PAYROLL ACCOUNTING 2019
19th Edition
ISBN: 9780357323304
Author: BIEG
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Question
Chapter 4, Problem 6PA
To determine
Calculate the withholdings taxes and the gross amount of bonus to be made to Employee JR.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Damerly Company (a Utah employer) wants to give a holiday bonus check of $325 to each employee. Since it wants the check amount to be $325, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 4.95% Utah income tax must be withheld on supplemental payments.
Enter deductions beginning with a minus sign (-). You may need to adjust by a penny (subtract or add) to the gross amount to get net pay to calculate exactly to $325.00. Round your calculations and final answers to the nearest cent.
As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding…
Damerly Company (a Utah employer) wants to give a holiday bonus check of $125 to each employee. Since it wants the check amount to be $125, it will need to
gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year
are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 4.95% Utah income tax must be withheld on supplemental
payments.
Enter deductions beginning with a minus sign (-). You may need to adjust by a penny (subtract or add) to the gross amount to get net pay to
calculate exactly to $125.00. Round your calculations and final answers to the nearest cent.
As we go to press, the federal income tax rates for 2024 are being determined by budget talks in Washington, and are not available for publication.
For this edition, the 2023 federal income tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard…
Damerly Company (a Utah employer) wants to give a holiday bonus check of $350 to each employee. Since it wants the check amount to be $350, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 4.95% Utah income tax must be withheld on supplemental payments.
Enter deductions beginning with a minus sign (-). You may need to adjust by a penny (subtract or add) to the gross amount to get net pay to calculate exactly to $350.00. Round your calculations and final answers to the nearest cent.
Gross bonus amount
$
Federal income tax withheld
OASDI tax withheld
HI tax withheld
Utah income tax withheld
Take-home bonus check
$
Chapter 4 Solutions
PAYROLL ACCOUNTING 2019
Ch. 4 - Prob. 1SSQCh. 4 - Prob. 2SSQCh. 4 - Prob. 3SSQCh. 4 - Prob. 4SSQCh. 4 - Prob. 5SSQCh. 4 - Prob. 6SSQCh. 4 - Prob. 1MQCh. 4 - Prob. 1QRCh. 4 - Prob. 2QRCh. 4 - Prob. 3QR
Ch. 4 - What is the maximum contribution that an employer...Ch. 4 - Prob. 5QRCh. 4 - Prob. 6QRCh. 4 - Prob. 7QRCh. 4 - Prob. 8QRCh. 4 - Prob. 9QRCh. 4 - Prob. 10QRCh. 4 - Prob. 11QRCh. 4 - Prob. 12QRCh. 4 - Prob. 13QRCh. 4 - Trowbridge Company has just completed the...Ch. 4 - Prob. 15QRCh. 4 - Prob. 16QRCh. 4 - Prob. 17QRCh. 4 - Prob. 18QRCh. 4 - Prob. 19QRCh. 4 - Prob. 20QRCh. 4 - Prob. 1QDCh. 4 - Prob. 2QDCh. 4 - Prob. 3QDCh. 4 - Prob. 4QDCh. 4 - Prob. 5QDCh. 4 - Justin Holmes, an ex-employee, is entitled to a...Ch. 4 - Prob. 1PACh. 4 - Prob. 2PACh. 4 - Prob. 3PACh. 4 - Prob. 4PACh. 4 - Prob. 5PACh. 4 - Prob. 6PACh. 4 - Prob. 7PACh. 4 - Prob. 8PACh. 4 - Prob. 9PACh. 4 - Mattola Company is giving each of its employees a...Ch. 4 - Prob. 11PACh. 4 - Prob. 12PACh. 4 - Prob. 13PACh. 4 - Prob. 1PBCh. 4 - Prob. 2PBCh. 4 - Prob. 3PBCh. 4 - Prob. 4PBCh. 4 - Prob. 5PBCh. 4 - Prob. 6PBCh. 4 - Prob. 7PBCh. 4 - Prob. 8PBCh. 4 - Prob. 9PBCh. 4 - Harrington Company is giving each of its employees...Ch. 4 - Prob. 11PBCh. 4 - During the fourth quarter of 2019, there were...Ch. 4 - Prob. 13PBCh. 4 - Prob. 1CPCh. 4 - Prob. 2CP
Knowledge Booster
Similar questions
- Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.arrow_forwardLemur 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.arrow_forwardYoungston Company (a massachusetts employer) wants to give a holiday bonus check of $750 to each employee. Since it wants the check amount to be $750, it will need to gross-up the amount of the bonus. Calculate the withhholding taxes and the gross amount of the bonus to be made to Genna Fredrich if her earnings for the year are $55,920. Besides being subject to social security taxes and federal income tax (supplemental rate),a 5.1% Massachusetts income tax must be withheld on supplemental payments. (a)__ (b)_ (c).arrow_forward
- Youngston Company (a Massachusetts employer) wants to give a holiday bonus check of $750 to each employee. Since it wants the check amount to be $750, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to Genna Fredrich if her earnings for the year are $55,920. Besides being subject to social security taxes and federal income tax (supplemental rate), a 5.00% Massachusetts income tax must be withheld on supplemental payments........? Compute the gross bonus amount and various amounts deducted to arrive at the net bonus check of $750. Present your computation vertically in a single column. Show supporting computations.arrow_forwardVicky Le, an employee of Sweet Shoppe Industries, receives a bonus of $3,700 for her stellar work. Her boss wants Vicky to receive $3,700 on the check. She contributes 3 percent of her pay in a pre-tax deduction to her 401(k).Required:Calculate the gross pay amount that would result in $3,700 paid to Vicky. (The tax rate on bonuses is 22 percent. Social Security (6.2%) and Medicare taxes (1.45%) must be added to this rate.) (Do not round intermediate calculations. Round your final answer to 2 decimal places.)arrow_forwardmattola company is giving each of its employees a holiday bonus of $100. what will be the gross amount of each employee pays a state income tax of 2.8%arrow_forward
- Suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the Social Security maximum base amount is $128,400, how much will be withheld during the year for the coach's Social Security and Medicare taxes? (Round your answers to the nearest dollar amount.)arrow_forwardProblem #4 Youngston Company (a Massachusetts employer) wants to give a holiday bonus check of $750 to each employee. Since it wants the check amount to be $750, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to Genna Fredrich if her earnings for the year are $55,920. Besides being subject to social security taxes and federal income tax (supplemental rate), a 5.05% Massachusetts income tax must be withheld on supplemental payments $ Problem #5 Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery: a. What is the maximum that she can contribute into this retirement fund? $ b. What would be the company's contribution? $ c. What would be her weekly take-home pay with the retirement contribution deducted (married filing jointly,…arrow_forwardThere is a cap on the amount that an employee or employer has to pay for Social Security contributions. The cap for the 2023 tax year is $9,932.40. How much money would someone have to earn for that amount to be 6.2% of their income?arrow_forward
- Employees in 2020 pay 6.2% of their gross wages towards social security (FICA tax), while employers paid another 6.2%. How much social security tax will be paid on an income of $65,000 a year? (Enter your answer rounded as a whole number.arrow_forwardRequired: Compute the net pay for Eve Khan and Marn Hart. Assume that they are paid a $2.710 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Eve: Box 2 is not checked, and the dependents are under 17. Note: Round your Intermediate calculations and final answers to 2 decimal places. Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Marn Hart-cafeteria plan Name Eve Khan-no cafeteria plan Eve Khan-cafeteria plan Marn Hart-no cafeteria plan Mar Hart-cafeteria plan Filing Status Gross Earnings MJ MJ S S $ $ $ Dependents $ 2.710.00 $ 2,710.00…arrow_forwardA citizen receives a notification from the CRIM specifying that his tax obligation is $3,000 per year ($1,500 per semester). This citizen pays on the 160th day after notification. How much will this citizen end up paying?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College