Homework Answers
| Q1. | |||||
| Answer is c. Payroll register | |||||
| Q2. | |||||
| Answer is c. FICA Tax | |||||
| Q3. | |||||
| Answer is c. $36 | |||||
| Explanation: | |||||
| Overtime hours (46-40) | 6 | ||||
| Multiply: Overtime premium per hour (12*0.50) | 6 | ||||
| Overtime premium | 36 | ||||
| Q4. | |||||
| Answer is b. Factory overheads account | |||||
| Q5. | |||||
| Answer is c. $49.60 | |||||
| Explanation: | |||||
| Social Security OASDI tax (60200-59400)*6.20%= | 49.6 | ||||
| Q6. | |||||
| Answer is d. Federal income tax | |||||
| Q7. | |||||
| Answer is b. FUTA tax | |||||
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Part 11 Multiple Choice Directions: Circle the correct answer. 1. A summary of the gross earnings,...
Part 11 Multiple Choice Directions Circle the correct answer 1. A summary of the gross earnings,...
Part 11 Multiple Choice Directions Circle the correct answer 1. A summary of the gross earnings, payroll deductions, and net pay for all employ ees for a specific payroll period is called a: a. Daily time report b. Individual earnings record c Payroll register d. Clock card 2 Which of the following taxes is matched by both the employee and employer? a: SUTA tax b. FUTA tax c. FICA tax d. Federal income tax 2. A factory employee carns $12.00...
Part III The following data applies to the November 16 payroll for the Hohnstock Automobile Repair...
Part III The following data applies to the November 16 payroll for the Hohnstock Automobile Repair Co. Employee Name Pay Rate Hours Worked Cumulative Department Federal Income Tax Withheld Susy Brint $2,050/wk Salaried $ 95,928.50 Office $141.86 Doug Fowler 14.82 51 35,754.28 Shop 41.26 Tom McMann 17.67 46 36,705.00 Shop 76.29 Dong Fowler Tom McMann Assume: FICA-OASDI is 6.2% based on a ceiling of $91,200. FICA-Medicare is 1.45% FUTA is.8% based on a ceiling of $7,000 SUTA is 5.6% based...
Part III The following data applies to the November 16 payroll for the Hohnstock Automobile Repair...
Part III The following data applies to the November 16 payroll for the Hohnstock Automobile Repair Co. Employee Name Pay Rate Hours Worked Cumulative Department Federal Income Tax Withheld Susy Brint $2,050/wk Salaried $ 95,928.50 Office $141.86 Doug Fowler 14.82 51 35,754.28 Shop 41.26 Tom McMann 17.67 46 36,705.00 Shop 76.29 Dong Fowler Tom McMann Assume: FICA-OASDI is 6.2% based on a ceiling of $91,200. FICA-Medicare is 1.45% FUTA is.8% based on a ceiling of $7,000 SUTA is 5.6% based...
I have answered majority of the questions (please correct me if I am wrong) but I...
I have answered majority of the questions (please correct me if
I am wrong) but I just need help on requirement 5 please!
Lenny Worthington is general manager of United Salons. During 2018, Worthington worked for the company all year at a $13,200 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. Worthington's federal income tax withheld during 2018 was $1.980 per month, plus United incurred payroll tax expense on Worthington for FICA tax....
The form below shows the amounts that appear in the Earnings to Date column of the...
The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 11. In the state where Unger Company is located, the tax rates and bases are as...
The form below shows the amounts that appear in the Earnings to Date column of the...
The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 11. In the state where Unger Company is located, the tax rates and bases are as...
3) Bob's Auction House's payroll for April includes the following data: Gross earnings $3,800 Salaries subject...
3) Bob's Auction House's payroll for April includes the following data: Gross earnings $3,800 Salaries subject to FICA: 6.2% OASDI 2,060 1.45% Medicare 3,800 Salaries subject to unemployment: 0.8% FUTA 2,000 2.0% SUTA 2,000 Other deductions include: Federal income tax 400 State income tax 300 What is the employer's portion of the taxes? (Round intermediary calculations to the nearest cent and final answers to the whole dollar.) A) $183 B) $184 C) $239 D) $700
3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000....
3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000. There is no overtime pay. Based on Vincent's W-4, Peterson withholds income taxes at 10% of his gross pay. As of July 31, Vincent had $21,000 of cumulative earnings. a (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Peterson Company related to the employment of Vincent Sanders for the month of August. (Record debits first, then...
A company's employees had the following earnings records on June 30, the current payroll period: Employees...
A company's employees had the following earnings records on June 30, the current payroll period: Employees Earnings Earnings this FICA FICA Income Med Net Pay FUTAI FUTA SUTA through Prior Pay Period SS Med Taxes Ins SUTA Pay Period W/H W/H W/H W/H Taxable Earnings D. Adams $11,300 $3,900 $900 J. Hess 6,100 2,500 500 R. Lui 9,500 3,100 600 T. Morales 4,800 1,400 300 L. Vang 10,000 3,000 600 Totals The company's payroll taxes expense on each employee's earnings...
The form below shows the amounts that appear in the Earnings to Date column of the...
The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full-time and part-time workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of November 1, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, November 8. In the state where Ranger Company is located, the tax rates and bases are as...
Part 11 Multiple Choice Directions Circle the correct answer 1. A summary of the gross earnings, payroll deductions, and net pay for all employ ees for a specific payroll period is called a: a. Daily time report b. Individual earnings record c Payroll register d. Clock card 2 Which of the following taxes is matched by both the employee and employer? a: SUTA tax b. FUTA tax c. FICA tax d. Federal income tax 2. A factory employee carns $12.00...
Part III The following data applies to the November 16 payroll for the Hohnstock Automobile Repair Co. Employee Name Pay Rate Hours Worked Cumulative Department Federal Income Tax Withheld Susy Brint $2,050/wk Salaried $ 95,928.50 Office $141.86 Doug Fowler 14.82 51 35,754.28 Shop 41.26 Tom McMann 17.67 46 36,705.00 Shop 76.29 Dong Fowler Tom McMann Assume: FICA-OASDI is 6.2% based on a ceiling of $91,200. FICA-Medicare is 1.45% FUTA is.8% based on a ceiling of $7,000 SUTA is 5.6% based...
Part III The following data applies to the November 16 payroll for the Hohnstock Automobile Repair Co. Employee Name Pay Rate Hours Worked Cumulative Department Federal Income Tax Withheld Susy Brint $2,050/wk Salaried $ 95,928.50 Office $141.86 Doug Fowler 14.82 51 35,754.28 Shop 41.26 Tom McMann 17.67 46 36,705.00 Shop 76.29 Dong Fowler Tom McMann Assume: FICA-OASDI is 6.2% based on a ceiling of $91,200. FICA-Medicare is 1.45% FUTA is.8% based on a ceiling of $7,000 SUTA is 5.6% based...
I have answered majority of the questions (please correct me if
I am wrong) but I just need help on requirement 5 please!
Lenny Worthington is general manager of United Salons. During 2018, Worthington worked for the company all year at a $13,200 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. Worthington's federal income tax withheld during 2018 was $1.980 per month, plus United incurred payroll tax expense on Worthington for FICA tax....
3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000. There is no overtime pay. Based on Vincent's W-4, Peterson withholds income taxes at 10% of his gross pay. As of July 31, Vincent had $21,000 of cumulative earnings. a (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Peterson Company related to the employment of Vincent Sanders for the month of August. (Record debits first, then...
A company's employees had the following earnings records on June 30, the current payroll period: Employees Earnings Earnings this FICA FICA Income Med Net Pay FUTAI FUTA SUTA through Prior Pay Period SS Med Taxes Ins SUTA Pay Period W/H W/H W/H W/H Taxable Earnings D. Adams $11,300 $3,900 $900 J. Hess 6,100 2,500 500 R. Lui 9,500 3,100 600 T. Morales 4,800 1,400 300 L. Vang 10,000 3,000 600 Totals The company's payroll taxes expense on each employee's earnings...
The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full-time and part-time workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of November 1, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, November 8. In the state where Ranger Company is located, the tax rates and bases are as...
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