Search This Blog

Showing posts with label withholding. Show all posts
Showing posts with label withholding. Show all posts

Saturday, August 1, 2015

Don Walls's gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73

E10-5 Don Walls's gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73.

Instructions:
a. What was Walls's net pay for the week?
b. Journalize the entry for the recording of his pay in the general journal. (Note: Use Salaries Payable; not Cash.)
c. Record the issuing of the check for Walls's pay in the general journal.

Click here for the solution: Don Walls's gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73

Friday, May 29, 2015

4-4A Eaton Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees

4-4A Eaton Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee.
Employee
Marital Status
No. of Withholding Allowances
Payroll Period
W = Weekly
S = Semimonthly
M = Monthly
D = Daily
Wage
Amount to Be Withheld
Hal Bower M 1 W $1,350
Ruth Cramden S 1 W 590
Gil Jones S 3 W 675
Teresa Kern M 6 M 4,090
Ruby Long M 2 M 2,730
Katie Luis M 8 S 955
Susan Martin S 1 D 96
Jim Singer S 4 S 2,610*
Martin Torres M 4 M 3,215

* Must use percentage method.

Click here for the solution: 4-4A Eaton Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees