Calculate Payroll

Donohue Professional Services has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:

For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $340.44 to 28% of the difference between the employee's amount subject to withholding and $1,687.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70.

Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places.

Calculate Payroll

Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:

For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70.

Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places.

Calculate Payroll

2. Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:

For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70.

Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places.

What are territorial collective goods, and what is their effect?

What is the master and servant relationship in collective agreements

Cupid's Kiss Limited (“CK”) was founded in early 1980s focusing on the manufacturing and trading of baby food and snacks in Hong Kong. After years of development, CK is now one of the well-known baby food producers in Asia. You are the audit manager-in-charge of the audit of CK’s financial statements for the year ended 30 September 2020. The audit is substantially completed. After reviewing the audit documentation, you and your audit partner are satisfied with the audit. There are no significant issues or difficulties encountered in the audit. It has been agreed with CK that the auditor’s report for the year ended 30 September 2020 will be authorised and approved in mid-November 2020. Just a week before the planned approval date of the auditor’s report, you read a news headline: “A popular product of Cupid's Kiss is proven to contain toxic ingredients with a high risk of causing health problems as the raw materials were contaminated. Cupid’s Kiss announced an immediate product recall.”

Required:
(a) Determine and explain whether Cupid’s Kiss toxic ingredients problem is an adjusting event or a non-adjusting event. Discuss its implications to its financial statements for the year ended 30 September 2020.

(b) Suggest relevant audit procedures in response to Cupid’s Kiss toxic ingredients problem.

(c) Determine and explain the auditor’s obligation to follow up on the toxic ingredients problem if the news is only known by the auditor after the issuance of the auditor’s report and the financial statements.

Malik is a doctor in the emergency department at Sacramento City Hospital. Malik is unmarried and has an 8-year-old daughter. In 2020, Malik's employer provided Malik with a $5,000 qualified disaster relief payment to help Malik pay for the cost of hiring a nanny when Malik's daughter's school was closed due to the Covid-19 pandemic. Malik still needed to work during this time, so it was necessary for him to secure alternate child care for his daughter. What amount of the $5,000 qualified disaster relief payment will Malik include in his 2020 gross income?

Cullumber Corporation had 102,000 common shares outstanding on December 31, 2019. During 2020, the company issued 12,000 shares on March 1, retired 6,800 shares on July 1, issued a 20% stock dividend on October 1, and issued 18,300 shares on December 1. For 2020, the company reported net income of $408,000 after a loss from discontinued operations of $64,000 (net of tax). The company issued a 2-for-1 stock split on February 1, 2021, and the company’s financial statements for the year ended December 31, 2020, were issued on February 28, 2021.

Calculate earnings per share for 2020 as it should be reported to shareholders. (Round answer to 2 decimal places, e.g. 15.75.)

In August 2010, Massachusetts enacted a 150-day right-to-cure period that mandates that lenders give homeowners who fall behind on their mortgage an extra five months to become current before beginning foreclosure proceedings. Policymakers claimed that the policy would result in a higher proportion of delinquent borrowers becoming current on their mortgages. To test this claim, researchers took a sample of 244 homeowners in danger of foreclosure in the time period surrounding the enactment of this law. Of the 100 who fell behind just before the law was enacted, 30 were able to avoid foreclosure, and of 144 who fell behind just after the law was enacted, 48 were able to avoid foreclosure. Let p1 and p2 represent the proportion of delinquent borrowers who avoid foreclosure just before and just after the right-to-cure law is enacted, respectively. Assuming α = 0.10, does the evidence support the policymakers' claim?

Group of answer choices

Yes, because the test statistic value is greater than the critical value.

No, because the p-value is greater than the significance level.

Yes, because the p-value is less than the critical value.

No, because the test statistic value is less than the critical value.