1. Amazon Appliance Company has three installers. Larry earns $355 per week, Curly earns $460 per...

1. Amazon Appliance Company has three installers. Larry earns $355 per week, Curly earns $460 per week, and Moe earns $585 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings.

a. How much SUTA and FUTA tax does Amazon owe for the first quarter of the year?

SUTA: $

FUTA: $

b. How much SUTA and FUTA tax does Amazon owe for the second quarter of the year?

SUTA: $

FUTA: $

2.

As the payroll manager for Stargate Industries, your task is to complete the following weekly payroll record. The company pays overtime for all hours worked over 40 at the rate of time-and-a-half. Round to the nearest cent when necessary.

Employee	M	T	W	T	F	S	S	Hourly Rate	Total Hours	Overtime Hours	Regular Pay	Overtime Pay	Total Pay

Sands	6	5	9	8	10	7	0	$9.50			$	$	$

Expert Solution

Colby Messinger answered 2 years ago

company has three employees, each of whom has been employed since January 1, earns $3,100 per...

company has three employees, each of whom has been employed since January 1, earns $3,100 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees’ Income Taxes Payable, $1,200.10 (liability for February). b. EI Payable, $450.51 (liability for February). c. CPP Payable, $795.62 (liability for February). d. Employees’ Medical Insurance Payable, $1,760.00 (liability for January and February). During March and April, the company completed...

25. There are no taxes on the first $500 that Debra earns per week, but on...

25. There are no taxes on the first $500 that Debra earns per week, but on income above $500 per week, she must pay a 60% tax. Debra’s job pays $10 per hour. Her utility function is U(c, r) = rc2, where r is hours of leisure and c is dollars worth of consumption. She has 100 hours to divide between work and leisure. How many hours per week will she choose to work? a. 66.66 b. 50 c. 40...

A company has three employees, each of whom has been employedsince January 1, earns $3,600...

A company has three employees, each of whom has been employed since January 1, earns $3,600 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. a. Employees’ Income Taxes Payable, $1,393.70 (liability for February). b. EI Payable, $576.68 (liability for February). c. CPP Payable, $923.32 (liability for February). d. Employees’ Medical Insurance Payable, $1,960.00 (liability for January and February). During March and April, the company...

Suppose that a consumer earns wage income of $450 per week, and 52 weeks per year...

Suppose that a consumer earns wage income of $450 per week, and 52 weeks per year a. Construct a yearly income-leisure constraint. b. If the consumer chooses 20 weeks for work, graphically explain this choice of work and leisure behavior. c. The government considers to offer an income supplement program of $200 per week, or the maximum of $10400 per year for this consumer. If the government wants to avoid detracting from this consumer’s current motivation to work, what policy...

A company has three employees, each of whom has been employed since January 1, earns $3,600...

A company has three employees, each of whom has been employed since January 1, earns $3,600 per month, and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger. Employees’ Income Taxes Payable, $1,393.70 (liability for February). EI Payable, $430.27 (liability for February). CPP Payable, $982.58 (liability for February). Employees’ Medical Insurance Payable, $1,960.00 (liability for January and February). During March and April, the company completed the following related...

A man has $380000 invested in three rental properties.One property earns 7.5% per year on the...

A man has $380000 invested in three rental properties.One property earns 7.5% per year on the investment, the second earns 8% and the third earns 9%. The total annual earnings from the three properties is $ 32,000 and the amount invested at 9% equals the sum of the first two investments. Let x equal the investment at 7.5%, y equal the investment at 8%,and z represent the investment at 9%. A.Solve the system of equations to find how much is...

For 2018, John earns $3,000 per month and has three dependent children. He is divorced and...

For 2018, John earns $3,000 per month and has three dependent children. He is divorced and claims five allowances on his Form W-4. Calculate John's withholding using: (1) percentage method and (2) wage bracket method. Do not round your intermediate computations. Round your final answer to two decimal places. Click here to access the withholding tables. Table for Allowances Amount per Circular E. Pay period 2018 Allowance Amount Weekly $ 79.80 Biweekly 159.60 Semimonthly 172.90 Monthly 345.80 Quarterly 1,037.50 Semiannually...

. Larry Kraft owns a restaurant that is open 7 days a week. He has 25...

. Larry Kraft owns a restaurant that is open 7 days a week. He has 25 full-time employees, but he has fairly high employee turnover. He believes that he can stabilize his workforce if he has a pension plan for his employees. Larry hears about a small business retirement plan called the SIMPLE IRA. a) What are the qualifications and limitations for him to establish this plan? b) What is another type of plan that he could offer and...

Bruce has found himself in a difficult situation as his rent has risen to $460 per...

Bruce has found himself in a difficult situation as his rent has risen to $460 per week. He owes $22,000 on his credit card (5% of the balance to be paid each month), has a study debt of $20,000 and makes monthly repayments of $350 on a personal car loan (principal balance of $25,000). His basic living expenses are currently about $14,000 per annum, but he often exceeds this amount by overspending on luxury items. Bruce is finding it hard...

Fred currently earns $9,000 per month. Fred has been offered the chance to transfer for three...

Fred currently earns $9,000 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $10,000 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $107,600. 1. How much U.S. gross income will Fred report if he accepts the assignment abroad on January 1 of next year and works overseas for the entire year? Income reported:...

Question