are that you’re going to make a pretty good salary – especially 3 to 5 years after you graduate. When you look at your paycheck, one of the taxes you pay is called FICA – or Federal Insurance Contributions Act. In simplest terms, it’s what funds our Social Security and Medicare systems (and the more that you work, the more you get). Interestingly, your employer will pay...
You recently switched jobs and your new job is going to pay you $86,000 per year....
You recently switched jobs and your new job is going to pay you $86,000 per year. You expect to earn a 5% bonus in addition to your salary. Your new company offers a 401k plan and you plan to contribute 10% to your 401k. You are preparing your spending plan for the year and need to answer the following questions in order to complete your plan. Use the tax tables below to help answer the questions. a. What is your...
Mike and Julie Bedard are a working couple. They will file a joint income tax return....
Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable income: 1. 5121,000 from salary and wages (ordinary income). 2. S3,000 in interest income 3. $1,000 in dividend income 4. 55,000 in profit from sale of a stock they purchased 2 years ago 5. 51,000 in profit from a stock they purchased this year and sold this year Use the federal income tax rates given in Table...
1. Patty (single) has a salary of $150,000. As you know the taxable wage base for...
1. Patty (single) has a salary of $150,000. As you know the taxable wage base for the year is $137,700. Calculate the amount of Patty's FICA (Social Security) tax for the year. Please ignore the fact that Patty's employer will also pay FICA taxes based on Patty's salary because this is not relevant to the answer. a. $8,537.40 b. $10,712.40 c. $11,475 d. None of the above 2. Patty (single) has a salary of $150,00, but her taxable income is...
In 2016, to help pay for college, you worked part time at a local restaurant, earning $23,000 in wages and tips. Us...
In 2016, to help pay for college, you worked part time at a local restaurant, earning $23,000 in wages and tips. Use the following information to complete parts (a) through (c) below. For people who are not self-employed, the 2016 Marginal Tax Rates, Standard 2016 FICA tax rates were as follows: Deductions, and Exemptions 7.65% on the first $118.500 from wages Tax Rate Single and tips 10% up to $9275 1.45% on income in excess of $118,500 15% 59276 to...
Your answer is partially correct. Try again. Helen Strand's regular hourly wage rate is $14, and...
Your answer is partially correct. Try again. Helen Strand's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a January pay period, Helen works 47 hours. Helen's federal income tax withholding is $86, and she has no voluntary deductions. Assu untary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entry to record payroll taxes for the period. Ignore unemployment taxes. (Round answers...
Assignment Four (T) Compatiblity Mode 4 Weekly Payroll. Wnite a Java program to create a weekly p...
Assignment Four (T) Compatiblity Mode 4 Weekly Payroll. Wnite a Java program to create a weekly payroll using the following Adrated Weekly Income Income Tax Withheld $0 to $124 Over $124 to $399 Over $899 to $1,85 Over $1,855 to 53,064 Over $3,084 to $3,439 Over $5,439 Tax Guide. Your program should request the following information employee id number (integer), hourly wage, hours worked per week, number of with holding exemptions, manital status (use a code 0 and 1 or...
Jack Goodall works for an Alberta organization and receives a regular salary of $1,900.00 bi-weekly. He will be receiving a payout of vacation pay with no time taken of $1,600.00 on a separate payment. He has federal and provincial TD1s on file with claim code 1. Calculate the income taxes to be withheld on the vacation pay. Your answer:
You recently switched jobs and your new job is going to pay you $86,000 per year. You expect to earn a 5% bonus in addition to your salary. Your new company offers a 401k plan and you plan to contribute 10% to your 401k. You are preparing your spending plan for the year and need to answer the following questions in order to complete your plan. Use the tax tables below to help answer the questions. a. What is your...
Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable income: 1. 5121,000 from salary and wages (ordinary income). 2. S3,000 in interest income 3. $1,000 in dividend income 4. 55,000 in profit from sale of a stock they purchased 2 years ago 5. 51,000 in profit from a stock they purchased this year and sold this year Use the federal income tax rates given in Table...
1. Patty (single) has a salary of $150,000. As you know the taxable wage base for the year is $137,700. Calculate the amount of Patty's FICA (Social Security) tax for the year. Please ignore the fact that Patty's employer will also pay FICA taxes based on Patty's salary because this is not relevant to the answer. a. $8,537.40 b. $10,712.40 c. $11,475 d. None of the above 2. Patty (single) has a salary of $150,00, but her taxable income is...
In 2016, to help pay for college, you worked part time at a local restaurant, earning $23,000 in wages and tips. Use the following information to complete parts (a) through (c) below. For people who are not self-employed, the 2016 Marginal Tax Rates, Standard 2016 FICA tax rates were as follows: Deductions, and Exemptions 7.65% on the first $118.500 from wages Tax Rate Single and tips 10% up to $9275 1.45% on income in excess of $118,500 15% 59276 to...
Your answer is partially correct. Try again. Helen Strand's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a January pay period, Helen works 47 hours. Helen's federal income tax withholding is $86, and she has no voluntary deductions. Assu untary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entry to record payroll taxes for the period. Ignore unemployment taxes. (Round answers...
Assignment Four (T) Compatiblity Mode 4 Weekly Payroll. Wnite a Java program to create a weekly payroll using the following Adrated Weekly Income Income Tax Withheld $0 to $124 Over $124 to $399 Over $899 to $1,85 Over $1,855 to 53,064 Over $3,084 to $3,439 Over $5,439 Tax Guide. Your program should request the following information employee id number (integer), hourly wage, hours worked per week, number of with holding exemptions, manital status (use a code 0 and 1 or...
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