Wynne and Associates has employees with pay schedules that vary based on job classification. Use Figure 5.4.Required:Compute the Federal income tax withholding for each employee using the percentage method in Appendix C. Assume that no pre-taxdeductions exist for any employee. (Round your intermediate calculations and final answers to 2 decimal places.)MaritalStatusNo. ofPayExemptions FrequencyWeeklyMonthlyPayAmountFederalIncome TaxEmployeeS. Turner9.S.4,700 S2,371.95D. McGorrayA Kennedy1023,500M.14.Daily1,350R. ThomasM0.AnnuallyS 120,00066F Sunne nere to séarch%24

Employee Status No. of Exemptions Pay Frequency Pay amount Amount of withholding allowances Total…

Answered: Compute the Federal income tax…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter12: Preparing Payroll Records

Section: Chapter Questions

Problem 3AP

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Davis, Inc. paid wages to its employees during the year as follows: a. How much of the total payroll is exempt from the FICA rate of 8%? b. How much of the total payroll is exempt from federal and state unemployment taxes? c. How much of the total payroll is exempt from federal income tax withholding?
For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.
Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were 12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrexs state is 5.4%, but Payrex qualifies for a rate of 2.0% because of its good record of providing regular employment to its employees. Other employer payroll taxes are at the rates described in the chapter. REQUIRED 1. Calculate Payrexs FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7. 2. Prepare the journal entry for Payrexs payroll taxes for the week ended January 7. 3. What amount of payroll taxes did Payrex save because of its good employment record?
The following form is used by Matsuto Manufacturing Co. to compute payroll taxes incurred during April: Required: 1. Using the above form, calculate the employers payroll taxes for April. Assume that none of the employees has achieved the maximums for FICA and unemployment taxes. 2. Assuming that the employer payroll taxes on factory wages are treated as factory overhead, the taxes covering administrative salaries are an administrative expense, and the taxes covering sales salaries are a selling expense, prepare a general journal entry to record the employer's liability for the April payroll taxes.
During the year, employee Sean Matthews earned wages in the amount of 250,000. Discuss how the employees HI tax will differ from the employers HI tax for this employee.

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