10intsExemptBenefit InformationFederal FICAHealth InsuranceYesYesLife InsuranceYesYesLong-term CareYesYesFSAYesYes401(k)YesNoGymNoNoOwner's nameAddressPhoneReturn to questionNumber of employeesGross quarterly wages (exclusive of fringe benefits)Federal income tax withheld401(k) contributionsSection 125 withheldGym Membership (add to all taxable wages, not includedabove)Month 1 DepositToni Prevosti820 Westminster Road, Bridgewater, VT 05520.802-555-34568$ 38,720.96$ 469.00$ 1,514.27$ 4,080.00$ 90.00$ 0.00Month 2 DepositMonth 3 DepositRequired:$ 2,691.49$ 3,091.35Complete Form 941 for Prevosti Farms and Sugarhouse. Prevosti Farms and Sugarhouse was assigned EIN 22-6654454.Note: Instructions on format can be found on certain cells within the forms.Answer is not complete.

Answer image:An essential part of creating financial statements for Prevosti Farms and Sugarhouse is…

Answered: 1 0 ints Exempt Benefit Information…

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

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 1MQ

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Question 21: If an employee's wages exceed the Social Security wage base for the year, is entered in box 4 (Social security tax withheld) of Form W-2. Answer: A. O so В. O $7,000 С. O $8,853.60 D. O S142,800
FIGURE 13-3 40. An employee earns a gross wage represented as W. The employee's payroll deductions are shown in Figure 13-4. What is the employee's net wage? Type of Deduction Amount of Deduction Federal Income Tax 0.22W Social Security 0.076W Health and Accident Insurance 0.065W Retirement 0.05W Miscellaneous 0.042W ⒸCengage Leaming 2013
1. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer: A. Asset B. Liability C. Revenue D. Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act 2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer: A. flexible spending account B. Payroll Deduction IRA C. SIMPLE IRA plan D. 403(b) plan
2021 DATA ON COMPENSATION INCOME taken from the BIR form 2316 which your employer provided to you: Basic salary Overtime pay Holiday pay Cost of living allowance Mandatory contributions to SSS, PHIC, etc De minimis within ceiling P732,000 34,000 56,000 70,000 38,000 30,000 Excess de minimis none 13th month pay 14th month pay Other benefits and bonuses 65,000 65,000 35,000 The employer CORRECTLY withheld the income tax from compensation. No income tax still due and payable remaining. 2021 DATA ON YOUR PRACTICE OF PROFESSION and other income: 1st Quarter 2nd Quarter 66,000 10,000 3rd Quarter 50,000 10,000 4th Quarter 75,000 55,000 10,000 Fees Rental expense Transportation 10,000 2,000 3,000 2,000 2,000 expenses Taxes and licenses Rental income 8,000 2,000 2,000 2,500 (vacant property considered capital asset) as 25,000 25,000 25,000 25,000 Interest income from bank time deposits 3,000 3,000 3,000 3,000 Income taxes for the 1st THREE QUARTERS have been correctly computed and paid within…
Date: Name: Exercise 9.2 A. Find the employer's FICA deductions for each of the following employees. B. Find the amounts of the FUTA taxes for the current pay period for each of the following employees. FUTA Employee Year-to-Date Current Social Security Medicare Subject to FUTA Gross F. Todd $6,959.28 $1,088.64 T. Stanley $7,882.51 $827.44 R. Manley $7,136.44 $1,528.99 F. Chastain $6,485.47 $952.38
Corporation amends its pension plan on 1/1/20. The following information is available: 1/1/20 before amendment 1/1/20 after amendment Accumulated benefit obligation P 950,000 P1,425,000 Projected benefit obligation 1,300,000 1,900,000 The past service cost as a result of this amendment is A P125,000 B P475,000 C P950,000 D P600,000
Part V. Self-Employment Tax Computation 2019 Net Schedule-C income (from page 2): 184880, Employment Tax: Social security tax = (The lesser of Net Sch-C income or $132,900)*12.4%, round up to nearest dollar: tax = (Net Schedule-C business income)*92.35%*2.9%, round up to nearest dollar: --- Employment Tax 2019 Self- %3D Medicare Total Self- ----
Employee SUTA Contributions Some states impose a contributions requirement on employees in addition to the contributions made by the employer. Computing an employee's withholding is computationally no different than an employer's... taxable wages (those under the cap) times the state rate for employees. Let's investigate an individual that lives in New Jersey whose monthly wages equal $2,470 and whose earnings to date have not exceeded the New Jersey cap of $ Description Calculation 1. Looking at the chart, in the Employee column, it provides the employee withholding rate (0.705% in New Jersey) and the withholding taxable wage cap. 2. Taxable wages 3. New Jersey employee rate 4. Employee SUTA tax, rounded to the nearest cent $2,470 0.705% $17.41 Making It Work Using the amalgamated State SUTA chart, complete the following. Note: Round all amounts to the nearest cent. Akia Hayden lives in Alaska and has wages of $725.33 per week and has not exceeded the SUTA cap of $ Employee: Hayden,…
Data: Gross salary 900,000; SSS/Philhealth/PAG-IBIG contributions 45,000. How much is the gross compensation? How much is the exclusions from gross income? How much is the taxable compensation?
The following information relates to the pension plan for the employees of Ivanhoe Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9440000 $ 9860000 $ 12800000 Projected benefit obligation 9965000 10658000 14207000 Fair value of plan assets 9125000 11120000 12254000 AOCI – net (gain) or loss -0- (1532000 ) (1700000 ) Settlement rate (for year) 11% 11% Expected rate of return (for year) 8% 7% Ivanhoe estimates that the average remaining service life is 16 years. Ivanhoe's contribution was $1343000 in 2021 and benefits paid were $1007000.The actual return on plan assets in 2021 is $2141000. $1134000. $336000. $798000.
Question 1 Listen Which of the following statements about TFSAs are true? 1. Withdrawals from a TFSA are not taxable in the year of withdrawal. 2. Withdrawals from a TFSA impact eligibility for income-tested government benefits 3. The amount that is withdrawn from a TFSA is added back to one's TFSA contribution room on January 1st of the following year. 4. A TFSA must be converted to another retirement income fund in the year that one reaches age 71. 1 and 2 only 2 and 3 only 3 and 4 only 1 and 3 only
The following information relates to the pension plan for the employees of Oriole Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9540000 $ 9960000 $ 12900000 Projected benefit obligation 10065000 10758000 14307000 Fair value of plan assets 9225000 11220000 12354000 AOCI – net (gain) or loss -0- (1542000 ) (1710000 ) Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 6% Oriole estimates that the average remaining service life is 16 years. Oriole's contribution was $1353000 in 2021 and benefits paid were $1017000.The corridor for 2021 is $673200. $1430700. $1122000. $858420.

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