For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T (2020). Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $875. For each period, he makes a 403(b) retirement plan contribution of 14% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $

Q: Using the income tax withholding table in Figure 3, for each employee of Miller Company, determine…

A: Payroll It is important for the business entity to prepare the payroll process and its statutory…

Q: Use the percentage method to compute the federal income taxes to withhold from the wages or salaries…

A: The percentage method is applicable for any no. of withholding allowances. This method is used by…

Q: Catherine is employed in ABC Corporation. She received the basic wage for 2015 in the total amount…

A: Tax refers to the amount charged by the government from the individual or companies on the income…

Q: Sophie is a single taxpayer. For the first payroll period in July 2020, she is paid wages of $2,200…

A: Withholding of taxes: The wages paid to employees are subject to withholding taxes. There exist two…

Q: Lopez Company has a single employee, who earns a salary of $2,500 per pay perlod (or $60,000 per…

A: Given that: Salaries Expense = $2500 per pay period

Q: Doug, an employee of Cayman Travels, Inc., has gross salary for March of $4,000. The entire amount…

A: The journal entry to record payroll taxes is:

Q: 1.  An employee whose tax return filing status is married filing jointly, whose taxable earnings…

A: * As per Bartleby policy, if multiple different questions are asked then answer first only. FICA tax…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A: Given information is: On December 31,2017, Franklin purchased $13,000 of merchandise inventory on a…

Q: An employee whose current-year earnings subject to Social Security tax are $137,600 and whose…

A: Solution:- Rate of Social Security tax applied on payroll earnings = 6.2% Maximum Payroll earnings…

Q: Sophie is a single taxpayer. For the first payroll period in July 2018, she is paid wages of $3,900…

A: a. Compute withholding amount for a monthly pay period for Sophie’s using percentage method as shown…

Q: Davis and Thompson have earnings of $913 each. The social security tax rate is 6.0%, and the…

A: Abbreviation of FICA: Federal insurance contributions Act  Both employee and employers mandatory…

Q: For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and…

A: Payroll refers to the amount that should be paid to the workers of the company after deducting…

Q: Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he…

A: Formula: Net pay = Gross salary - Social security tax - FICA tax - Tax withheld

Q: Defined Contribution Plan: For this plan, payments are made to the plan in January for the prior…

A: A pension plan is usually an agreement between the employer and employee wherein, the employer…

Q: For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and…

A: Taxable Earnings: These are those earnings for which one has to pay tax to the government as per the…

Q: Employees in 2020 pay 6.2% of their gross wages towards social security (FICA tax), while employers…

A: Federal Insurance Contributions Act tax is a payroll tax that covers both the salaried and…

Q: The information listed below refers to the employees of Lemonica Company for the year ended December…

A: Given: Employer's phone number: (613)555-0029. Employer's State D reporting number 00596. Using The…

Q: What is the combined amount (in percent) of the employee and employer Social Security tax rate?…

A: Social Security tax (SST) is a part of Federal Insurance Contributions Act. It is charged on both…

Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…

A: Net pay = January Earnings - Federal Income tax withholdings - Social security tax - Medicare tax…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent.…

A: Payroll taxes are taxes that are paid by employer and employee on the amount of salaries paid to…

Q: In 2020, Juergen made after-tax contributions of $24,300 to his employer's qualified plan. In August…

A: Tax free distribution= (Basic/Account balance) X Distribution amount

Q: Thuy worked as the assistant manager at Burger Crown through August 2020 and received wages of…

A: Solution-   Maximum limit  for Social Security taxes in 2020=$137700 Particular $Amount…

Q: An employee has a gross compensation income of P350,000 in 2019. His employer deducted P3,000 SSS,…

A: Computation of gross taxable compensation income:   Amount Gross compensation income P350,000…

Q: Use the 2021 tax rates to find Social Security and Medicare deductions for the following problem.…

A: Social security tax is charged on the salary up to $ 142400 in 2021 at 6.2% where as medicare tax is…

Q: Bailey Plyler has three employees in his carpet cleaning business. The payroll is semimonthly and…

A: If the employee of the corporation is entitle for SUTA tax, then the liability for FUTA tax becomes…

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

A:

Q: or tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and…

A: Taxable earnings is the earnings upon which tax is calculated by the individual using the given tax…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent:…

A: Payroll Payroll is an important element in the entity and the management of the payroll system is…

Q: The employees of Lillian's Interiors are paid on a semimonthly basis. All employees are single.…

A: In the given case YTD Pay till 12/15/2021 is required which is 23 semi-monthly payments i.e (…

Q: The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability…

A: Tax deductions are the amounts which are reduced from the taxable income to be paid to the…

Q: Prior to the current period, Omar Phipps had earnings subject to Social Security tax of $115,800.…

A: The maximum income subject to social security tax for the year  2021 is = 142800 2022 is = 147000

Q: ince the SUTA rates changes are made at the end of each year, the available 2019 rates were used for…

A: SUTA is a state unemployment tax it is a payroll tax charged by the state and it is to be paid by…

Q: Stew Beauf is a self-employed surfboard-maker in 2019. His Schedule C net income is $148,000 for the…

A: For computing self-employed tax according to Schedule SE, the taxpayer requires to take 92.35% of…

Q: Sherina Smith (Social Security number 785-23-9873) lives at 536 West Lapham Street, Milwaukee, WI…

A: The Tax payer can choose to arjust the overpayment from last year in current years estimates tax…

Q: The Standard Corporation paid wages of $140,000 to it chief accountant in 2020. Determine the amount…

A: Given, Wages = $ 140000   To compute Social security tax & Medicare tax:

Q: In 2020, Willow Corporation had three employees. Two of the employees worked full-time and earned…

A: Amount paid under State Unemployment Tax = [($7,000. x 2 employees) + $4,000] x state unemployment…

Q: The information listed below refers to the employees of Lemonica Company for the year ended December…

A: Payroll is the salary owed to employees by a corporation for a given period of time or on a specific…

Q: omplete Part 1 of Form 941, reproduced on the next page. # of employees for pay period that…

A:

Q: Greensburg Inc. had the following payroll for October 2020:               Employee Wages…

A: What are journal entries? It is the first step to record the financial transactions in the books of…

Q: On November 30, the payroll register of Webster & Smith indicated the following information: Wages…

A: Working:

Q: Sophie is a single taxpayer. For the first payroll period in July 2020, she is paid wages of $2,200…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: $8,950.

A: Net pay = Gross pay - deductions It refers to money you make after deductions and expenses have been…

Q: On 30 June 2020, an employee has been paid a total of $60,000 in salary payments, yet will only…

A: Tax on salary is charged based on the principle of ‘due or receipt basis’, whichever is earlier. For…

Q: If an employee has received over one million dollars in supplemental earnings for the year, any…

A: Federal income tax withholding:   The amounts which the employer withheld from employees’ gross pay…

Q: Portia Grant is an employee who is paid monthly. for the month of Jan of the current year, she…

A: Net pay is the net amount  after adjusting  all taxes except  FUTA and SUTA

Q: The following unemployment tax rate schedule is in effect for the calendar year 2019 in State A,…

A: Payroll appears to be the sum of all payments that a firm owes to its employees during a given time…

Q: Sophie is a single taxpayer. For the first payroll period in July 2020, she is paid wages of $2,200…

A: a. Wage paid = $2,200 One allowance = $358 Amount subject to withholding = $2,200 - $358 = $1,842…

Q: Compute the Federal income tax withholding for each employee using the percentage method in Appendix…

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

Q: Bailey Plyler has three employees in his carpet cleaning business. The payroll is semimonthly and…

A: The IRS provisions say, FUTA Tax Rate (flat) = 6% but it can be reduced to 0.6% by taking Tax Credit…

Q: The following information is noted on the year end payroll register for an employee employed with a…

A: RL -1 is the one which states the contribution made to the private health services plan for the…