The Standard Corporation paid wages of $140,000 to it chief accountant in 2020. Determine the amount withheld from his wages for (i) social security and (ii) Medicare
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The Standard Corporation paid wages of $140,000 to it chief accountant in 2020. Determine the amount withheld from his wages for (i) social security and (ii) Medicare
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- During 2019, Matti Conner, president of Maggert Company, was paid a semimonthly salary of 6,000. Compute the amount of FICA taxes that should be withheld from her:For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.Reese works in Prince Edward Island and has 2022 payroll totals of regular earnings of $62,700.00, vacation pay of $2,680.00, overtime pay of $518.00, interest-free loan taxable benefit of $780.00, group term life insurance taxable benefit of $314.00, pension adjustment of $2,880.00 and employee contributions to a Registered Retirement Savings Plan of $1,890.00. Calculate the total to be recorded in Box 14 of Reese's T4 information slip. Your answer: 66992
- Mr. Li is employed by BDF Incorporated. Assume that in the year 2023, the Social Security base amount increases to $150,000. Required: Compute BDF’s 2023 employer payroll tax with respect to Mr. Li assuming that his annual compensation is $60,000. Compute BDF’s 2023 employer payroll tax with respect to Mr. Li assuming that his annual compensation is $200,000.Ann is an employee of Nike She is paid her monthly salary of $10,000 on December 31, 2023. Personal income taxes are deducted and withheld by the employer amounting to $4,000. Canada Pension Plan (CPP) deductions of $495, union dues of $20, employment insurance premiums (El) of $130, and private health insurance premiums of $100 are also deducted. Nike is required to contribute the following amounts to the applicable agency by January 15 of the next year: CPP 100% of employee deductions El 140% of employee deductions Private health insurance 200% of employee deductions Post-retirement benefits $1,000 Required: 1. Prepare a transactions worksheet to record the events on December 31 and January 15. 2. Calculate the amount of compensation expense that would be reported on nike 2023 income statement. 3. Calculate nike cash outflow on January 15, 2024.Thuy worked as the assistant manager at Burger Crown through August 2021 and received wages of $81,000. Thuy then worked at Up and Down Burger starting in September of 2021 and received wages of $64,000. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2021 Form 1040. Round your answer to two decimal places.
- Assume the following payroll information for John Bell: Gross pay $10,000; deductions: income tax $2,500, FICA Social Security $620, FICA Medicare $145. What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable of $145 Employer portion of income tax $2,500 Salaries expense of $6,740 Salaries payable of $10,000Thuy worked as the assistant manager at Burger Crown through August 2020 and received wages of $81,000. Thuy then worked at Up and Down Burger starting in September of 2020 and received wages of $61,500. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2020 Form 1040. Round your answer to two decimal places.$fill in the blank 1Z was an employee with the following information from her employment in 2021. Salaries and wages - $57,500 RRSP contribution in the final months of 2021 - $5,500 Membership dues paid by Ms. Z’s employer on her behalf - $500 What is Ms. Z’s net employment income for 2021? ___________
- For each employee listed below, calculate the taxable earnings for Social Security tax for the described pay period. Note that none of these employees exceed the Social Security taxable wage base during the year. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Devin Moody earned gross pay of $1,200 during a recent pay period. He contributes 10% of gross pay to a 403(b) retirement plan and $85 each pay period to a cafeteria plan. Taxable earnings = $Ami's cumulative earnings before the payroll period ended September 11 were $115,800. The cumulative earnings, including those of this payroll period, total $118,710. The amount of her current pay period earnings recorded in the Social Security Taxable Earnings column is: a. $118,500. b. $210. c. $0. d. $2,700.How? On November 30, the payroll register of Webster & Smith indicated the following information: Wages and Salaries Expense $9,400.00 Employee Federal Income Tax Payable 985.00 United Way Contributions Payable 200.00 Earnings subject to Social Security tax 9,400.00 Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings.