Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 ofForm W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables forManual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems.Number ofDependentsfrom FormMaritalStatusSemimonthlyPayrollW-4NailaWilfredByron$ 6,220$ 5,520$ 4,120320MarriedMarriedSingleAnnie$ 4,3901Head ofHouseholdRequired:Complete the table for taxes to be withheld for each pay period.Note: Round your intermediate computations and final answers to 2 decimal places.Employee Federal Withholding TaxSocial SecurityTaxMedicare TaxTotal TaxesWithheldNailaWilfredByronAnnie

The IRS states that if the total income exceeds the permitted limitations, the employer is required…

Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables fo Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. Number of Dependents Semimonthly Payroll from Form Marital W-4 Status Naila Wilfred Byron $ 6,220 3 Married $ 5,520 2 Married $ 4,120 0 Single Head of Annie $ 4,390 1 Household Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. Employee Federal Withholding Tax Social Security Tax Medicare Tax Total Taxes Withheld Naila Wilfred Byron Annie

Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables fo Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. Number of Dependents Semimonthly Payroll from Form Marital W-4 Status Naila Wilfred Byron $ 6,220 3 Married $ 5,520 2 Married $ 4,120 0 Single Head of Annie $ 4,390 1 Household Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. Employee Federal Withholding Tax Social Security Tax Medicare Tax Total Taxes Withheld Naila Wilfred Byron Annie

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 4PA

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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?
In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. Using the information from EA14 and the additional information provided: A. Record the employer payroll for the month of May, dated May 31, 2017. B. Record the payment in cash of all employer liabilities only on June 1.
Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll: *All Subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, re9eetivety. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. Required: 1. Compute the taxes payable and 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 McLaughlin Manufacturing would like to hire a new employee at a salary of $80,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?
Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. Semimonthly Payroll Number of Dependents from Form W- Marital 4 Status Naila Wilfred Byron $ 6,200 3 Married $ 5,500 2 Married $ 4,100 0 Single Head of Annie $ 4,700 1 Household Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. Employee Federal Withholding Tax Social Security Tax Total Taxes Medicare Tax Withheld Naila $ 0.00 Wilfred $ 0.00 Byron $ 0.00 Annie $ 0.00
Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. Number of Dependents from Form W-4 Semimonthly Payroll $ 6,400 $ 5,120 Marital Status Married 3 Naila Wilfred 2 Married $ 3,720 0 Byron Annie Single $ 4,320 1 Single Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. Employee Federal Withholding Tax Social Security Tax Medicare Tax Total Taxes Withheld Naila Wilfred Byron Annie
Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. Naila Wilfred Byron Annie Semimonthly. Payroll $6,000 $5,300 $ 3,900 $ 4,500 Number of Dependents. from Form W-4 3 2 0 Marital Status Married. Married. Single Single Required: Complete the table for taxes to be withheld for each pay period. disto commutations and final answers to 2 decimal places.
Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the percentage method table for a manual payroll system. Use percentage method tables for a manual payroll systems. Naila Wilfred Byron Annie Employee Naila Wilfred Semimonthly Payroll $ 6,500 $5,140 $ 3,740 $4,340 Byron Anvie Number of Dependents from Form Federal Withholding Tax W.4 3 2 0 Required: Complete the table for taxes to be withheld for each pay period. (Round your intermediate computations and final answers to 2 decimal places.) 1 Marital Status Married Married Single Single Social Security Tax Medicare Tax Total Taxes Withheld
Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. Semimonthly Payroll Number of Dependents from Form W-4 Marital Status Naila $ 6,140 3 Married Wilfred $ 5,440 2 Married Byron $ 4,040 0 Single Annie $ 4,430 1 Head of Household Required: Complete the table for taxes to be withheld for each pay period.
Lauprechta Incorporated has the following employees on payroll: Employees Semimonthly Payroll Number of Dependents from Form W-4 Marital Status Naila $ 6,000 3 Married Wilfred $ 5,300 2 Married Byron $ 3,900 0 Single Annie $ 4,500 1 Head of Household Assume that the employer uses the percentage method table for a manual payroll system. Required: Prepare Form 941 including Schedule B for the first quarter of 2023. Assume that the payroll is consistent every pay period beginning in January through March 31, that pay days are the 15th and the last day of the month, and that all tax deposits were made on a timely basis as required. Lauprechta Incorporated's Employer Identification Number (EIN) is 36-1238975, and its address is 1825 Elkhart Way, Columbus, GA 31904. Assume the company made no provisions for COVID-19 changes in the first quarter. Use percentage method tables for a manual payroll systems.
Stark Company has five employees. Employees paid by the hour earn $14 per hour for the regular 40-hour workweek and $21 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August. a. Complete this payroll register by filling in all cells for the pay period ended August 31. Prepare…
An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday?
Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. C. Gross Pay through Gross Pay for September August 31 $ 5,200 $ 2,400 2,700 132, 100 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay 2,800 8,700 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee.…