Exam 10: Payroll Records

Zachery Miller had gross earnings of $520 last week. He is married and claims two allowances on his W-4. The amount of each weekly withholding allowance is $65.38. Using the Table for Married Taxpayers above, figure the amount that will be withheld from his paycheck for federal income tax. (Figure withholding to the nearest cent.)​

Social Security and Medicare ​ The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. ​ -Refer to the Social Security and Medicare information. Beverly McCoy earns a monthly salary of $4,950. Compute the amount deducted for Social Security and Medicare from McCoy's December paycheck.​

Tabitha Thomas had gross earnings of $720 last week. She is single and claims an allowance for herself only. The amount of one weekly withholding allowance is $65.38. Using the Table for Single Taxpayers above, figure the amount that will be withheld from her paycheck for federal income tax. (Figure withholding to the nearest cent.)​

Social Security and Medicare ​ The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. ​ -Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the amount of money that would be sent to the IRS for an employee who earns $52,700 during the period of a year.​

A weekly payroll register shows that Will Morris had total wages of $390. He had deductions of $29.84 for FICA tax, $41.20 for federal income tax, and $17.50 for medical insurance. Compute Morris' net pay.​

​ -Herb Becker had gross earnings of $465 last week. He is single and claims a withholding allowance for himself only. The amount of each weekly withholding allowance is $65.38. Using the Table for Single Taxpayers above, compute the amount that will be withheld from his paycheck for federal income tax. (Figure withholding to the nearest cent.)​

During the first quarter, Robert's Medical supply paid wages of $360,000. Of this amount, $60,000 was paid to employees who had been paid $7,000 earlier in the quarter. What was the employer's liability for FUTA and SUTA taxes, assuming that the state rate was 5.4%?​

John Davis had gross earnings of $500 last week. He is single and claims an allowance for himself only. The amount of one weekly withholding allowance is $65.38. Using the Table for Single Taxpayers above, figure the amount that will be withheld from his paycheck for federal income tax. (Figure withholding to the nearest cent.)​

​The Zapata Motor Works pays the regular hourly rate for the first 40 hours worked and time and a half thereafter. John Simpson worked 54 hours this week. His regular hourly rate is $8.50. Compute Simpson's total earnings.

Withholding Allowance ​ A withholding allowance for the employee and each dependent is exempt from gross earnings and not subject to federal income tax. The monthly deduction for this allowance is $283.33. -Refer to the Withholding Allowance information. Darla Olson claims herself and two dependents. Compute the total amount of Olson's allowance.​

Houston, Inc., pays the regular hourly rate for the first 40 hours worked, time and a half for hours 41 through 48, and double time for all hours in excess of 48. Jason Wells worked 49 hours this week. His regular hourly rate is $9.20. Compute Well's total earnings.​

Social Security and Medicare ​ The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. ​ -​Refer to the Social Security and Medicare information. Enrique Marsh earns a monthly salary of $4,200. Compute the amount deducted over the period of a year for Social Security and Medicare.

Social Security and Medicare ​ The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. ​ -Refer to the Social Security and Medicare information. Jamie Kellogg earns a monthly salary of $8,500. Compute the amount deducted for Social Security and Medicare from Kellogg's January paycheck.​

Social Security and Medicare ​ The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. ​ -Refer to the Social Security and Medicare information. Allen Hall earns a monthly salary of $3,900. Compute the amount deducted each month for Social Security and Medicare.​

Withholding Allowance ​ A withholding allowance for the employee and each dependent is exempt from gross earnings and not subject to federal income tax. The monthly deduction for this allowance is $283.33. -Refer to the Withholding Allowance information. Jackson White claims himself and five dependents. Compute the total amount of White's allowance.​

Social Security and Medicare ​ The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. ​ -Refer to the Social Security and Medicare information. Michele Baker's cumulative wages for the year not including the current pay period total $98,500. Calculate the amount of Social Security and Medicare to be withheld from Baker's current gross pay of $3,500.​

The Burton Company pays the regular hourly rate for the first 40 hours worked and time and a half thereafter. Adolph Mercer worked 51 hours this week. His regular hourly rate is $16.12. Compute Mercer's total earnings.​

For the first quarter of 2008, Denton Toys paid total wages of $175,000.38. The company withheld $26,500 for federal income tax. All wages paid were subject to Social Security and Medicare taxes. If during the quarter Denton Toys had deposited $50,000 toward its taxes due, how much would be required to send in with its first-quarter Form 941?​

​Cal Transit Company pays the regular hourly rate for the first 40 hours worked, time and a half for hours 41 through 48, and double time for all hours in excess of 48. Gayle Jordon worked 50 hours this week. Her regular hourly rate is $10.50. Compute Jordan's total earnings.

Douglas Johnson had gross earnings of $2,350 last week. He is married and claims himself and his wife as dependents. The weekly withholding allowance for each dependent is $65.38. Using the Table for Married Taxpayers above, figure the amount that will be withheld from his paycheck for federal income tax. (Figure withholding to the nearest cent.)​