Exam 10: Payroll Records

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. Sadie Kun, has a monthly salary of $2,740, and claims only herself. Compute Kun's taxable income per month.​

Smith Gym employed Garcia Young for 20 weeks during the first quarter of the year. Her salary was $500 per week. Compute the FUTA and SUTA taxes Smith Gym must pay on Young's wages for the quarter, assuming that the state rate was 5.6%?​

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. Jake Rogers claims himself and three dependents. Compute the total amount of Rogers' allowance.

Kelly Interiors employed Jason Baker for 13 weeks during the first quarter of the year. His salary was $680 per week. Compute the FUTA and SUTA taxes Kelly Interiors must pay on Baker's wages for the quarter, assuming that the state rate was 5.8%?​

Rose White's earning record shows thirteen weeks of consistent earnings and deductions for the first quarter as follows: Weekly wage $545, Federal Income tax withholding $66.31, Social Security withholding $33.79, Medicare withholding $7.90, Group dental plan deductions $7.50. Compute the totals that would appear on her employee's earnings record for the quarter.​

Susan Thomas had gross earnings of $2,800 last week. She is married and claims two allowances on her 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 her paycheck for federal income tax. (Figure withholding to the nearest cent.)​

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. Jennifer Souza is a student who works part time. Since she is claimed on her parents' return as a dependent, she claims zero exemptions. How much of Souza's monthly wages of $750 is taxable?​

A weekly payroll register shows that Virginia Peters had total wages of $520. She had deductions of $39.78 for FICA tax, $64.50 for federal income tax, and $17 for medical insurance. Compute Peters' net pay.​

Mossdale Manufacturing Company pays the regular hourly rate for the first 40 hours worked and time and a half thereafter. Sandra Beal worked 46 hours this week. Her regular hourly rate is $15.60. Compute Beal's total earnings.​

A weekly payroll register shows that Phillip Kelly had total wages of $451.25. He had deductions of $34.52 for FICA tax, $57.20 for federal income tax, and $36 for medical insurance. Compute Kelly's net pay.​

A monthly payroll register shows that Sean Dougan had total wages of $3,580. He had deductions of $273.87 for FICA tax, $335.50 for federal income tax, and $25 for medical insurance. Compute Dougan's net pay for the month.​

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. Mary Farnsworth, who has a monthly salary of $2,600, claims herself and one dependent. Compute Farnsworth's taxable income per month.​

​The Mickey D. Company pays the regular hourly rate for the first 36 hours worked and time and a half thereafter. Jennifer Franks worked 40 hours this week. Her regular hourly rate is $11.80. Compute Franks' 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. Compute the deduction for Social Security and Medicare during the period of a year assuming a person earns $112,000.​

Greenland Company pays the regular hourly rate for the first 40 hours worked and time and a half thereafter. Alan Peterson worked 46 hours this week. His regular hourly rate is $12.00. Compute Peterson's total earnings.​

​ -Dennis Mason had gross earnings of $875 last week. He is married and claims allowances for himself, his wife, and two dependent children. 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.)​

For the first quarter of 2008, GKS Pharmaceutical Company paid total wages of $445,000. The company withheld $40,140 for federal income tax. All wages paid were subject to Social Security and Medicare taxes. If during the quarter GKS Pharmaceutical Company had deposited $85,000 toward its taxes due, how much would be required to send in with its first-quarter Form 941?​

A weekly payroll register shows that Steve Blake had total wages of $490. He had deductions of $37.49 for FICA tax, $52.50 for federal income tax, and $20 for medical insurance. Compute Blake's net pay.​

A weekly payroll register shows that David Wu had total wages of $397.37. He had deductions of $30.40 for FICA tax, $41.25 for federal income tax, and $17.20 for medical insurance. Compute Wu's net pay.​

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. Eric Garcia's cumulative wages for the year not including the current pay period total $95,100. Calculate the amount of Social Security and Medicare to be withheld from Garcia's current gross pay of $3,980.​