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BI WEEKLY Molly is a salaried employee; she makes $42,000 a year and is paid bi-weekly. What is her gross pay?
$42,000/26=$1,615.38
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- An employee with an annual salary of $77278 is paid every month. What is the gross pay per pay period? Report your answer to two decimal places AND with correct units. Answer:1.Calculate the gross earnings per pay period (in $) for the given pay schedule. (Round your answers to two decimal places.) Annual Salary Monthly Semimonthly Biweekly Weekly $45,500 $ $ $ $Employees’ earnings and taxesA weekly payroll summary made from labor time records showsthe following data for Pima Company:HourlyRateHoursEmployee Classification Regular OvertimeTu, H. Direct $12 40 2Dante, J. Direct 12 40 3Jamal, M. Direct 15 40 4Marcus, L. Indirect 9 40Alexander, T. Indirect 18 40Overtime is payable at one-and-a-half times the regular rate of payand is distributed to all jobs worked on during the period.a. Determine the net pay of each employee. The income taxes withheldfor each employee amount to 15% of the gross wages.b. Prepare journal entries for the following:1. Recording the payroll.2. Paying the payroll.3. Distributing the payroll. (Assume that the overtime premiumwill be charged to all jobs worked on during the period.)4. The employer’s payroll taxes. (Assume that none of theemployees has achieved the maximum wage bases for FICAand unemployment taxes.)
- compute number of days sales in receivables round your calculation and answer assume 365 days ina yearAssume an employee has a gross pay of $500 and vacation pay is paid out at 4%. How much extra gross pay does the employee receive on their paycheque? Select one: a. $500 O b. $0 c. $20 d. $480An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday? Debit Credit $5,064.50 Wages Expense Cash $5,064.50 Debit Credit Net Payroll Payable $5,064.50 Cash $5,064.50 Debit Credit Cash $5,064.50 Net Payroll Payable $5,064.50 Debit Credit Cash $5,064.50 Wages Expense $5,064.50 MacBook Air 41M&AINY PILOT G-2 07 30 F3 F4 F5 F6 F7 F8 F9 FI & 4 6 7 8 9. 5 R
- An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday?Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $ 30,300 $1,500 $ $128,400 $ $ $ $ 53,600 2,980 128,400 126,700 3,140 128,400 127,900 2,880 128,400Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $ 30,200 $1,460 $fill in the blank 1 $128,400 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 54,000 2,960 fill in the blank 6 128,400 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 125,700 3,340 fill in the blank 11 128,400 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 127,100 2,940 fill in the blank 16 128,400 fill in…
- Instructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.What Is the annual salary equivalent to a monthly salary of $3253. 12?What is the salary allowances of 47000, and 59000 respec and the balance divided equally