Question
In: Accounting
Compute the deductions, net pay, and accumulated gross earnings for each weekly pay period. Assume that...
Compute the deductions, net pay, and accumulated gross earnings for each weekly pay period. Assume that Joseph is single and that $28.25 was withheld for medical insurance (pre-tax) and $20 for his United Way contribution. Use the wage bracket method to determine federal income tax. Round answers to the nearest hundredth. Gross Earnings(650.95) Allow.(1) Fed. Inc. Tax Social Security (6.2%)Medicare (1.45%) Medical Insurance Pre-tax United Way Total Deductions Net Pay Accum. Gross Earnings ($1,558.90)
Solutions
Expert Solution
| Gross Earnings | Allow. | Fed. Inc.Tax | Social Security | Medicare | Medical Insurance Pre tax | United Way | Total Deductions | Net Pay | Accum. Gross Earnings |
| 6.20% | 1.45% | Pre-tax | $1,558.90 | ||||||
| $ 650.95 | 1 | $ 52.53 | $ 40.36 | $ 9.44 | $ 28.25 | $ 20.00 | $ 150.58 | $ 500.37 | $2,209.85 |
| Taxable Income = $700 - $28.25 | $ 622.70 | ||||||||
| Fed.inc.tax =( $622.70 - $184.97) x 12% | $ 52.53 | ||||||||
| Used 2019 wages tax bracket | |||||||||
ekkarill92 answered 1 year agoRelated Solutions
Compute the deductions, net pay, and accumulated gross earnings. Assume that Christina is married and that...
Compute the deductions, net pay, and accumulated gross earnings.
Assume that Christina is married and that $40.50 (pre-tax) was
withheld for medical insurance and $15 for union dues each week.
Use the wage bracket method to determine federal income tax. Round
answers to the nearest hundredth. Gross Earnings (786.95) Allow.(2)
Fed. Inc. Tax Social Security Medicare Medical Insurance Union Dues
Total Deductions Net Pay Accum. Gross Earnings 6.2% 1.45% Pre-tax
$5,055.71
write a two-page paper explaining the key elements of gross pay, net pay, and payroll deductions,...
write a two-page paper explaining the key elements of gross pay,
net pay, and payroll deductions, preparing a payroll register,
maintaining employee earnings records, and paying payroll and
depositing taxes.
For the payroll period ended on June 25, 2013, gross pay was $20,750, net pay was...
For the payroll period ended on June 25, 2013, gross pay was
$20,750, net pay was $12,000, FICA tax withholdings were $3,500,
income tax withholdings were $4,200, and medical insurance
contributions were $1,050.
C++ Task: Compute the weekly pay for each employee at the Wahoo Widget Company. For each...
C++
Task: Compute the weekly pay for each employee
at the Wahoo Widget Company. For each employee, you will calculate
the base pay according to the appropriate salary category, and then
subtract taxes and deductions. Write the program in C++
only.
Input: For each employee, read an employee ID
(a 4-digit integer) and a salary category code (see below). Then
read whatever other information might be needed to compute a net
salary for that person. Because of occasional employee turn-over,...
Develop a C++ program that will determine the gross pay and net pay (after taxes). Each...
Develop a C++ program that will determine the gross pay and net
pay (after taxes). Each employee pays a flat tax of 150.00 on the
first 1000.00 dollars earned. If the employee earns less than
1000.00 dollars then he/she pays no taxes. Taxes are computed at
15.5% on all earnings over 1000.00 dollars if the number of
dependents is 3 or less and 12.5% if the number of dependents are 4
or more.
Sample input/outpt dialog
Enter # of yours...
For each of the following employees, calculate the Social Security tax for the weekly pay period...
For each of the following employees, calculate the Social
Security tax for the weekly pay period described: NOTE: For
simplicity, all calculations throughout this exercise, both
intermediate and final, should be rounded to two decimal places at
each calculation.
1: Ronald McCarthy earned gross pay of $925. Each period he
makes a 401(k) contribution of 6% of gross pay. His current year
taxable earnings for Social Security tax, to date, are $29,500.
Total Social Security tax =
$
2: Jill...
For each of the following employees, calculate the Medicare tax for the weekly pay period described:...
For each of the following employees, calculate the Medicare tax
for the weekly pay period described: NOTE: For simplicity, all
calculations throughout this exercise, both intermediate and final,
should be rounded to two decimal places at each calculation.
1: Mark Dailey's filing status is Married Filing Jointly, and he
has earned gross pay of $3,450. Each period he makes a 403(b)
contribution of 9% of gross pay. His current year taxable earnings
for Medicare tax, to date, are $312,500.
Total...
For each of the following employees, calculate the Medicare tax for the weekly pay period described:...
For each of the following employees, calculate the
Medicare tax for the weekly pay period described:
NOTE: For simplicity, all calculations throughout this exercise,
both intermediate and final, should be rounded to two decimal
places at each calculation.
1:Paul Robinson's filing status is married filing jointly, and
he has earned gross pay of $2,700. Each period he makes a 403(b)
contribution of 7% of gross pay . His current year taxable earnings
for Medicare tax, to date, are $268,000.
Total...
If Sven Company pays employees each Wednesday for the weekly pay period ending the previous Friday,...
If Sven Company pays employees each Wednesday for the weekly pay
period ending the previous Friday, and an entry is made each Friday
to accrue the payroll for that week, the journal entry to record on
payday (Wednesday) would involve a debit to:
Question 8 options:
a)
Wage Expense.
b)
Wages Payable.
c)
Cash.
d)
Cash Expense.
e)
None of these.
On August 1, supplies were purchased. Supplies were debited and
Accounts Payable credited for $2,500. $700 of these supplies...
Q1a. Thomas Fortuna (married; 4 federal withholding allowances) earned weekly gross pay of $765. For each...
Q1a.
Thomas Fortuna (married; 4 federal withholding allowances) earned
weekly gross pay of $765. For each period, he makes a 401(k)
retirement plan contribution of 11% of gross pay.
Using wage-bracket method: Federal income tax withholding =
$_________________
Q1b.
Barbara Houlihan (single; 1 federal withholding allowance) earned
daily gross pay of $310. For each period, she makes a 401(k)
contribution of 11.5% of gross pay.
Using wage-bracket method: Federal income tax withholding = $
______________
Using percentage method: Federal income...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Toady and Froggy were running a vegan cafe together. The business was having financial difficulties.Betelguese, who...
- 1. The following questions concern Jesse Gelsinger who suffered from partial OTC. a. In the...
- Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales...
- TzeMay was one of the first women engineering students at ABC University. She graduated in 1995...
- Use the following information to calculate these various solvency measures: a) NWC, B) WCR, c) Current...
- The files SpeedControl.java and SpeedControlPanel.java contain a program (and its associated panel) with a circle that...
- Calculate the ideal age of a spouse. Enter either m or f from the keyboard in...
ADVERTISEMENT