OMA gate With Confidence LOMA 281 Module 4 Exam English 1 of 10 The Axford Company provides a group retirement plan for its eligible employees. This plan, which satisfies the requirements of the Employee Retirement Income Security Act (ERISA), uses a vesting schedule in which new employees have no vested interest in the employer's contributions until they have been employed by Axford for three years, at which time they become 100 percent vested. This information indicates that Axford's group retirement plan uses a vesting schedule known as a O step vesting schedule graded vesting schedule O Keogh vesting schedule O cliff vesting schedule Previous Question 1 77°F Mostly clear Next Question ● Q Search Assessment progress: OL A EN INT
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- Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)4G ". 10:11 O O B 01:58:42 Remaining Multiple Choice An employee has a gross compensation income of P350,000 in 2019. His employer deducted P3,000 SSS, P1,750 Philhealth, P4,500 Home Development Mutual Fund, P2,800 union dues and P60,000 creditable withholding tax. Compute for the gross taxable compensation income of the employee: P277,950 P337,950 P340,750 P350,000 1 of 60 IISection 5-EMPLOYEE DATA: FORM W-4 AND STATE WITHHOLDING 0ALLOWANCE CERTIFICATES How long does a new employee have to submit a completed W-4? How must the employer withhold FIT until the W-4 is received from a new employee? On March 2, 2020, Mischa submits a new W-4. If payday is Friday, what is the date of the first paycheck that must reflect Mischa’s new W-4? On March 23,2020, Paul submits a new W-4. If Paul is paid the last weekday of each month, what is the date of the first paycheck that must reflect Paul’s new W-4? On October 2, 2020, Janet starts a part-time job. She did not owe federal income tax in 2019 and does not expect to earn enough to pay federal income tax for 2020, so she claims exempt from federal income tax withholding on her 2020 Form W-4. Does Janet need to submit a W-4 in 2021? If so, by when—and how does her employer withhold if she does not do this?
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- ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false 142 Upd The Data Company employs John and Jesse. John has worked for Data for 4 years, whereas Jesse has worked for the company for only 18 months. Both are 27 years old. I. John must be eligible to participate in Data's qualified pension plan. II. Jesse must be eligible to participate in Data's qualified pension plan. Oa. Only statement II is correct. Ob. Only statement I is correct. Oc. Both statements are correct. Od. Neither statement is correct. Previous NextPSC 3-6 Calculate Federal Income Tax Withholding Using the Wage-Bracket Method (2020 or Later Form W-4) For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a 2023 Form W-4. Refer to Publication 15-T. 1: James Rowles files as single on his tax return and earned weekly gross pay of $792. For each period he makes a 401(k) contribution of 3% of gross pay. James checked box 2c on Form W-4 and did not enter any information in steps 3-4 of the form. Federal income tax withholding = $ 2: Louise Ames files as married filing jointly on her tax return and earned weekly gross pay of $1,420. She does not make any retirement plan contributions. Louise entered $3,600 on line 4b of Form W-4 and did not enter any information in steps 2 and 3 of the form. Federal income tax withholding = $ 3: Danielle Curtain files as married filing jointly on her tax return and earned weekly gross pay of $1.580 For each period she makes a…nment Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.] Problem 6-4A (Algo) F2 Federal income tax withholding Social Security tax Medicare tax State income tax withholding Gerald Utsey earned $48,700 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix Cand the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. 3 Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answers to 2 decimal places.) JUL 15 80 F3 $ 4 E R Q F4 % 5 DII F8 ( 9 A F9 U I O Help ) 0 Save & Exit F10 P Check my wom 4 F11 Sub { + [ F
- 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 S142,800Use Figure 12.15 to complete the following problem. Roland Inc. employees monthly gross pay information and their W-4 Form withholding allowances follow. Rolands 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 (based on withholdings table) of gross pay, state income tax at 3% of gross pay, and health insurance coverage premiums of $1,000 split 50% employees and 50% employer. Assume each employee files as single, gross income is the same amount each month, October is the first month of business operation for the company, and salaries have yet to be paid. Record the entry or entries for accumulated employee and employer payroll for the month of October; dated October 31.PSA 3-6 Calculate Federal Income Tax Withholding Using the Wage-Bracket Method (2020 or Later Form W-4) For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a 2023 Form W-4. Refer to Publication 15-T. 1 Noah Singer files as married filing jointly on his tax return and earned weekly gross pay of $927. For each period he makes a 401(k) contribution of 5% of gross pay Noah checked box 2c on Form W-4 and did not enter any information in steps 3-4 Federal income tax withholding = $( X 2 Ashley Laughlin files as single on her tax return and earned weekly gross pay of $625. She does not make any retirement plan contributions. Ashley entered $4,000 on line 4b of Form W-4 and did not enter any information in steps 2 and 3 Federal income tax withholding = $ 3 Zoey Segal files as married filing jointly on her tax return and earned weekly gross pay of $1,200 For each period she makes a flexible spending account…