Exam 10: Payroll Records

For the first quarter of 2008, DC Construction Company paid total wages of $320,900. The company withheld $51,250 for federal income tax. All wages paid were subject to Social Security and Medicare taxes. If during the quarter DC Construction Company had deposited $95,000 toward its taxes due, how much would be required to send in with its first-quarter Form 941?​

Jason Kendel had gross earnings of $250 last week. He is single and claims only himself as an exemption. The weekly withholding allowance for each exemption 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.)​

Seaside Patio Furniture pays regular hourly rates for the first 40 hours worked and time and a half thereafter. The weekly payroll record shown below gives the total hours worked and hourly rates for the three employees. Fill in the remaining information including totals. ​

Jay Murray's earnings record shows thirteen weeks of consistent earnings and deductions for the first quarter as follows: Weekly wage $480, Federal Income Tax withholding $57, Social Security withholding $29.76, Medicare withholding $6.96, Group medical insurance deductions $12. Compute the totals that would appear on his employee's earnings record for the quarter.​

Daniel, 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. Sarah John worked 52 hours this week. Her regular hourly rate is $10.30. Compute John's total earnings.​

Clark Smith's earning record shows thirteen weeks of consistent earnings and deductions for the first quarter as follows: Weekly wage $454, Federal Income tax withholding $55.50, Social Security withholding $30.5, Medicare withholding $8.10, Group dental plan deductions $8.50. Compute the totals that would appear on his employee's earnings record for the quarter.​

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. Clara Webb claims herself and four dependents. Compute the total amount of Webb's allowance.​

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. Chris Kent claims himself and one dependent. Compute the total amount of Kent'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. Employers are required to match the employee's deductions and send the total to the IRS. Compute the maximum percent that can be sent to the IRS for any one employee during the period of a year.​

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. James Webb, who has a monthly salary of $2,450, claims himself and three dependents. Compute Webb's taxable income per month.​

A weekly payroll register shows that Louise Price had total wages of $460. She had deductions of $35.19 for FICA tax, $54 for federal income tax, and $16 for medical insurance. Compute Price's net pay.​

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. Laura Wilder claims as a dependent herself only. Compute the total amount of Wilder's allowance.​

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. Roy Foxworthy claims himself and three dependents. His monthly salary is $3,150. Compute Foxworthy's taxable income per month.​

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. Dale Webb earns a monthly salary of $9,000. Compute the amount deducted for Social Security and Medicare from Webb's November paycheck.​

During the first quarter, Jason Beverage Distributors paid wages of $978,800. Of this amount, $146,000 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 5.7%? (Round down to the nearest $1.)​

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. The employer must match the employee's deduction and send the total to the IRS. An employer has 15 employees, each earning $27,000 per year; 5 employees, each earning $32,000 a year; and 2 employees, each earning $45,000 a year. Compute the amount the employer pays in matching Social Security and Medicare funds during the year.​

Decor Paints pays regular hourly rates for the first 40 hours worked and time and a half thereafter. The weekly payroll record shown below gives the total hours worked and hourly rates for the three employees. Fill in the remaining information including totals.​ ​

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 Albertson earns a monthly salary of $8,500. Compute the amount deducted for Social Security and Medicare from Albertson's December paycheck.​

A weekly payroll register shows that Carla Mitchell had total wages of $402. She had deductions of $30.75 for FICA tax, $46.40 for federal income tax, and $18 for medical insurance. Compute Mitchell's net pay.​

A monthly payroll register shows that Andrew Li had total wages of $2,845. He had deductions of $217.64 for FICA tax, $198 for federal income tax, and $40 for medical insurance. Compute Li's net pay for the month.​