a combined income of 68,500if 29% of their salary is withheld for various taxes, how much money is available

Q: amounted to P126,700. The foods and drinks b nightclub are being served by Tiberio, a non-VA uring…

A: Amusement tax refers to the form of tax levied on any source of commercial entertainment services…

Q: Peyton Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in…

A: Introduction: Taxable income: Tax is calculated on taxable income only. Formula: Total unemployment…

Q: Ralph Henwood was paid a salary of $83,600 during 20-- by Odesto Company. In addition, during the…

A: a.

Q: Sky Co. employed Tom Mills in Year 1. Tom earned $5,300 per month and worked the entire yearAssume…

A: Tax refers to the financial charge which is compulsory in nature and it is imposed through the…

Q: P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x…

A: Total unemployment taxes=Net Futa tax+Net suta tax

Q: An employer is required to withhold 7.65 percent of the first $62,700 of an employee's income for…

A: Social tax security is a compulsory contribution of employer and employee. It funds the retirement,…

Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…

A: Federal Unemployment Tax Act (FUTA): The federal unemployment tax is welfare scheme of a social…

Q: Tim's gross pay for this month is​ $8,850. His gross year−to−date ​pay, prior to this​ month,…

A: FICA contributions are mandatory, with rates set annually—although not necessarily changed annually.…

Q: JYD Accounting Firm pays its employees at a rate of P50/hr. The tax and other deductions amount to…

A: Gross pay of the employees means amount of earnings gained by the employee either on the basis of…

Q: Compute the following: a. The amount of FICA taxes that was withheld from his earnings during 20--…

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

Q: During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA…

A: Given: SUTA tax rate = 4.8% The taxable payroll for FUTA and SUTA =$123,400

Q: An employee has a gross monthly salary of $1,000. In September the tax deducted was $200, the…

A: The income statement is the one in which all the revenues and expenses of the company are reported…

Q: An employee earns $44 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A:

Q: Carmen Santos is owner and sole employee of CS Corporation. He pays himself a salary of $2,400 this…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: 3. Jackson reports $60,000 sales from his Schedule C business. He has utility and wages expenses of…

A: Tax:- Tax is financial charge which is imposed by the Government.. Tax is the expense for the…

Q: An employee earns $32 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Gross pay is the total  amount earned by employee inclusive all taxes and deductions. Net pay is the…

Q: Employee DD earned $43,300 working for an employer in the current year. The current rate for Social…

A: Please see the next step for the solution

Q: Jason Jefferies earned $10,200 while working for Brown Company. The company's SUTA tax rate is 2.9%…

A: Given: SUTA rate = 2.9% Payroll = $7,000

Q: The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the…

A: Tax refers to the amount charged by the government from the individuals and organizations on the…

Q: Davis and Thomas have earnings of $841 each. The social security tax rate is 6.0%, and the Medicare…

A:

Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…

A: Earnings subject to tax = Wages base - year-to-date earnings = $118,500 - $115,400 = $3,100

Q: An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Gross pay is the payment made to the employees without any tax and net pay is the payment made to…

Q: OASDI              HI  a. 9th paycheck

A:

Q: An employee earned $50,000 during the year. FICA tax for Social Security is 6.2% and FICA tax for…

A: FICA tax is contributed both the employees and the employer with 6.2% of social security tax till…

Q: In early​ 2012, Cho-Sun​'s gross pay increased from ​$71,000 per year to ​$83,000 per year. Answer…

A: a) Calculation of Annual Percent Increase in Cho-Sus's pay before federal income taxes: Gross Pay…

Q: John Jansen, an employee of Redwood Company, had gross earnings for the month of May of $4,000. FICA…

A: FICA (Federal insurance contributions act) is the deduction of some percentage out of the gross…

Q: Novak's gross earnings for the week were $2,150, his federal income tax withholding was $346, and…

A: Introduction Federal income tax: Federal income tax is the tax withheld by employer that employee is…

Q: year, Regia nd $70,840 of sales salarles. Withholdings from the employees' salaries Include FICA 2%,…

A: Tax refers to the compulsory obligation or financial obligation which is imposed by authorities on…

Q: a Charger pays its employees $4,000 every Friday for a 5-day work week. This year December 31 tals…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Wages paid for the second quarter for Ivanhoe Law Firm were $59,000.00. All wages were subject to…

A: Social Security tax = Gross Earnings x Social Security tax rate = $59000*6.20% = $3,658  Medicare…

Q: How much combined tax (in $) should be withheld from the paycheck of a single employee earning…

A: Payroll tax is the rate of tax taken from a worker's wages by the employers. The withheld tax is…

Q: Julie's gross salary is 950,000; mandatory contributions is 50,000. Compute for the following: a.…

A: When an employer takes the services of an employee, a commensurate compensation will be paid by them…

Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…

A: The gross earnings is earning without any deduction. It is revenue less cost of goods sold. Tax…

Q: An employee receives a bi-weekly gross salary of $2,000. The employee’s deductions include income…

A: calculation of the amount of salaries and employee benefit expenses - gross salary received by the…

Q: Dee is paid $2,345 on November 8, 20--. Dee had cumulative gross earnings, including overtime pay,…

A: It is assumed that the year is 2019. The tax rate for OASDI taxes to be withheld is 6.2% of the…

Q: An employee earns $1,500 a week and the deductions from that amount for her contributions to EI,…

A: Solution:- Calculation of the company record as salary expense for that week as follows:-…

Q: Use the figure below. George Clinton works for a company that uses a percentage method to compute…

A: Given: Weekly Wages: $421 Weekly with-holding for each allowance: $61.54. Number of allowances…

Q: An employee earned $60,700 during the year working for an employer. The Federal Insurance…

A: Given that, Earning of employee = $60,700  FICA tax rate for medicare = 1.45% SUTA tax rate = 5.4%…

Q: An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Gross Pay = Regular Pay + Overtime Pay  Net Pay = Gross Pay – FICA Tax – Federal Income Tax

Q: John Woods’ weekly gross earnings for the present week were $2,500. Woods has two exemptions. Using…

A: Allowance per exemption = $80. Woods has two exemptions and so the amount of allowance that will be…

Q: yran, ($88,000), payroll deductions for income tax ($8,800), payroll deductions for FICA ($6, 600),…

A: This question belongs to the accounting for Income Tax purposes. In the given question, Notice…

Q: 20. Which of the following is subject to tax? a. P6,000 representing his unused vacation ieave…

A: Travelling expenses reimbursement is not subject to tax.

Q: Months gross  earnings  for the week were $1450, his federal  income  tax  withholding  was $318 and…

A: Income tax is an expense for the company that is levied on the income earned given to the government…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.