Carson Smart (married filing jointly) is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. How much would be deducted from his pay for federal income tax (using the wage-bracket table)?
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(10) Carson Smart (married filing jointly) is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. How much would be deducted from his pay for federal income tax (using the wage-bracket table)?
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- Exhibit 4-1: Use the tables on the following pages to calculate the answers to the problems listed. Assume Forms W-4 from 2020 or Later using Standard Withholding. 2022 Wage Bracket Method Tables for Manual Payroll Systems with Forms W-4 From 2020 or Later BIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is At least $390 $400 $410 $420 $430 $440 $450 $465 $480 $495 $510 $525 $540 $555 $570 $585 $600 $615 $630 $645 $660 $675 $690 $705 $720 $735 $750 $765 $780 $795 $810 $825 $840 $855 $870 $885 $900 $915 $930 $945 $960 $975 $990 $1,005 $1,020 $1,035 $1,050 But less than $400 $410 $420 $430 $440 $450 $465 $480 $495 $510 $525 $540 $555 $570 $585 $600 $615 $630 $645 $660 $675 $690 $705 $720 $735 $750 $765 $780 $795 $810 $825 $840 $855 $870 $885 $900 $915 $930 $945 $960 $975 $990 $1,005 $1,020 $1,035 $1,050 $1,070 $1,090 $1,070 $1,090 $1,110 $1,130 $1,110 $1,130 $1,150 $1,150 $1,170 $1,190 $1,210 $1,170 $1,190 $1,210 $1,230 Married Filing Jointly Standard withholding…Exhibit 4-1: Use the tables on the following pages to calculate the answers to the problems listed. Assume Forms W-4 from 2020 or Later using Standard Withholding. 2022 Wage Bracket Method Tables for Manual Payroll Systems with Forms W-4 From 2020 or Later BIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is At least $390 $400 $410 $420 $430 $440 $450 $465 $480 $495 $510 $525 $540 $555 $570 $585 $600 $615 $630 $645 $660 $675 $690 $705 $720 $735 $750 $765 $780 $795 $810 $825 $840 $855 $870 $885 $900 $915 $930 $945 $1,005 $1,020 $1,035 $1,050 $1,070 $1,090 $1,110 But less than $1,130 $1,150 $1,170 $1,190 $400 $410 $420 $430 $440 $450 $465 $480 $495 $510 $525 $540 $555 $570 $585 $600 $615 $630 $645 $660 $675 $690 $705 $720 $735 $750 $765 $780 $795 $810 $825 $840 $855 $870 $885 $900 $915 $960 $975 $990 $1,005 $930 $945 $960 $975 $990 $1,020 $1,035 $1,050 $1,070 $1,090 $1,110 $1,130 $1,150 $1,170 $1,190 $1,210 $1,210 $1,230 Married Filing Jointly Standard withholding…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?
- Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". Round your calculations and final answers to the nearest cent. Table of Allowance Values for 2019 Weekly 80.80 Biweekly 161.50 Semimonthly 175.00 Monthly 350.00 Quarterly 1,050.00 Semiannual 2,100.00 Annual 4,200.00 Daily/Misc. 16.20 Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". Round your calculations and final answers to the nearest cent. EmployeeNo. Employee Name MaritalStatus No. of WithholdingAllowances Gross Wageor Salary Amount to BeWithheld 1 Amoroso, A. M 0 $1,610 weekly $ 2 Finley, R. S 0 825 biweekly 3 Gluck, E. S 2 9,630 quarterly 4 Quinn, S. M 8 925 semimonthly 5 Treave, Y. S 2 2,875 monthlyPayroll Accounting 2020 by Landin Question: Ed Myers is verifying the accuracy and amount of information contained in the employee records for his employer, Genible Industries. Which of the following items should be present in the employee information? Social Security number. checkedJob title. checkedEmployee address. checkedBirth date, if greater than 19.a. Use the percentage method to calculate the amount of Sophie's withholding for a monthly pay period. Sophie's withholding: Feedback b. Use the wage bracket method to determine the amount of Sophie's withholding for the same period. Feedback c. Use the percentage method assuming Sophie completed a post-2019 Form W-4 and checked only the single box in Step 1(c). Feedback d. Use the wage bracket method using the same assumptions in part c of this question. %24
- Using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C, calculate the federal withholding amounts for the following employees. No box was checked in Step 2, and no additional information was included in Step 4 (Round your intermediate calculations and final answers to 2 decimal places.) Pay Frequency Amount per Pay Period Federal Income Tax Employee Filing Status Dependents L. Abbey Head of Household 2 <17 Semimonthly $ 4,300 G. Narleski Married/Joint None Weekly $ 2,000 T. Leider Single None Monthly 4,200Payroll Accounting 2020 by Landin Question: Lila Rivera is a new employee for Divera Glass. Which federal forms must she complete as part of the hiring process? Here is my answer, is it correct? SS-8 uncheckedI-9 checkedW-2 uncheckedW-4 checkedUsing the percentage method for manual payroll with W 4s from 2020 or later in Appendix C calculate the federal withholding amounts for the following employees. No information was included in Step 4 of the W 4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) Pay Frequency Amount per Fedei Employee Filing Status Dependents Pay Period Income S. Calder MJ Three <17 Monthly 24 10,600 P Singh HH One <17 Biweekly 2$ 3,360 B. Nelson MJ None Daily 2$ 508
- Assuming situation a, prepare the employer's September 30 journal entries to record salary expense and its related payroll ilabilities for this employee The employee's federal income taxes withheld by the employer are $70 for this pay period. (Round your answers to 2 decimal places) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Federal income tax FICA Social Security FICA Medicare View transaction Bat Vw general JournalUsing the percentage method for manual payroll with W-4s from 2020 or later in Appendix C calculate the federal withholding amounts for the following employees. No information was included in Step 4 of the W-4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) Employee S. Calder P. Singh B. Nelson Filing Status MJ HH MJ Dependents Three <17 One <17 None Pay Frequency Monthly Biweekly Daily Amount per Pay Period $ $ $ 10,600 3,360 508 Fedel IncomeCalculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name CurrentEarnings UnemploymentCompensation SocialSecurity Aus, Glenn E. $720 $190 $720 Diaz, Charles K. 370 360 370 Knapp, Carol S. 1,240 - 1,240 Mueller, Deborah F. 850 125 850 Yeager, Jackie R. 900 35 900