Jess Dimaunahan is a full-time and regular employee of ABC Corporation. The following items were reflected in his records for the taxable year: 000 00 Salary (30,000/month for 12 mos.) Overtime Pay Yearly Laundry Allowance Rice allowance (4,000 x 12 mos.) Clothing allowance Productivity Bonus Christmas Bonus 13th Month Pay Mandatory Contributions: SSS Contribution (900 x 12 mos.) Philhealth Contribution (500 x 12 mos.) Pag-Ibig Contribution (100 x 12) 360,000 12,000 ds9,000 48,000 8,000 45,000 35,000 30,000 10,800 6,000 1,200 Solve for the following: 1. Taxable Income 2. Tax Due for the year nl

Jess Dimaunahan is a full-time and regular employee of ABC Corporation. The following items were reflected in his records for the taxable year: 000 00 Salary (30,000/month for 12 mos.) Overtime Pay Yearly Laundry Allowance Rice allowance (4,000 x 12 mos.) Clothing allowance Productivity Bonus Christmas Bonus 13th Month Pay Mandatory Contributions: SSS Contribution (900 x 12 mos.) Philhealth Contribution (500 x 12 mos.) Pag-Ibig Contribution (100 x 12) 360,000 12,000 ds9,000 48,000 8,000 45,000 35,000 30,000 10,800 6,000 1,200 Solve for the following: 1. Taxable Income 2. Tax Due for the year nl

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 14EB: In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You...

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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.
Moisa Evans is a maitre d at Red Rock Club. On September 6, his gross pay was 900 (three days working, one paid vacation day, and one paid sick day). He also reported to his employer tips of 860 for the previous month (applicable taxes to be deducted out of this pay). Evans belongs to the companys 401(k) plan and has 5% of his gross pay (900) deducted each week (salary reduction). Red Rock Club also provides a matching contribution (45) into the plan for Evans. This weeks pay would have a: a. Deduction for OASDI tax_______ b. Deduction for HI tax__________
Amanda Autry and Carley Wilson are partners in A W Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Employers OASDI Tax ________ Employers HI Tax ________
Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.
Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.
Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Employers OASDI Tax ________ Employers HI Tax ________
Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.