Employee Reg. Hours Overtime Hours Pay Rate Plan Contribution Таx Withheld Cumulative Earning to End of Prior Period J. Sweeny 40 13 23 90 17,250.00 53,000.00 14,120.00 K. Frank 30 16 50 180 S. Wong 35 11 31 130 CPP is 4.95% on the annual pensionable earnings of $52,400 ($55,900) maximum with the first $3,500 exempt), matched by the employer, and El is 1.66% to a maximum of $51,700 annually, with the employer paying 1.4 times the employees' contributions. Williams' pension plan allows the employee to make designated contributions which are matched by the company. Employees are paid time and a half for any overtime work. a) Calculate the Gross and Net Pay for the period. Show all calculations.

Employee Reg. Hours Overtime Hours Pay Rate Plan Contribution Таx Withheld Cumulative Earning to End of Prior Period J. Sweeny 40 13 23 90 17,250.00 53,000.00 14,120.00 K. Frank 30 16 50 180 S. Wong 35 11 31 130 CPP is 4.95% on the annual pensionable earnings of $52,400 ($55,900) maximum with the first $3,500 exempt), matched by the employer, and El is 1.66% to a maximum of $51,700 annually, with the employer paying 1.4 times the employees' contributions. Williams' pension plan allows the employee to make designated contributions which are matched by the company. Employees are paid time and a half for any overtime work. a) Calculate the Gross and Net Pay for the period. Show all calculations.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16EA: An employee and employer cost-share pension plan contributions and health insurance premium...

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An employee and employer cost-share pension plan contributions and health insurance premium payments. If the employee covers 35% of the pension plan contribution and 25% of the health insurance premium, what would be the employees total benefits responsibility if the total pension contribution was $900, and the health insurance premium was $375? Include the journal entry representing the payroll benefits accumulation for the employer in the month of February.
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. Employees FICA tax rates A. Severance pay _____2. Form SS-4 B. By the 15th day of the following month _____3. Semiweekly depositor C. Employers Quarterly Federal Tax Return _____4. Taxable for FICA D. Application for Employer Identification Number _____5. Nontaxable for FICA E. 6.2 percent and 1.45 percent _____6. Self-employeds FICA tax rates F. Employees application for social security card _____7. Form 941 G. Cumulative wages of 128,400 _____8. Monthly depositor H. More than 50,000 in employment taxes in the lookback period _____9. OASDI taxable wage base I. 12.4 percent and 2.9 percent _____10. Form SS-5 J. Employers matching contributions into employees deferred compensation arrangements
CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss
The accountant for Sea to Sky Corp. has developed the following 2021 information for the company's defined benefit pension plan: Unrecognized past service costs, as at Dec. 31, 2020 $300,000dr Expected average remaining service life – past service employees 6 yrs Benefits paid to retirees, paid out evenly over 2021 $80,000 Opening Accrued benefit obligation (ABO), per books, Dec. 31, 2020 $5,000,000cr Current service cost, earned at end of year $220,000 Cash contribution to the plan, made November 30, 2021 $950,000 Expected rate of return on plan assets…
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On January 1, 20X1, Cello Co. established a defined benefit pension plan for its employees. At January 1, 20X1, Cello estimated the service cost for 20X1 to be $45,000. At January 1, 20X2, it estimated 20X2 service cost to be $49,000. On the plan inception date, prior service credit was granted to employees for five years, the period of time between the company’s formation and plan inception. The prior service cost was estimated to be $650,000 at January 1, 20X1. Cello uses a 10% discount rate and assumes a return on plan assets of 9%. The average remaining service life of employees is 20 years, and the company will fund at the end of each year an amount equal to service cost plus interest cost for 20X1 and 20X2. December 31, 20X2 20X1 PBO ? ? Benefits paid at 12/31 2,000 0 Fair value of plan assets ? 0 Contributions at 12/31 ? ? Actual return on plan assets 3,200 0 Required: 6-a. Compute the amount of prior service…
On January 1, 20X1, Cello Co. established a defined benefit pension plan for its employees. At January 1, 20X1, Cello estimated the service cost for 20X1 to be $45,000. At January 1, 20X2, it estimated 20X2 service cost to be $49,000. On the plan inception date, prior service credit was granted to employees for five years, the period of time between the company’s formation and plan inception. The prior service cost was estimated to be $650,000 at January 1, 20X1. Cello uses a 10% discount rate and assumes a return on plan assets of 9%. The average remaining service life of employees is 20 years, and the company will fund at the end of each year an amount equal to service cost plus interest cost for 20X1 and 20X2. December 31, 20X2 20X1 PBO ? ? Benefits paid at 12/31 2,000 0 Fair value of plan assets ? 0 Contributions at 12/31 ? ? Actual return on plan assets 3,200 0 Prepare T-accounts for Pension asset (liability),…
The following information relates to the pension plan for the employees of RR Co.: 1/1/19 12/31/19 12/31/20 Defined benefit obligation P5,580,000 P5,976,000 P8,004,000 Fair value of plan assets 5,100,000 6,240,000 6,888,000 Net (gain) or loss 0 (164,000) (96,000) Discount rate (for year) 11% 11% RR estimates that the average remaining service life is 16 years. RR's contribution was P756,000 in 2020 and benefits paid were P564,000. How much is the gain or loss on plan assets in 2020? (Note: If it is a loss, use negative sign before the number. Example: -1,000.)