User Account

All Pages

Compute the following for the week ended august 25

Assignment Help Accounting Basics
Reference no: EM13132962

Legal Stars pays its employees each week. Its employees' gross pay is subject to these taxes.

Tax Rate Applied To
FICA-Social security 6.20 % First $106,800
FICA-Medicare 1.45 All gross pay
FUTA 0.80 First $7,000
SUTA 2.15 First $7,000

The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees:

Current Week

Name Gross Pay
through 8/18 Gross Pay Income Tax Withholding
Dale $ 105,300 $ 2,000 $ 252
Ted 36,650 900 99
Kate 6,750 450 54
Chas 1,050 400 36

In addition to gross pay, the company must pay one-half of the $32 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund.

Required:
Compute the following for the week ended August 25. (Round your intermediate calculations and final answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)

Reference no: EM13132962

Questions Cloud

How carrying out a dehydrohalogenation reaction : Suppose that you are carrying out a dehydrohalogenation reaction on 2-bromo-2,3-dimethylpentane to yield alkenes
Calculate dh and dstotal : Calculate ΔH and ΔStotal when two iron blocks each with mass of 1.00kg, one at 25'C and one at 250'C are placed in contact with each other in an isolated container.
Information about mathematical reasoning : The Pythagorean Theorem for right triangles states that if a and b are the lengths of the legs of a right triangle and c is the length of the hypotenuse, then a2 + b2 = c2.
Different techniques for making and supporting claims : Think carefully about how an author makes an argument and supports it, Consider different techniques for making and supporting claims that can be used in a research paper, Learn how to critique published arguments based on their claims and use of sup..
Compute the following for the week ended august 25 : Legal Stars pays its employees each week. Its employees' gross pay is subject to these taxes.
Find mean number of times a person gave blood : Probability of selecting a graduating college who had given blood that percent of the time. What is the mean number of times a person gave blood based on this poll?
Actual rate of inflation : You have gone to the bank to borrow money for one year. The nominal rate is 7.5%. The real rate of interest is 4%. Over the course of the year, overall prices increased by 4%. This rate of inflation hurt the _____ because the actual rate of inflat..
Define heat of combustion calculation : Heat of Combustion Calculation, Calculate the heat of combustion of cyclohexatriene using the bond energies for C=C,C-C, and CH provided below
How many grams of ko2 are needed : how many grams of KO2 are needed to produce 885.0 L of O2 at 22.0 degrees Celsius and 1.00 atm

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a differential analysis report

Prepare a differential analysis report, dated June 15 of the current year(2009), on whether the equipment should be leased or sold.

  Phillips company investment account

Phillips Company bought 40 percent ownership in Jones Bag Company on January 1, 20X1, at underlying book value. In 20X1, 20X2, and 20X3, Jones Bag reported net income of $8,000, $12,000, and $20,000

  What are the amt tax preferences

Caroline and Clint are married, have no dependents, and file a joint return in 2005. Use the following selected data to calculate their Federal income tax liability. What is the AMTI? What is the regular income tax liability? What are the AMT tax ..

  Define dividend received deduction

1. Why is not taxable income used to determine if a distribution is a dividend? 2. What is the Dividend Received Deduction? Why do we have it?

  Tax consequences of the transactions

On July 30, the controller of Monroe purchased 1,000 shares of TNC for the corporation at $8 per share as the stock had received a favorable recommendation from the corporation's financial advisor. What are the tax consequences of these transactio..

  Long-run profitability of a segment

In a segmented contribution format income statement, what is the best measure of the long-run profitability of a segment?

  Compute a materials price variance for the plates

Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month.

  Insurance policy-utility function

What is the highest price that you would be willing to pay for an insurance policy that fully insures you in the event that your house burns down?

  Prepare leppard journal entries

Leppard Corporation sells DVD players. The corporation also offers its customers a 2-year warranty contract. During 2012, Leppard sold 20,000 warranty contracts at $103.80 each.

  Calculate how much estate tax would have been saved

Harold and Maude are married and live in a common-law state. Neither have made any taxable gifts and Maude owns (holds title) all their property. She dies with a taxable estate of $15 million and leaves it all to Harold. He dies several years late..

  Investment in municipal bonds income state

In 2009, Osgood Corporation purchased $4 million in ten-year municipal bonds at face value. On December 31, 2011, the bonds had a market value of $3,600,000 and Osgood reclassified the bonds from held to maturity to trading securities.

  Entries of subscription revenue

Prepare the entry in November for the receipt of the subscriptions. Prepare the adjusting entry at December 31, 2007, to record subscription revenue earned in December 2007. Prepare the adjusting entry at March 31, 2008, to record subscription revenu..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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