(18) Mary Matthews made $1,150 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married filing jointly. (Use Wage Bracket Method) Round your answer to two decimal place. 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 theof theIf the Adjusted WageAmount (line lh) is: The- tentativeamount that Amount (line lh) is: Thethe AdjustedWageamount thatthe AdjustedWagewithhold is: percentage- exceeds-tentativeBut less amount to Plus thisBut lessamount toPlus thisAt least- than-withhold is: percentage- exceeds-At least-than-AвDEAВDEMarried Filing JointlyMarried Filing Jointly$477$0$954$0.000%$0$0$0.000%$0$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$0$477$0.000%$0sO$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$88.8422%$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 Svstems With Forms W-4 From 2020 or LaterBIWEEKLY Payroll PeriodIf the Adjusted WageAmount (line 1h) isSingle or Married FilingMarried Filing JointlyHead of HouseholdSeparatelyForm W-4, Step2, CheckboxWithholdingForm W-4, Step2, CheckboxWithholdingForm W-4, Step2, CheckboxWithholdingStandardStandardWithholdingStandardAt leastBut less thanWithholdingWithholdingThe Tentative Withholding Amount is:$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$380$390$400$410$3$15$390$4$16$5$6$7$400$17$410$420$18$420$430$19$0$0$0$0$0$0$0$0$1$2$0$0$0$0$8$9$0$0$0$20$22$24$25$27$430$445$445$460$475$460$11$475$490$12$1$490$505$14$2$0$0$0$0$0$0$0$0$0SO$15$505$520$535$520$535$29$31$33$4$4$5$7$8$10$5$7$8$17$18$20$550$550$565$34$36$565$580$21$10SO$38$40$42$43$45$580$595$595$11$23$1$13$14$16$17$13$610$625$0$0$24$0$0$0$26$27$29$610$14$0$0$625$640$655$16$640$17$0$0$0$0$0$19$20$22$23$25$0$0$0$0$1$47$49$51$52$54$655$670$31$19$20$22$33$35$36$38$670$685$685$700$700$715$23$715$730$25$0$0$0$0$0$40$26$28$29$31$56$58$60$61$63$730$745$26$2$28$29$745$760ירך>$4$42$5$7$8$760$775$44$45$47$775$790$31S790S805$32$32$805$0$0$0$0$34$35$37$38$10$11$13$34$35$37$38$65$67$69$70$72S820$49S820$865$51$865$850$53$850$865$14$54S865S880$0$40$16$56$40$0$0$0$0$17$58$60$62$63$65SS80S895$42$42$74$76$78$79$81S895$910$43$19$43$910$925$940$955$45$20$45$925$47$2$47$940$0so$49$23$49$1$51$67$51$52$83$85$87$8$92$955$970$25$970$985$2$52$26$985$1,000$1,015$1,000$1,015$1,035$69$71$72$75$54$28$29$4$54$5$7$56$8$56$58$31$1,035$1,055$1,075$1,095$1,115$1,055$1,075$1,095$1,115$1,135$9$61$33$77$79$82$61$63$96$1$63$65$68$70$35$37$39$101$13$65$105$15$4$87$68$110$17$41$70$114$73$1,135$1,155$1,175$1,195$1,215$1,155$1,175$1,195$1.215$1,235$118$123$127$132$19$73$75$7$80$82$89$91$43$75$7$80$2$21$45$23$25$27$47$49$94$96$99$51$136888888888888888888888888

Mary Matthews made $1,150 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married filing jointly. (Use Wage Bracket Method) Round your answer to two decimal place.

Mary Matthews made $1,150 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married filing jointly. (Use Wage Bracket Method) Round your answer to two decimal place.

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:...

See similar textbooks

Similar questions

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?
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…
Complete the FWT column (wage-bracket method) and SWT column of the payroll register using the employee data listed below. The associated pay period ends on 09/05/2021 (enter the year using four digits), with paychecks being printed and distributed six days later. Every employee earns hourly overtime wages 1.5 times greater than their regular wage rate. Enter all employees' names in the format Last Name, First Initial (for example: Rick Smith would be written as Smith, R). The state income tax withholding rate is 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding. Note that the Voluntary Withholding column, for which partial information is provided below, has been populated based on the partial information shown here. Luisa Williams earns $7.50/hour, and worked 44 hours during the most recent week. She makes a 401(k) retirement plan contribution of 14% of gross pay each period. Luisa Williams is single, and claims one withholding…
Mastering Payroll 2020 - Section 6-How Employers Withhold and Deposit Federal Taxes 4. Determine when each of the following must deposit its Form 941 tax liabilities.a. Slowque, a monthly depositor, pays employees on Friday. Its total 941 depositobligation for wages paid on September 4, 2020, is $2,000.b. Lopez & Sons, a monthly depositor, pays employees on the 15th and last day of themonth. Its 941 deposit obligation for wages paid on June 26, 2020, is $112,400.
A44. Lauprechta Inc. has the following employees on payroll: Semimonthly Payroll # of Dependents/W-4 Marital Status Naila $6,000 3 Married Wilfred 5,300 2 Married Byron 3,900 0 Single Annie 4,500 1 Single Complete the tables for taxes to be withheld for each pay period using the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later (see appendix).
Sheridan Company’s salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2021 is as follows: 12/31/20 12/31/21Employee advances $ 24000 $ 37000Accrued salaries payable 162000 ?Salaries expense during the year 1420000Salaries paid during the year (gross) 1250000 At December 31, 2021, what amount should Sheridan report for accrued salaries payable? $125000. $175000. $332000. $170000.
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
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 = $
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
Payroll Accounting 2020 by Landin Question: Ed Myers is verifying the accuracy and amount of information contained in the employee records for his employer, Genible Industries. Which of the following items should be present in the employee information? Social Security number. checkedJob title. checkedEmployee address. checkedBirth date, if greater than 19.
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). Carol Harrison (single; 0 federal withholding allowance) earned daily gross pay of $210. For each period, she makes a 401(k) contribution of 13% of gross pay.Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $
Design a salary slip for the month of December 2021 with information given below. Fixed vs variable ratio- 70:30Ctc - 18LBasic- 50%Hra- 20%Da - 12%Travel allowance- 2000Insurance - 2500Incentive- 75% target completionPf 12%Earned leaves - 2LOP - 4 Prepare the assignment in Ms excel