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- Read the following information and answer questions that follow.Brian Ndlovu is employed as a manager in Gaborone. During the year ended 30 June 2020, hehad the following incomes and expenditures:Amount (P)Salary 1,40,000Performance related award 50,000Entertainment allowance 60,000Barclays Bank Interest 40,000Commission 70,000Interest from BBS Subscription shares 10,000Other Investment Income 20,000Medical aid contributions from the employer 5,000Compensation for injury at work 6,000Rental Income 1,60,000Expenses incurred during the year:Approved Pension contributions 10,000Contributions to approved retirement annuity fund 15,000Annual subscriptions to ACCA 1,500Contributions to an unapproved fund 20,000Contributions to life assurance policy 15,000P.A.Y.E. deducted 40,000Additional Information:(1) During the year, the company paid a total of P10 000 to Brian for private telephone andelectricity bills(2) Brian had the use of a company car that cost P100 000 for which he paid for his…Consider the following in answering the questions below: Nicanor, a forty-four-year-old loveless, is employed by ABC Corp. for the past thirty (30) years. Below are the compensation and other benefits he received from the company the year 2021. 13th Month Pay 100,000 De Minimis benefits 30,000 Statutory contributions (SSS, PHIC, etc) 20,000 Basic Salary per month 100,000 Monthly Representation Allowance 50,000 Monthly Transportation Allowance 50,000 Cost of Living Allowance 50,000 Fixed Housing Allowance 50,000 Commission 100,000 Profit-Sharing 100,000 Hazard Pay 50,000 Overtime Pay 100,000 In 2022, ABC Corp. suffered serious business reverses. The Company, to temper losses, offered retirement or separation benefits to employees. 62. How much is the total EXCLUSIONS FROM GROSS INCOME? A. Php 150,000 B. Php 140,000 C. Php 110,000 D. Php 90,000 63. How much is the total TAXABLE COMPENSATION? A.…management consulting firm has four types of professionals on on its staff: Managing consultants, senior associates, field and and office staff. Average rates charged to consulting clients for work of each of these professionals categories are k3150/hour, k1680/hour, k1260/hour and k630/hour respectively. Office records indicate the following number of hours billed last year in each category: 8000, 14000, 24000 and 35000, respectively. If the firm is trying to come up with an average billing rate for estimating client charges for next year, what would you suggest they do and what do you think is the appropriate rate?
- The chief executive officer earns $10,020 per month. As of May 31, her gross pay was $50,100. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. What is the amount of FICA-Social Security withheld from this employee for the month of June?Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.
- In the file MajorSalary, data have been collected from 111 College of Business graduates on their monthly starting salaries. The graduates include students majoring in management, finance, accounting, information systems, and marketing. Create a PivotTable in Excel to display the number of graduates in each major and the average monthly starting salary for students in each major. a. Which major has the greatest number of graduates? b. Which major has the highest average starting monthly salary? c. Use the PivotTable to determine the major of the student with the highest overall starting monthly salary. What is the major of the student with the lowest overall starting monthly salary?In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.1.A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross earnings of $395 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year? $ ______ 2.National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.2% of payroll for a profit sharing plan and $9.23 per employee for life insurance. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. _____ %
- 1.A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross earnings of $395 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year? $ _______ 2.National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.2% of payroll for a profit sharing plan and $9.23 per employee for life insurance. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. ______% 3.Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $307,000 this year. His social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and his federal income tax rate is 24%. How much estimated tax (in $) must Marc send to the IRS each quarter? $ ______Use the following information for the Exercises below. [The following information applies to the questions displayed below. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross payFor BMX , its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 6,400 2.000 122,100 Gross Pay for September $ 800 2.100 8,000 Exercise 9-7 Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related iſabilities.An employee earned $45, 800 during the year working for an employer when the maximum limit for Social Security was 5137,700. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45%. The employee's annual Federal Insurance Contributions Act (FICA) taxes amount is: Multiple Choice $6,343 30 53,503.70 $7,007.4056,343.30. S 3,503.70. ο $7,007.40. Ο $2,839.60. $664.10.
