Saunders Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 5 hours. The direct labor standard wage rate at the firm is $14.50 per hour. Last month, 2,970 direct labor hours were used to prepare 600 tax returns. Total wages were $46,035. Read the requirements. Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) The actual (direct labor) wage rate per hour paid last month is

Saunders Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 5 hours. The direct labor standard wage rate at the firm is $14.50 per hour. Last month, 2,970 direct labor hours were used to prepare 600 tax returns. Total wages were $46,035. Read the requirements. Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) The actual (direct labor) wage rate per hour paid last month is

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Description: 1.What is the actual (direct labor) wage rate per hour paid last month?2.What is the direct labor rate variance?3.What is the direct labor efficiency variance?4.How might the direct labor rate variance for the firm last month be causing the direc

College Accounting (Book Only): A Career Approach

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Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

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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.
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.
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__________
During the third calendar quarter of 20--, the Beechtree Inn, owned by Dawn Smedley, employed the persons listed below. Also given are the employees salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employers portion of FICA tax on the tips was estimated as the same amount. Employees are paid weekly on Friday. The following paydays occurred during this quarter: Taxes withheld for the 13 paydays in the third quarter follow: Based on the information given, complete Form 941 on the following pages for Dawn Smedley. Phone number: (901) 555-7959 Date filed: October 31, 20--
During the third calendar quarter of 20--, Bayview Inn, owned by Diane R. Peters, employed the persons listed below. Also given are the employees salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employers portion of FICA tax on the tips was estimated as the same amount. Employees are paid weekly on Friday. The following paydays occurred during this quarter: Taxes withheld for the 13 paydays in the third quarter follow: Based on the information given, complete Form 941 on the following pages for Diane R. Peters. Phone number: (901) 555-7959 Date filed: October 31, 20--
Sanchez & Vukmin, LLP, is a full-service accounting firm located near Chicago, Illinois. Last year, Sanchez provided tax preparation services to 500 clients. Total fixed costs were $265,000 with total variable costs of $180,000. Based on this information, complete this chart.

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1.	What is the actual (direct labor) wage rate per hour paid last month?
2.	What is the direct labor rate variance?
3.	What is the direct labor efficiency variance?
4.	How might the direct labor rate variance for the firm last month be causing the direct labor efficiency variance?