Ch 4 homework Jody Lotz - 0.00 0.0 70 Total Chapter 4 Earned Total Chapter 4 Possible MATCHING QUIZ-Enter letter for matching answer-Total possible 2.5

# Ch 4 homework Jody Lotz - 0.00 0.0 70 Total Chapter 4...

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0.00 0.0 Total Chapter 4 Earned 70 Total Chapter 4 Possible E 1. Taxable tips D 2. Personal allowance H 3. Backup withholding A 4. Form 1099-MISC. J 5. Roth IRA I 6. Standard deduction C 7. Pretax salary reductions B 8. Form 1096 G 9. Nontaxable fringe benefits F 10. Flexible reporting MATCHING QUIZ---Enter letter for matching answer-- Total possible 2.5 points
E D H A J I C B G F DO NOT TYPE IN THE GRAY
Total Questions for Review out of 3 possible Questions for Review: Directions--answer questions 3, 6 and 13. 3 Indicate whether wage payments are Exempt or Nonexempt from FIT: a. Non-Exempt b. Exempt c. Exempt d. Exempt e. Exempt 6 What is a personal allowance? What was the amount for 2016? a. Deductions allowed in computing taxable income b. \$10,600.00 13 1 Applicable Tax Rate/Divided by intended payment What is formula used to "gross-up" supplemental payments in order to cover the taxes on the supplemental payments?
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0 Problem set 1 - 10 total pts Be sure and compare answers to CHECK FIGURES odd n 0 4-1A out of 1.5 possible 4-1A: Calculate the net take home pay: Gross pay \$ 300.00 Based on the 800 Federal income tax (55.00) (49.60) (11.60) (16.00) Net pay \$ 167.80 0 4-2A out of 3 possible 4-2A: Gross-access Last column Employee Marital No. of W/H Payroll Gross Wage Amt for W/H Excess Offset No. Employee Name Status Allowances Period or Salary - Allowances = Wages - Amount = 1 Amorosa, A. M 4 Weekly \$1,610 - 311.60 = \$ 1,298.40 - \$ 521.00 = 2 Finley, R. S 0 Biweekly 825 - = 825.00 - 443.00 = 3 Gluck, E. S 5 Quarterly 9,630 - 5,062.50 = 4,567.50 - 2,881.00 = 4 Quinn, S. M 8 Semimonthly 925 - 1,350.40 = (425.40) - - = 5 Treave, Y. M 3 Monthly 2,875 - 1,012.50 = 1,862.50 - 713.00 = pg t-2 0 4-3A out of 3 possible 4-3A: Last column Marital No. of W/H Payroll Gross Wage Amt for W/H Excess Offset Employee Name Status Allowances Period or Salary - Allowances = Wages - Amount = Corn, A. S 2 Weekly \$675 - \$ 155.80 = \$ 519.20 - \$ 222.00 = Fogge, P. S 1 Weekly 1,960 - 77.90 = 1,882.10 - 1,796.00 = Felps, S. M 6 Biweekly 1,775 - 934.80 = 840.20 - 329.00 = Carson, W. M 4 Semimonthly 2,480 - 675.20 = 1,804.80 - 1,129.00 = Helm, M. M 9 Monthly 5,380 - 3,037.50 = 2,342.50 - 2,258.00 = 0 4-4A out of 2.5 possible 4-4A: Marital No. of W/H Payroll Amt to be Employee Name Status Allowances Period Wage Withheld Type the numbers and formulas for deductions in negatives like " =-round(570*.062,2)" and answer (35.34). Then use a SUM formula in the Net pay c FICA: OASDI (6.2%x\$ ) FICA: HI (1.45% x \$ ) State income tax (2%x\$ ) Use the percentage method to compute the federal income taxes to withhold from the wages/salaries: Use the (1) percentage method and (2) wage-bracket method to compute the federal income taxes to withhold from the wages/salaries: Use the wage-bracket method to compute the federal income taxes to withhold from the wages/salaries:
Hal Bower M 1 W \$1,350 \$ 149.00 Ruth Cramden S 1 W \$590 62.00 Gil Jones S 3 W \$675 51.00 Teresa Kern M 6 M \$4,090 136.00 Ruby Long M 2 M \$2,730 135.00 Katie Luis M 8 S \$955 - Susan Martin S 1 D \$108 11.00 Jim Singer S 4 S \$2,610 284.00 (computations here) see below Martin Torres M 4 M \$3,215 116.00
numbered Problems! Added Taxable Tax on Tax for FIT to Wages x Tax Rate = Range + Range = Withhold \$ 777.40 x 0.15 = \$ 116.61 + \$ 35.70 = \$ 152.31 382.00 x 0.15 = 57.30 + 35.60 = 92.90 1,686.50 x 0.15 = 252.98 + 231.80 = 484.78 - x - = - + - = - 1,149.50 x 0.10 = 114.95 + - = 114.95 FIT to Withhold Added Wage- Taxable Tax on Tax for % Bracket Wages x Tax Rate = Range + Range = Method Method \$ 297.20 x 0.15 = \$ 44.58 + \$ 17.90 = \$ 62.48 \$ 62.00 86.10 x 0.28 = 24.11 + 356.90 = 381.01 N/A 511.20 x 0.10 = 51.12 + - = 51.12 51.00 675.80 x 0.15 = 101.37 + 77.30 = 178.67 180.00 84.50 x 0.15 = 12.68 + 154.50 = 167.18 167.00 the cells as will display cell.
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