1. The hollowing payroll information is provided for Larry's Limos:EmployeeBill WheelerShelly SpoonerMax DeLucaEnrique RuizWayne HobbsHourlyWage$9$9$10$10$12Receipts from clients (Revenue): $8,400Supplies Expense: $150Vehicle Expense: $60Value of vehicle: $6,000Value of instruments: $3,000a. Excise tax-Larry pays 150% of the hourly wage for hours worked in excess of 40.Larry matches any employee contributions to their IRA.Social Security/Medicare (FICA) rate is 7.65%.State Unemployment Tax (SUTA) rate is 2.5%.Federal Unemployment Tax (FUTA) rate is 0.5%$.What is the total cost of Larry's payroll?2. Your friend, Ringo, performs music in addition to his regular job as anaccountant at Amazon. His financial records for this side business include thefollowing:b. Property tax-#Hrs.3236404650c. Income tax-Ringo has licensed his business with the state as a Limited Liability Company. Heis required to pay excise tax (2% of net income) and property tax (3% of propertyvalue) in addition to additional federal income tax resulting from the net incomeContribution.to IRAof his music business listed on Schedule C. He is also liable for Self-employmenttax at the rate of 15.3% of the net income reported on his Schedule C. If Ringo'smarginal income tax rate (the amount charged for the net income reported onSchedule C) is 18%, how much must he pay in the various taxes listed?None$20$40$40$60d. Self-employment tax-

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1. The hollowing payroll information is provided for Larry's Limos: Employee Bill Wheeler Shelly Spooner Max DeLuca Enrique Ruiz Wayne Hobbs Hourly Wage $9 $9 $10 $10 $12 # Hrs. 32 36 40 46 50 Contribution to IRA None $20 $40 $40 $60 Larry pays 150% of the hourly wage for hours worked in excess of 40. Larry matches any employee contributions to their IRA. Social Security/Medicare (FICA) rate is 7.65%. State Unemployment Tax (SUTA) rate is 2.5%. Federal Unemployment Tax (FUTA) rate is 0.5%$. What is the total cost of Larry's payroll?

1. The hollowing payroll information is provided for Larry's Limos: Employee Bill Wheeler Shelly Spooner Max DeLuca Enrique Ruiz Wayne Hobbs Hourly Wage $9 $9 $10 $10 $12 # Hrs. 32 36 40 46 50 Contribution to IRA None $20 $40 $40 $60 Larry pays 150% of the hourly wage for hours worked in excess of 40. Larry matches any employee contributions to their IRA. Social Security/Medicare (FICA) rate is 7.65%. State Unemployment Tax (SUTA) rate is 2.5%. Federal Unemployment Tax (FUTA) rate is 0.5%$. What is the total cost of Larry's payroll?

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.1: Recording A Payroll

Problem 1OYO

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Problem 2. A weekly payroll summary made from time tickets shows the following data: A weekiy payroii sumimai y mauv - Exemption Status 學了實TT Number of Hours Rate/Hour Regular Overtime 36 Employee Austria, B. Bautista, D. De Santos, M. Motus, R. Reyes, A. Classification Direct Direct Direct Indirect 40 P. 36 45 40 40 3 МЕ МЕ-2 HF 4 30 40 4 Indirect 30 40 HF Overtime is payable at one-and-a-half times the regular rate of pay for an employee. Required a) Determine the net pay for each employee.
Problem 2. A weekly payroll summary made from time tickets shows the following data: A weekiy payroii su mai y mauv uv .- Exemption Status S Number of Hours Classification Direct Direct Rate/Hour Regular Overtime Employee Austria, B. Bautista, D. De Santos, M. Motus, R. Reyes, A. P. 36 40 36 40 3 ME МЕ-2 HF - 4 45 40 Direct Indirect Indirect 30 40 30 40 HF Overtime is payable at one-and-a-half times the regular rate of pay for an employee. Required a) Prepare journal entries for: • recording the payroll. > payment of the payroll. • distribution of the payroll. • the employer's payroll taxes.
Concerning payroll accounting - What is the order of calculation on Quarter-hour method & Hundreth-hour method? For example: IN 8:08 OUT 11:57 IN 12:59 OUT 4:57 IN 9:04 OUT 12:17 IN 1:28 OUT 5:18 IN 7:45 OUT 11:45 IN 12:43 OUT 4:01 IN 7:57 OUT 12:04 IN 1:03 OUT 5:06 Thank you for your assistance. Jewelee Marple
An 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
Completing a payroll register 1 € (30 min) Check Figure Net Pay $2,529.97 P10-2A. Nickels Company of Windsor has five salaried employees. Your task is to record the following information for the last week of March in a payroll register. Use the tables in the chapter appendices to determine deductions. Claim Code 3 1 1 Department Sales Sales Weekly Salary $950 620 980 650 Employee Jenny Quan Frank Sloan Alberta Nobel Office Jeremy Gold Office 4 Assume that each employee contributes $12 per week for union dues.
The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 29. For a compound…
Accounting The payroll summaries for Snowball Sales, Inc. for the first and second quarters of the calendar year show the following salaries: 1st QTR 2nd QTR A. Frozen 2,950.00 5,284.00 U. Icicle 5,498.00 3,765.00 C. Frost 9,489.00 6,995.00 W. Fahrenheit 7,150.00 2,225.00 J. Snow 9,700.00 4,160.00 P. Blizzard 0.00 6,330.00 Total 34,787.00 28,759.00 Record the following transactions in the proper general journal entry form. Descriptions are not required. A template has been provided for your convenience.
Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…
The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA Taxes-OASDI; and $10,300 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,911. The amount withheld for state income taxes…
The entry to recognize the payroll includes a: a. Debit to Salaries & Wages, Regular - P 5,000,000 b. Credit to Cash in Bank -LCCA - P 5,000.000 c. Credit to Cash – MDS, Regular - P 10,000,000 d. Credit to Due to Officers and Employees - P 5,000,000
trying to learn payroll pls explain step by step thank you! Payroll Journal Entry Regular earnings $ 5,860.00 Overtime earnings 890.00 Deductions: Federal income tax 615.00 Social Security tax 418.50 Medicare tax 97.88 Pension plan 70.00 Health insurance premiums 230.00 United Way contributions 120.00 Journalize the above data taken from the payroll register of CopyMasters as of April 15, 20—. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Apr. 15 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 Payroll for week ended April 15 9
Based on the information in the screenshot below, Shaniya's gross compensation for the period will be - (Assume overtime is paid at time and a half.) Run Payroll: Twice a month Pay from Cheding Pay period Pay date Bale $10.000.00 EMPLOYEE PAY METHOD SALARY REGULAR PAY H.. OT HIS PDTIME OFF.. MEMO Mark Abe Paper check $55.000.00/year Morters, Shaniya Paper check AD CD 2.00 530.00/hour Select one: a. $1,290 O b. $1,200 O c. $1,320 d. $1,260 TOTAL PAY Customize table TOTAL HIS 42.00