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- 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.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 $250 to each employee. Since it wants the check amount to be $250, 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.
- 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 $K Herbert Sampson manages a Dairy World drive-in. His straight-time pay is $18 per hour, with time-and-a-half for hours in excess of 40 per week. Sampson's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $9 for a charitable contribution to United Way. Sampson worked 54 hours during the week. i (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Sampson's gross pay and net pay for the week. Assume earnings to date are $13,000. (Round all amounts to the nearest cent.) Begin by computing Sampson's gross pay for the week. Gross Pay More info xt pages For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Get…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…
- Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.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.Andrew makes $40,000 per year and gets paid twice a month. Calculate his take-home pay for one paycheck ( a tax rate of 20%) on June 30. Label all payroll deductions and show your calculations.Make journal entries for both the employee and employer payroll contributions for the June 30th payroll cycle.On July 14th, the bookstore remits payroll to the CRA for the entire month of June. Make the necessary journal entry/entries.
- Sky Company employed Tom Mills in Year 1. Tom earned $5,900 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $870 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee other information - Tom's net pay per month= 4587.50 - tom's monthly FICA tax= 442.50 -total payroll tax expense for january, feb, march and dec. year 1= jan= 796.50, feb = 508.50, march= 442.50, dec= 442.50Herbert Sully manages a Frosty Boy drive-in. His straight-time pay is $20 per hour, with time-and-a-half for hours in excess of 40 per week. Sully's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $6 for a charitable contribution to United Way. Sully worked 56 hours during the week. (Click the icon to view payroll tax rate information) Read the requirements Requirement 1. Compute Sully's gross pay and net pay for the week. Assume earnings to date are $14,000. (Round all amounts to the nearest cent.) Begin by computing Sully's gross pay for the week. Gross PaySky Company employed Tom Mills in Year 1. Tom earned $5,900 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $870 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee