terpretifyGiven below are the base salaries and commisions for 5 employees of your company. Identify which employee has received thehighest percentage of commision.4ParticularsSalaryCommisionEmployee 2Employee 5Employee 4Employee3Employee 1$70,000$10,000Employee 2$80,500$15,000Employee 3$90,000$25,000Employee 4$98,000$25,000Employee 5$112,700$30,000

Commission paid to employees is generally based on Sales. It is calculated on a percentage basis,…

Given below are the base salaries and commions for 5 employees of your company. Identity which employee has received the highest percentage of commision. Particulars Salary Commision Employee 2 Employee 5 Employee 4 Employee 3 Employee 1 $70,000 $10,000 Employee 2 $80,500 $15,000 Employee 3 $90,000 $25,000 Employee 4 $98,000 $25,000 Employee $112,700 $30,000

Given below are the base salaries and commions for 5 employees of your company. Identity which employee has received the highest percentage of commision. Particulars Salary Commision Employee 2 Employee 5 Employee 4 Employee 3 Employee 1 $70,000 $10,000 Employee 2 $80,500 $15,000 Employee 3 $90,000 $25,000 Employee 4 $98,000 $25,000 Employee $112,700 $30,000

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 17PB

See similar textbooks

Similar questions

Earnings for several employees for the week ended April 7, 20--, are shown: 1 Taxable Earnings 2 Employee Name Current Earnings Unemployment Compensation Social Security 3 Boyd, Glenda L. $850.00 $300.00 $850.00 4 Evans, Sheryl N. 970.00 225.00 970.00 5 Fox, Howard J. 830.00 830.00 830.00 6 Jacobs, Phyllis J. 1,825.00 1,825.00 7 Roh, William R. 990.00 25.00 990.00 Assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. Required: 1. Calculate the employer's payroll taxes expense. 2. Prepare the journal entry as of April 7, 20--.
Assume an employee has a gross pay of $500 and vacation pay is paid out at 4%. How much extra gross pay does the employee receive on their paycheque? Select one: a. $500 O b. $0 c. $20 d. $480
1.The following information is applicable to a weekly paid employee for JQ Ltd Normal working week (5 days) 40hoursNumber of hours worked 45 hours normal remuneration rate R5 Overtime rate R7 Pension Fund (based on remuneration) Employer’s contribution 5%Employee contribution 2%Medial Aid Fund R50 PAYE (based on taxable income) R10%UIF R10 1.1)Calculate employee net salary for the week
StudentCo Consulting in Manitoba has seven employees with total gross earnings of $623,800.00 and excess earnings of $54,623.00. Calculate the total assessable earnings for Worker's compensation, when the maximumn assessable earnings for 2022 are $150,000.00 $569,177.00 $623,800.00 $678.423.00 $1.050,000.00
Following emoluments are received by Ms Sangeeta during the previous year ended on 31.3.2021 Basic salary 250000Dearness Allowance 10000Commission 2500Entertainment allowance 2000Medical expenses reimbursed 25000Professional taxes paid 2000(Rs1000 paid by employer) Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident FundShe has no other income.Compute the income from salary for A.Y 2022-23, and give reasons and explanationswherever required, If Ms. Sangeeta is a Government employee. A) please first tell the formula and understanding of the question B) second what are the steps to be followed to get the answer C) please write the answer in c option and what can we clarify from this
3 Glenco in Alberta has four employees with total gross earnings of $322,780.00 and excess earnings of $21,834.00. Calculate the total assessable earnings for Worker's compensation, when the maximum assessable earnings for 2022 are $98,700.00. O $300,946.00 O $322,780.00 O $344,614.00 O $394,800.00
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay throughAugust 31 Gross Pay for September a. $ 5,200 $ 2,400 b. 2,700 2,800 c. 127,300 8,700 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities.
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For 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 Gross Pay for September a. $ 6,000 $ 1,500 b. 2,000 2,100 c. 132,900 9,500 Exercise 11-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities. Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date General Journal Debit Credit September 30 Payroll taxes expense FICA—Social security taxes payable FICA—Medicare taxes payable Federal…
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For 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 Gross Pay for September a. $ 5,700 $ 1,800 b. 3,200 3,300 c. 132,600 9,200 Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places.
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
Question 1, and 2 have been answer. Now, I need help with question 3 , and 4. Please explain step by step . Thank you. As mentioned in the employment contract, Joh would get $1,000 for every 1% increase in the operating income over the previous year's operating income. Therefore, Operating Income in 2018 = $300,000 Operating Income in 2019 = $480,000 Increase in Operating Income = $480,000 - $300,000 Increase in Operating Income = $180,000 Percentage increase in operating income over 2018 = $180,000/$300,000 = 60% John would get $1,000 for every 1% increase. The total increase is 60%. Hence, Joh would get a bonus of $60,000 in 2019 (60% increase) Step 2 Variable Costing vs Absorption costing We know that the selling price and the variable cost per unit have remained the same for 2018 and 2019. We also have the following data, Particulars 2018 2019 Operating Income $300,000 $480,000 Units Produced 25,000 29,000 Units Sold 25,000 25,000 Fixed Manufacturing Overhead…
For the current year ended December 31, a company has implemented an employee bonus program based on its net income, which employees share equally. Its bonus expense is $40,000. (a) Prepare the journal entry at December 31 of the current year to record the bonus due. (b) Prepare the journal entry at January 20 of the following year to record payment of that bonus to employees.