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Accounting

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Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee.;4?2A.;Employee;No.;Employee Name;Marital;Status;No. of;Withholding;Allowances;Gross Wage;or Salary;Amount;to Be;Withheld;1;Amoroso, A.;M;4;$1,610;weekly;2;Finley, R.;S;0;825;biweekly;3;Gluck, E.;S;5;9,630;quarterly;4;Quinn, S.;M;8;925;semimonthly;5;Treave, Y.;M;3;2,875;monthly;Eaton Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee.;4?4A.;Employee;Marital;Status;No. of;Withholding;Allowances;Payroll Period;W = Weekly;S = Semimonthly;M = Monthly;D = Daily;Wage;Amount to;Be Withheld;Hal Bower;M;1;W;$1,350;Ruth Cramden;S;1;W;590;Gil Jones;S;3;W;675;Teresa Kern;M;6;M;4,090;Ruby Long;M;2;M;2,730;Katie Luis;M;8;S;955;Susan Martin;S;1;D;96;*Jim Singer;S;4;S;2,610;Martin Torres;M;4;M;3,215;*Must use percentage method (Jim Singer ONLY);Damerly Company wants to give a holiday bonus check of $250 to each employee. Since it wants the check amount to be $250, it will need to gross up the amount of the bonus. Calculate the withholding taxes and gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides, being subject to social security taxes and federal income tax (supplemental rate), a 7% California income tax must be withheld on supplemental payments.;4?6A.;(a) $250;1 ? 0.25 (supplemental federal rate) ? 0.062 (OASDI) ? 0.0145 (HI) ? 0.07 (California tax) =;(b) $250/(1 ? 0.3965) =;(c) Gross bonus amount;Federal income tax withheld;OASDI tax withheld;HI tax withheld;California income tax withheld;Take-home bonus check;George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,640. He has just decided to join the company?s Simple Retirement Account (IRA form) and has a few questions. Answer the following;4?11A.;(a) Clausen?s maximum contribution;(b) Kline Company?s contribution (3%);(c) Clausen?s take-home pay with the;retirement contribution deducted;Weekly pay............................................................. $ 820.00;FICA?OASDI..............................................................;FICA?HI.....................................................................;FIT ($820.00 ? $230.77 = $589.23 taxable)............... _________*;State income tax ($820.00 ? 0.023)...........................;Retirement contribution ($12,000 ? 52)................;Take-home pay.......................................................;*Married, 2 allowances.;(d) Clausen?s take-home pay without the;retirement contribution deducted;Weekly pay........................................................... $820.00;FICA?OASDI..........................................................;FICA?HI.................................................................;FIT (on $820.00)......................................................;State income tax ($820.00 ? 0.023)........................;Take-home pay.......................................................

 

Paper#76012 | Written in 18-Jul-2015

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