2) ABC Company pays John $12 an hour and he worked 30 hours in week one and 60 hours in week two. Prepare John's paycheck for this two-week beriod. How much does ABC need to send into the IRS for Federal payroll caxes? (Assume the federal Withholding Tax rate is 10% and State is 5%).
Q: 14. Utilize the following figures to calculate: a. The closing book inventory at retail. b. The cost…
A: Cost to Retail Inventory Method Cost to retail method which is used to measure the ending inventory…
Q: The standard hours allowed for the work performed are:
A: Standard hours allowed for actual output Standard hours allowed is the number of hours of production…
Q: Quantity (Product X) - 1,200.00 Quantity (Product Y) - 1,800.00 Purchase cost per unit (Product X) -…
A: Cost of goos sold include all direct cost of production such as direct material cost, direct labour…
Q: Use the following information for Questions 1 a) and 1 b): a) At the beginning of the year, Juju…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2020. The…
A: Inventory costing, often known as inventory cost accounting, is the process through which businesses…
Q: Resource Usage and Supply, Activity Rates, Service OrganizationEcoBrite Labs performs tests on water…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: n September 30, 20x1, the warehouse of A Company for inventory in progress and all inventories…
A: Cost of goods manufactured is total costs incurred on production and manufacturing of goods. It…
Q: attie Company has been purchasing 40,000 units of component, Part A25 for $38.40 per unit. Hattie is…
A: Working note: Total Fixed factory overhead = No. of units x Fixed factory overhead per unit = 40,000…
Q: January 1, 2020, Eduardo Company leased two automobiles for executive equires Eduardo Company to…
A: In finance lease the lessee has the option to buy the equipment at the end of lease period. The…
Q: 1.Direct materials used in production totaled $300,000. Direct labor was $370,000and factory…
A: Formulas: Total manufacturing costs = Direct materials used +Direct labor + Factory overhead Cost of…
Q: The allowance method of estimating uncollectible accounts receivable based on an analysis of…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…
Q: 1 How does the cryptocurrency trend affect businesses and consumers (both globally and domestically
A: A peer-to-peer network known as a blockchain monitors and organizes it while also serving as a…
Q: Dawn Mining Company mines selum, a commonly used material. The following i pany's report of its…
A: Standard Costing -Variance Analysis
Q: On January 1, 2006, Naruto Company issued 9% bonds in the amount of P5,000,000, which mature on…
A: To answer above question, following bond amortization table will be compiled till 30 June, 2006:…
Q: Cost of goods sold budget Direct materials used Part K298 $fill in the blank…
A: Ponderosa, Inc., produces wiring harness assemblies used in the production of semi-trailer trucks.…
Q: On September 30, 20x1, the warehouse of A Company for inventory in progress and all inventories…
A: In such type of problems it is best to go step by step and by preparing memorandum accounts to find…
Q: Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic disc has the following…
A: Working Note: Budgeted overhead per unit = Variable overhead + Fixed overhead = $0.70 + 1.80 = $2.50…
Q: What are the after effects (both short term and long term) of capitalizing the cable costs of…
A: Capital expenditures (CapEx) are cash outlays made by a company to purchase, improve, and maintain…
Q: I dont understand why some are negative whereas some are positive??
A: CASH FLOW FROM OPERATING ACTIVITY IS THE SECTION OF A COMPANY'S CASH FLOW STATEMENT THAT REPRESENTS…
Q: The Company provided the following stockholders' equity account balances at the end of the year:…
A: Common shares are the ordinary shares issued by the company to the common shareholders. Treasury…
Q: Mountain Mist Valley Stream Price Variance Efficiency Variance Price Variance Efficiency Variance…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: A diesel-powered tractor with a cost of $249,520 and an estimated residual value of $7,600 is…
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…
Q: Ponderosa, Inc., produces wiring harness assemblies used in the production of semi-trailer trucks.…
A: Production Budget: Production budget is a plan which is drawn to determine the number of units…
Q: Overhead Budget Johnston Company cleans and applies powder coat paint to metal items on a…
A: The question is based on the concept of Cost Accounting,
Q: Delray Leasing Company signs an agreement on January 1, 2020, to lease equipment to Swifty Company.…
A: Journal entries (JE) refers to the event which are being recorded in the books or original books of…
Q: If a firm had credit sales of $1,550,000 for March and collected its sales 30% in the month of sale…
A: March sales collected in March = Credit March sales x 30%
Q: god using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and…
A: FIFO Date #Units Rate #Units Rate Amount #Units Rate Amount 01-Jun…
Q: Blossom Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that…
A:
Q: On January 1, 2020, Edgar Company entered into a six-year lease with a lessor. Annual lease payments…
A: a)Annual lease payments=P1,200,000 Annual executory payments=P200,000 PV of an ordinary annuity of 1…
Q: Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains…
A: Answer 1) Calculation of Standard labor hours allowed to ship 205,000 items Standard labor hours…
Q: Consider the purchase of a new grain bin for Green Acres Farms. The specific information is:…
A: 150% declining method of depreciation is a method where depreciation is charged at higher value in…
Q: Accounts Payable $12,000 Buildings 70,000 Cash 8,000 Accounts Recelvable 7,000 Seles Tex Payable…
A: Introduction: Current Assets: The assets which can be easily converted in to cash with in 12 months…
Q: Meadow Company produces hand tools. A sales budget for the next four months is as follows: March…
A: Number of units to be produced in March = Ending finished goods inventory + Budgeted sales -…
Q: Direct materials used in production totaled $300,000. Direct labor was $370,000and factory overhead…
A: Total manufacturing costs is the sum total of direct materials used in production, Direct Labor cost…
Q: Anxious Company acquired two items of machinery. On December 31, 2020, Anxious Company purchased a…
A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…
Q: Accounting The account "Net-Assets: Resources Released from Restriction" is used to: A) Reduce…
A: Correct option with proper explanation are as follows
Q: Internet giant Zoidle, a U.S. company, generated sales of £2.5 billion in the United Kingdom in 2013…
A: Generally we can say that tax avoidance is not illegal but avoiding tax is avoiding a social…
Q: Using the folowing information, prepare a bank reconciliation. • Bank balance: $4,687 Book balance:…
A: Bank reconciliation statement means the statement in which the balance as per cash book and balance…
Q: The Seattle Corporation has been presented with an investment opport yield end of year cash flows of…
A:
Q: Bannister Motors Corporation reported the following var
A: Variance manages the cost gauge of the project. It furnishes you with data about whether you are an…
Q: QUESTION 3 Sales on account for the month are $900,000. The month-end accounts receivable balance is…
A: A bad debt is a payable that has been declined by a customer. Bad debts are conceivable when credit…
Q: 5.6A Applications were invited by the directors of Grobigg Ltd for 150,000 of its £1 ordinary shares…
A: Company means a form of business where shares are allotted to the owner of the company and…
Q: On January 1, 2017, Naruto Company issued its P2,000,000, 10%, 5-year-term bonds for 1.125. Bond…
A: Issue price of the bonds means the cash received from the issue of the bonds. Issue price of the…
Q: Daily demand for day-glo hyacinths at Florida Flo's Fluorescent Florals is 130 pots, with a dally…
A: Standard deviation measures both the risks: Systematic risk and unsystematic risk
Q: n January 1, 2006, Naruto Company issued its 10% bonds in the face amount of P5,000,000, which…
A: Adjusted unamortized bond premium at year end = Total bond premium - amortized bond premium for the…
Q: for 5 years. Sale price at fair value 20,000,000 Carrying amount of building 24,000,000 Annual…
A: Cost of the right use of assets refers to the right of a lessee to utilize the asset till the life…
Q: 1. Acer Computer Services is owned by Pepito Manoloto. Prepare the Balance Sheet of the business.…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Mr. Go, a contractor who won the bid for the construction of a public highway, claims as an expense,…
A: Facilitation fees or payment is considered as the small bribe which is regarded as the speed payment…
Q: On November 1, 2021, Jamison Inc. adopted a plan to discontinue its barge division, which qualifies…
A: Introduction:- Discontinued operations means parts of a company's business operations have been…
Q: unt should be reported as adjusted net income for 2019? 5. What amount should b
A: The answer has been mentioned below.
Step by step
Solved in 3 steps with 2 images
- Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.Damerly Company (a Utah employer) wants to give a holiday bonus check of $325 to each employee. Since it wants the check amount to be $325, 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), a 4.95% Utah income tax must be withheld on supplemental payments. Enter deductions beginning with a minus sign (-). You may need to adjust by a penny (subtract or add) to the gross amount to get net pay to calculate exactly to $325.00. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding…Damerly Company (a Utah employer) wants to give a holiday bonus check of $250 to each employee. Since it wants the check amount to be $250, 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), a 4.95% Utah income tax must be withheld on supplemental payments.
- Damerly Company (a Utah employer) wants to give a holiday bonus check of $350 to each employee. Since it wants the check amount to be $350, 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), a 4.95% Utah income tax must be withheld on supplemental payments. Enter deductions beginning with a minus sign (-). You may need to adjust by a penny (subtract or add) to the gross amount to get net pay to calculate exactly to $350.00. Round your calculations and final answers to the nearest cent. Gross bonus amount $ Federal income tax withheld OASDI tax withheld HI tax withheld Utah income tax withheld Take-home bonus check $K Herbert Sampson manages a Dairy World drive-in. His straight-time pay is $18 per hour, with time-and-a-half for hours in excess of 40 per week. Sampson's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $9 for a charitable contribution to United Way. Sampson worked 54 hours during the week. i (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Sampson's gross pay and net pay for the week. Assume earnings to date are $13,000. (Round all amounts to the nearest cent.) Begin by computing Sampson's gross pay for the week. Gross Pay More info xt pages For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Get…Damerly Company (a Utah employer) wants to give a holiday bonus check of $125 to each employee. Since it wants the check amount to be $125, 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), a 4.95% Utah income tax must be withheld on supplemental payments. Enter deductions beginning with a minus sign (-). You may need to adjust by a penny (subtract or add) to the gross amount to get net pay to calculate exactly to $125.00. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2024 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2023 federal income tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard…
- Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.Youngston Company (a Massachusetts employer) wants to give a holiday bonus check of $750 to each employee. Since it wants the check amount to be $750, 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 Genna Fredrich if her earnings for the year are $55,920. Besides being subject to social security taxes and federal income tax (supplemental rate), a 5.00% Massachusetts income tax must be withheld on supplemental payments........? Compute the gross bonus amount and various amounts deducted to arrive at the net bonus check of $750. Present your computation vertically in a single column. Show supporting computations.Andrew makes $40,000 per year and gets paid twice a month. Calculate his take-home pay for one paycheck ( a tax rate of 20%) on June 30. Label all payroll deductions and show your calculations.Make journal entries for both the employee and employer payroll contributions for the June 30th payroll cycle.On July 14th, the bookstore remits payroll to the CRA for the entire month of June. Make the necessary journal entry/entries.
- Sky Company employed Tom Mills in Year 1. Tom earned $5,900 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $870 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee other information - Tom's net pay per month= 4587.50 - tom's monthly FICA tax= 442.50 -total payroll tax expense for january, feb, march and dec. year 1= jan= 796.50, feb = 508.50, march= 442.50, dec= 442.50Herbert Sully manages a Frosty Boy drive-in. His straight-time pay is $20 per hour, with time-and-a-half for hours in excess of 40 per week. Sully's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $6 for a charitable contribution to United Way. Sully worked 56 hours during the week. (Click the icon to view payroll tax rate information) Read the requirements Requirement 1. Compute Sully's gross pay and net pay for the week. Assume earnings to date are $14,000. (Round all amounts to the nearest cent.) Begin by computing Sully's gross pay for the week. Gross PaySky Company employed Tom Mills in Year 1. Tom earned $5,900 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $870 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee
