Computation of payroll accounting with taxes

Assignment Help Finance Basics
Reference no: EM1312603

Computation of payroll accounting with taxes

Calculate the missing amounts in the chart provided. The following summary data for the payroll period ended December 27, 2008, are available for Cayman Coating Co.:

Gross pay

$53,000

FICA tax withholdings

       ?

Income tax withholdings

7,680

Group hospitalization insurance

960

Employee contributions to pension plan

      ?

Total deductions

14,088

Net pay

      ?

Additional information:

FICA tax rates are 7.65% on the first $97,500 of each of the employee's annual earnings and 1.45% on any earnings in the excess of $97,500. However, no employees had accumulated earnings for the year in excess of the $97,500 limit. The FICA tax rates are levied against both employers and employees.

The federal and state unemployment compensation tax rates are 0.8% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $7,500 of the gross pay amount for the December 27, 2008, pay period was owed to employees who were still under the annual limit.

Reference no: EM1312603

Questions Cloud

Objective type questions on investment : Objective type questions on investment and When interest rates are high and lenders may not want to make loans because of
Mortgages and deeds of trust related to one another : What does it seem for liability on a negotiable instrument to be secondary liability and How are mortgages and deeds of trust related to one another
Calculate the mass of this block : A block of unknown mass, m, is brought into the configuration shown. It was measured that upon release the block shot upward a maximum distance of 2m. Calculate the mass of this block? The upper spring has a natural length of 1m, and the lower spr..
Show the enforceable security agreement : When a debtor fails to pay a debt, and the value of the collateral is less than the full amount of the debt, which of the following is generally true - distinction between secured and unsecured credit
Computation of payroll accounting with taxes : Computation of payroll accounting with taxes and Compute the missing amounts in the chart provided
Depreciation affect gain or loss on sale of the plant asset : How would using the sum-of-the-years'-digits method of depreciation instead of the double-declining-balance method of depreciation affect a gain or loss on the sale of the plant asset?
Find the energy, in joules, of one quantum of energy : Find the energy, in joules, of one quantum of energy for an atomic oscillator in a block of aluminium.
Computation of revenue earned during the period : Computation of revenue earned during the period and Calculate the amount of subscription revenue earned by Evans Ltd
Evaluating revenues - expenses and income : Evaluating revenues, expenses and income. Fill in the blanks in the following separate income statements a through e. Check any negative amount by putting it in parentheses.

Reviews

Write a Review

 

Finance Basics Questions & Answers

  Explain computation of value of shares

Explain computation of value of shares and what will happen to the expected return if investors suddenly become less conservative and more willing to bear risk

  Computation of gain or loss on sale of investments

Computation of gain or loss on sale of investments and Journal entries to record purchase & sale of company's Common & Treasury stocks

  Explain in general terms the accounting treatment

Explain in general terms the accounting treatment to changes in terms of existing loans,  What should be the accounting treatment of the modification to Blueberry’s note?

  Wellpoint and anthem merger

Describe the transaction structure, mode of payment, and financing.

  Determining the maximum price and current yield

Rate of return on this investment (YTM), determine the maximum price that you must be eager to pay for this bond? Solve for PV.

  Objective type questions on annual interest rate

Objective type questions on annual interest rate and accounts receivable and In a perpetual inventory system, the cost of purchases is debited to

  Compute of net asset value

Compute of Net Asset Value (NAV) of shares and Assume that you have recently purchased 100 shares in an investment company

  Compute of invoice price of a bond

Compute of invoice price of a bond If the last interest payment was made 2 months ago and the coupon rate is 6%

  Computation of value of the bond

Computation of value of the bond and What can you conclude about the relationship between yield to maturity and holding period returns

  Computation of yield to maturity and current market price

Computation of yield to maturity and current market price of the bonds and what is the difference in current market prices of the two bonds

  Computed of future value of a bond and preferred stock

Computed of Future value of a bond and discussion on preferred stock, risk free rate, Beta, NPV, cost of debt,IRR.

  Computation of net present value of the project

Computation of net present value of the project and Determine the net present value of the projects based on a zero discount rate

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd