(16)Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT, based on the two methods outlined below?Hint: There are two ways to determine the deduction. Do NOT use the table for the percentage method.a.Wage-bracket table$fill in the blank 1b.Percentage method$fill in the blank 2 TABLE 2–BIWEEKLY Payroll Period2020 Percentage Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or LaterBIWEEKLY Payroll PeriodSTANDARD Withholding Rate Schedules(Use these if the box in Step 2 of Form W-4 is NOT checked)Form W-4, Step 2, Checkbox, Withholding Rate Schedules(Use these if the box in Step 2 of Form W-4 IS checked)If the Adjusted Wageof theamount that Amount (line lh) is:the AdjustedWageof theamount thatthe AdjustedWagewithhold is: percentage- exceeds-If the Adjusted WageAmount (line lh) is:TheThe- tentative- tentativeBut lessamount toPlus thisBut lessamount toPlus thisAt least- than-withhold is: percentage- exceeds-At least- than-ABDEAВDMarried Filing JointlyMarried Filing Jointlyso$954$0.000%$47$00$954$1,713$0.0010%$954$477$857$0.0010%$477$1,713$4,040$75.9012%$1,713$857$2,020$38.0012%$857$4,040$7,533$355.1422%$4,040$2,020$3,766$177.5622%$2,020$7,533 $13,515$1,123.6024%$7,533$3,766$6,758$561.6824%$3,766$13,515 $16,904$2,559.2832%$13,515$6,758$8,452$1,279.7632%$6,758$16,904 $24,879$3,643.7635%$16,904$8,452$12,439$1,821.8435%$8,452$24,879$6,435.0137%$24,879$12,439$3,217.2937%$12,439Single or Married Filing SeperatelySingle or Married Filing Seperately$477$000%$0$0$238$0.000%$0$477$857$0.0010%$477$238$428$0.0010%$238$857$2,020$38.0012%$857$428$1,010$19.0012%$428$2,020$3,766$177.5622%$2,020$1,010$1,883$8.8422%$1,010$3,766$6,758$561.6824%$3,766$1,883$3,379$280.9024%$1,883$6,758$8,452$1,279.7632%$6,758$3,379$4,226$639.9432%$3,379$8,452$20,415$1,821.8435%$8,452$4,226$10,208$910.9835%$4,226$20,415$6,008.8937%$20,415$10,208$3,004.6837%$10,208 2020 Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or LaterWithholdingBIWEEKLY Payroll PeriodIf the Adjusted WageAmount line lh) isSingle or Married FilingMarried Filing JointlyHead of HouseholdForm W-4, Step Standerå Form W-4, Step2, CheckboxWithholdingSeparatelyForm W-4, Step2, CheckboxWithholdingStandardStandard2. CheckboxBut less thanWithholdingWithholdingAt leastWithholdingThe Tentative Withholding Amount i$380$400S410$17S400$410$420$420$430$19$430S445S460S474$475S490$490$505$2$2רנ>$505$52020S520$550$535$550S565$565$580$365580S610S625S640S655S670$31S700S685S700S715S730$730S74540S760S760ךך>$44$31$790S805$32S805$34$10$11$49$34$865S3737$13$53S850S865$38$54$38S865S880S40$56S880$42so10$925S940$940$955$49So70$51$985$1.000$54$1.000$1.015s1.015$1.035$92$1.055sL.075$1.09$1 115$1.035s101Si.075s1 095$1.115S1 135$13$37$105$15$68$39S110$1.135$114$1 15$43$118$123$127$1.155$1,175$1.175$1,195$1,215

Wages paid to employees are subject to withholding taxes. There exist two methods to determine the…

Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT, based on the two methods outlined below? Hint: There are two ways to determine the deduction. Do NOT use the table for the percentage method. a. Wage-bracket table $fill in the blank 1 b. Percentage method $fill in the

Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT, based on the two methods outlined below? Hint: There are two ways to determine the deduction. Do NOT use the table for the percentage method. a. Wage-bracket table $fill in the blank 1 b. Percentage method $fill in the

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 74APSA: Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll:...

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Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll: *All Subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, re9eetivety. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny) 2. CONCEPTUAL CONNECTION McLaughlin Manufacturing would like to hire a new employee at a salary of $80,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: *All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny.) 2. CONCEPTUAL CONNECTION Jet would like to hire a new employee at a salary of $65,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $9,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 25% of gross pay, what will be the total cost of this employee for Jet?
a. Use the percentage method to calculate the amount of Sophie's withholding for a monthly pay period. Sophie's withholding: Feedback b. Use the wage bracket method to determine the amount of Sophie's withholding for the same period. Feedback c. Use the percentage method assuming Sophie completed a post-2019 Form W-4 and checked only the single box in Step 1(c). Feedback d. Use the wage bracket method using the same assumptions in part c of this question. %24
Exhibit 4-1: Use the tables on the following pages to calculate the answers to the problems listed. Assume Forms W-4 from 2020 or Later using Standard Withholding. 2022 Wage Bracket Method Tables for Manual Payroll Systems with Forms W-4 From 2020 or Later BIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is At least $390 $400 $410 $420 $430 $440 $450 $465 $480 $495 $510 $525 $540 $555 $570 $585 $600 $615 $630 $645 $660 $675 $690 $705 $720 $735 $750 $765 $780 $795 $810 $825 $840 $855 $870 $885 $900 $915 $930 $945 $1,005 $1,020 $1,035 $1,050 $1,070 $1,090 $1,110 But less than $1,130 $1,150 $1,170 $1,190 $400 $410 $420 $430 $440 $450 $465 $480 $495 $510 $525 $540 $555 $570 $585 $600 $615 $630 $645 $660 $675 $690 $705 $720 $735 $750 $765 $780 $795 $810 $825 $840 $855 $870 $885 $900 $915 $960 $975 $990 $1,005 $930 $945 $960 $975 $990 $1,020 $1,035 $1,050 $1,070 $1,090 $1,110 $1,130 $1,150 $1,170 $1,190 $1,210 $1,210 $1,230 Married Filing Jointly Standard withholding…
Calculate the amount to withhold from the following employees using the biweekly table of the percentage method. Kenneth Karcher (single), $895 wages $fill in the blank 1 Mary Kenny (married filing jointly), $1,900 wages $fill in the blank 2 Thomas Carney (single), $1,460 wages $fill in the blank 3 2020 Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or LaterBIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is Married Filing Jointly Head of Household Single or Married Filing Separately At least But less than Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding The Tentative Withholding Amount is: $380$390$400$410$420 $390$400$410$420$430 $0$0$0$0$0 $0$0$0$0$0 $0$0$0$0$0 $3$4$5$6$7 $0$0$0$0$0 $15$16$17$18$19 $430$445$460$475$490 $445$460$475$490$505 $0$0$0$0$0 $0$0$0$1$2 $0$0$0$0$0 $8$9$11$12$14…
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Amount to BeWithheld Employee MaritalStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Corn, A. S 2 $675 weekly $fill in the blank 1 $fill in the blank 2 Fogge, P. S 1 1,960 weekly fill in the blank 3 Felps, S. M 6 1,775 biweekly fill in the blank 5 fill in the blank 6 Carson, W. M 4 2,480 semimonthly fill in the blank 7 fill in the blank 8 Helm, M. M 9 5,380 monthly fill in the blank 9
Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". Round your calculations and final answers to the nearest cent. Table of Allowance Values for 2019 Weekly 80.80 Biweekly 161.50 Semimonthly 175.00 Monthly 350.00 Quarterly 1,050.00 Semiannual 2,100.00 Annual 4,200.00 Daily/Misc. 16.20 Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". Round your calculations and final answers to the nearest cent. EmployeeNo. Employee Name MaritalStatus No. of WithholdingAllowances Gross Wageor Salary Amount to BeWithheld 1 Amoroso, A. M 0 $1,610 weekly $ 2 Finley, R. S 0 825 biweekly 3 Gluck, E. S 2 9,630 quarterly 4 Quinn, S. M 8 925 semimonthly 5 Treave, Y. S 2 2,875 monthly
Payroll Accounting 2020 by Landin Question: Lila Rivera is a new employee for Divera Glass. Which federal forms must she complete as part of the hiring process? Here is my answer, is it correct? SS-8 uncheckedI-9 checkedW-2 uncheckedW-4 checked
Instructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.
Assuming situation a, prepare the employer's September 30 journal entries to record salary expense and its related payroll ilabilities for this employee The employee's federal income taxes withheld by the employer are $70 for this pay period. (Round your answers to 2 decimal places) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Federal income tax FICA Social Security FICA Medicare View transaction Bat Vw general Journal
Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name CurrentEarnings UnemploymentCompensation SocialSecurity Aus, Glenn E. $720 $190 $720 Diaz, Charles K. 370 360 370 Knapp, Carol S. 1,240 - 1,240 Mueller, Deborah F. 850 125 850 Yeager, Jackie R. 900 35 900
The following unemployment tax rate schedule is in effect for the calendar year 2019 in State A, which uses thereserve-ratio formula in determining employer contributions:Reserve Ratio Contribution Rate0.0% or more, but less than 1.0% ............................ 6.7%1.0% or more, but less than 1.2% ............................ 6.4%1.2% or more, but less than 1.4% ............................ 6.1%1.4% or more, but less than 1.6% ............................ 5.8%1.6% or more, but less than 1.8% ............................ 5.5%1.8% or more, but less than 2.0% ............................ 5.2%2.0% or more, but less than 2.2% ........................... 4.9%2.2% or more, but less than 2.4% ........................... 4.6%2.4% or more, but less than 2.6% ........................... 4.3%2.6% or more, but less than 2.8% ........................... 4.0%2.8% or more, but less than 3.0% ............................ 3.7%3.0% or more, but less than 3.2% ............................ 3.4%3.2% or…