The names of the employees of Cox Security Systems and their regular salaries are shown in...
The names of the employees of Cox Security Systems and their regular salaries are shown in the following payroll register. Note that Hall and Short are paid monthly on the last payday, while all others are paid weekly.
In addition to the regular salaries, the company pays an annual bonus based on the amount of earnings for the year. For the current year, the bonus amounts to 8% of the annual salary paid to each employee. The bonus is to be paid along with the regular salaries on December 27, but the amount of the bonus and the amount of the regular salary will be shown separately on each employee's earnings statement. Assume that all employees received their regular salary during the entire year.
Prepare the payroll for the pay period ending December 27, showing the following for each employee:
- Use the wage-bracket method to withhold federal income tax from the regular salaries.
- Withhold a flat 22% on the annual bonus.
- Total salaries and bonuses are subject to a 1% state income tax and a 1% city income tax.
Enter all amounts as positive numbers. Round your answers to the nearest cent.
Click here to access the Wage-Bracket Method Tables.
For Period Ending December 27, 20--
Employee Name |
No. of | Earnings | Deductions | ||||||||
| Marital | W/H | (a) | (b) | (c) FICA | (d) | (e) | (f) | (g) | |||
| Status | Allowances | Regular | Supp'l. | Total | OASDI | HI | FIT | SIT | CIT | Net Pay | |
| Hall, Michael | M | 0 | $5,000.00* | $ | $ | $ | $ | $ | $ | $ | $ |
| Short, Joy T. | M | 5 | 2,750.00* | ||||||||
| Abbott, Linda | S | 2 | 520.00 | ||||||||
| Smith, Joseph | S | 0 | 465.00 | ||||||||
| Tols, Sean M. | S | 3 | 380.00 | ||||||||
| Gillespie, Michelle | M | 5 | 350.00 | ||||||||
| Smart, Jennifer | S | 5 | 575.00 | ||||||||
| White, Matthew J. | S | 2 | 425.00 | ||||||||
| Totals | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||
*Monthly
Compute the employer's FICA taxes for the pay period ending December 27.
| OASDI Taxes | HI Taxes | ||
| OASDI taxable earnings | $ | HI taxable earnings | $ |
| OASDI taxes | $ | HI taxes | $ |
Homework Answers
| MARITAL STATUS | NO. OF W/H ALLOW. | EARNINGS | DEDUCTIONS | ||||||||||
| ( a) | ( b ) | ( a ) | ( b ) | ( c ) | ( d ) | ( e ) | |||||||
| EMPLOYEE NAME | REGULAR | SUPP'L. | TOTAL | FICA | NET | ||||||||
| Regular x 8% x 12 months or 52 weeks | OASDI @6.2% | HI @ 1.45% | FIT | SIT @ 2% | CIT @ 1% | PAY | |||||||
| Hall, Michael | M | 5 | (M) | 5,000.00 | 4,800.00 | 9,800.00 | 607.6 | 142.1 | $2,330.43 | 196 | 98 | 6425.875 | |
| Short, Joy T. | M | 2 | (M) | 2,750.00 | 2,640.00 | 5,390.00 | 334.18 | 78.155 | $795.40 | 107.8 | 53.9 | 4020.565 | |
| Abbott, Linda | S | 1 | 520.00 | 2,163.20 | 2,683.20 | 166.3584 | 38.9064 | $734.09 | 53.664 | 26.83 | 1663.3562 | ||
| Smith, Joseph | M | 4 | 465.00 | 1,934.40 | 2,399.40 | 148.7628 | 34.7913 | $557.14 | 47.988 | 23.99 | 1586.7279 | ||
| Tols, Sean M. | M | 2 | 380.00 | 1,580.80 | 1,960.80 | 121.5696 | 28.4316 | $432.52 | 39.216 | 19.61 | 1319.4528 | ||
| Gillespie, Michelle | S | 1 | 350.00 | 1,456.00 | 1,806.00 | 111.972 | 26.187 | $412.58 | 36.12 | 18.06 | 1201.076 | ||
| Smart, Jennifer | M | 2 | 575.00 | 2,392.00 | 2,967.00 | 183.954 | 43.0215 | $664.77 | 59.34 | 29.67 | 1986.2445 | ||
| White, Matthew J. | S | 0 | 425.00 | 1,768.00 | 2,193.00 | 135.966 | 31.7985 | $490.15 | 43.86 | 21.93 | 1469.2955 | ||
| Totals | 10,465.00 | 18,734.40 | 29,199.40 | 1810.3628 | 423.3913 | $6,417.07 | 583.988 | 291.99 | 19672.5929 | ||||
| Hall, Michael (Monthly) | ||||
| Regular wage | 5000 | |||
| Withholding Married = 5 x $337.50 | -1687.5 | |||
| Taxable Income | 3312.5 | |||
| Tax = $155.50 + 25%x (3312.5- 2275) | 1130.425 | |||
| Add: 25 % x 4800 Bonus | 1200 | |||
| FIT | 2330.425 | |||
| Short (Monthly) | ||||
| Regular wage | 2750 | |||
| Withholding Married = 2x $337.50 | -675 | |||
| Taxable Income | 2075 | |||
| Tax = 0% + 10% x (2075 - 721) | 135.4 | |||
| Add: 25 % x 2640 Bonus | 660 | |||
| FIT | 795.4 | |||
| Abbott (weekly) | ||||
| Regular wage | 520 | |||
| Withholding single = 1x $77.90 | 77.9 | |||
| Taxable Income | 597.9 | |||
| Tax = $18 + 15%x (597.9-224) | 74.085 | |||
| Add: 25 % x 2640 Bonus | 660 | |||
| FIT | 734.085 | |||
| Smith | ||||
| Regular wage | 465 | |||
| Withholding Married =4x $77.90 | 311.6 | |||
| Taxable Income | 776.6 | |||
| Tax = $35.90 + 15%x (776.6-525) | 73.64 | |||
| Add: 25 % x 1934 Bonus | 483.5 | |||
| FIT | 557.14 | |||
| Tols | ||||
| Regular wage | 380 | |||
| Withholding Married =2x $77.90 | 155.8 | |||
| Taxable Income | 535.8 | |||
| Tax = $35.90 + 15%x (535.8-525) | 37.52 | |||
| Add: 25 % x 1580 Bonus | 395 | |||
| FIT | 432.52 | |||
| Gillespie | ||||
| Regular wage | 350 | |||
| Withholding single =1x $77.90 | 77.9 | |||
| Taxable Income | 427.9 | |||
| Tax = $18 + 15%x (427.9-224) | 48.585 | |||
| Add: 25 % x 1456 Bonus | 364 | |||
| FIT | 412.585 | |||
| Smart | ||||
| Regular wage | 575 | |||
| Withholding Married =2x $77.90 | 155.8 | |||
| Taxable Income | 730.8 | |||
| Tax = $35.90 + 15%x (730.8-525) | 66.77 | |||
| Add: 25 % x 2392 Bonus | 598 | |||
| FIT | 664.77 | |||
| White | ||||
| Regular wage | 425 | |||
| Withholding single =0x $77.90 | 0 | |||
| Taxable Income | 425 | |||
| Tax = $18 + 15%x (425-224) | 48.15 | |||
| Add: 25 % x 1768 Bonus | 442 | |||
| FIT | 490.15 |
Add Answer to:
The names of the employees of Cox Security Systems and their
regular salaries are shown in...
The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Emp...
The names of the employees of Hogan Thrift Shop are listed on
the following payroll register. Employees are paid weekly. The
marital status and the number of allowances claimed are shown on
the payroll register, along with each employee's weekly salary,
which has remained the same all year. Complete the payroll register
for the payroll period ending December 21, the 51st weekly payday.
The state income tax rate is 2% of total earnings, the city income
tax rate is 1.5%...
The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Emp...
The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee's weekly salary, which has remained the same all year. Complete the payroll register for the payroll period ending December 20, the 51st weekly payday. The state income tax rate is 2% of total earnings, the city income tax rate is 1.5%...
Use the following tax rates and taxable wage bases; employee's and employer's OASDI 6.2% both on...
Use the following tax rates and taxable wage bases; employee's
and employer's OASDI 6.2% both on $132,900 HI 1.45% for employees
and employers on the total wages paid. Employees Supplemental HI
0.9 percent on wages in excess of $200,000 was not applicable.
Instruction 3-1 Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $132,900; HI—1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess...
4-5A . LO 3 See Figure 1.9 on page 1-24, Example 4-3 on page 4-17 The...
4-5A . LO 3 See Figure 1.9 on page 1-24, Example 4-3 on page 4-17 The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee's weekly salary, which has remained the same all year. Complete the payroll register for the payroll period ending December 20, 20-, the 51st weekly payday. The...
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....
Weekly Payroll for Period Ending December 29, 2018 Cumulative Earnings To be Regular overtimeTotal Taxable OASDI...
Weekly Payroll for Period Ending December 29, 2018 Cumulative Earnings To be Regular overtimeTotal Taxable OASDI Dec. 29 OASDI Hours 5.00 $ 49.430.77 40.00 40.00 $ 61,200.0048.00 $ 4,200.00 $ 5,200.00 12.00 12.75 13.55 per month arshall, J s 29,488.10 44.50 16341.90 48.00 52.00 nston, H Totals per hour 22,927.50 HI Employer's FICA Taxes: OASDI
Example 3-1 In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow....
Example 3-1 In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a. November 15 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings...
Example 3-1 In 20., the annual salaries paid each of the officers of Abrew, Inc., follow....
Example 3-1 In 20., the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "o". a. November 15 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings...
Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has...
Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: $3,000 per month V. Hoffman (general office worker) A. Drugan (saleswoman) $15,000 per year G. Beiter (stock clerk) per week S. Egan (deliveryman) $177 $300 $155 per week per week B. Lin (cleaning and maintenance, part-time) Grady and Monroe are each paid a weekly salary allowance of $1,350. The doll shop is located in...
In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers...
In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a. November 15 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax...
The names of the employees of Hogan Thrift Shop are listed on
the following payroll register. Employees are paid weekly. The
marital status and the number of allowances claimed are shown on
the payroll register, along with each employee's weekly salary,
which has remained the same all year. Complete the payroll register
for the payroll period ending December 21, the 51st weekly payday.
The state income tax rate is 2% of total earnings, the city income
tax rate is 1.5%...
Use the following tax rates and taxable wage bases; employee's
and employer's OASDI 6.2% both on $132,900 HI 1.45% for employees
and employers on the total wages paid. Employees Supplemental HI
0.9 percent on wages in excess of $200,000 was not applicable.
Instruction 3-1 Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $132,900; HI—1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess...
4-5A . LO 3 See Figure 1.9 on page 1-24, Example 4-3 on page 4-17 The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee's weekly salary, which has remained the same all year. Complete the payroll register for the payroll period ending December 20, 20-, the 51st weekly payday. The...
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....
Weekly Payroll for Period Ending December 29, 2018 Cumulative Earnings To be Regular overtimeTotal Taxable OASDI Dec. 29 OASDI Hours 5.00 $ 49.430.77 40.00 40.00 $ 61,200.0048.00 $ 4,200.00 $ 5,200.00 12.00 12.75 13.55 per month arshall, J s 29,488.10 44.50 16341.90 48.00 52.00 nston, H Totals per hour 22,927.50 HI Employer's FICA Taxes: OASDI
Example 3-1 In 20., the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "o". a. November 15 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings...
Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: $3,000 per month V. Hoffman (general office worker) A. Drugan (saleswoman) $15,000 per year G. Beiter (stock clerk) per week S. Egan (deliveryman) $177 $300 $155 per week per week B. Lin (cleaning and maintenance, part-time) Grady and Monroe are each paid a weekly salary allowance of $1,350. The doll shop is located in...
Most questions answered within 3 hours.
-
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 2 hours ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 2 hours ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 2 hours ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 3 hours ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 3 hours ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 3 hours ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 3 hours ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 3 hours ago -
Create a button in Swift (Xcode) that will create a charge,
create a charge using Stripe's...
asked 3 hours ago -
The reaction rate of CO and NO2 in the reaction
CO(g) + NO2(g) → CO2(g) +...
asked 3 hours ago -
Imagine that a chemist puts 6.40 mol each of
C3H8 and O2 in a 1.00-L container...
asked 3 hours ago -
How much money should be invested today in order to have $8340
at the end of...
asked 3 hours ago