Federal income tax withholding

Assignment Help Financial Accounting
Reference no: EM131219594

1. Lily Flower's weekly gross earnins for the week ended October 20 were $2,500, and her federal income tax withholding was $517.24. Assuming the social security rate is 6% and Medicare is 1.5% of all earnings, what is Flower's net pay?

2. Marsha Mellow's weekly gross earnings for the week ended May 23 were $1,250, and her federal income tax withholding was $204.95. Assuming the social security rate is 6% and Medicare is 1.5% of all earnings, what is Mellow's net pay?

Reference no: EM131219594

Questions Cloud

Shares of common stock for cash : DeLong Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share.  Sept. 1 Issued 10,000 shares of common..
Analyse your experiences of learning as process and product : TACC203 Reflective Learning Journal Assignment. The purpose of this reflective learning journal is to record and analyse your experiences of learning as both a process and a product. In your journal you will need to document your thoughts and provi..
Extensive experience in accounting for partnerships : Gilliam Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting. During the..
Prepare the journal entries to record the investment : Sells Corporation acquired 45 percent of the common shares of Peat Company on January 1, 2010 for $1,125,000 in cash. On this date the net book value of Peat was $2,000,000. Prepare the journal entries to record the investment by Sells Corporation in..
Federal income tax withholding : Lily Flower's weekly gross earnins for the week ended October 20 were $2,500, and her federal income tax withholding was $517.24. Assuming the social security rate is 6% and Medicare is 1.5% of all earnings, what is Flower's net pay?
Holding period of the stock cougar continues to hold : Cougar Corporation owns 1,000 shares of Western Corporation common stock, which it purchased on March 8,2010 for $12,000. On October 3,2016, Cougar purchases an additional 300 shares for $3,000. On October 12,2016, it sells the original 1,000 shares ..
How much overhead is applied to job : At SlowCo, overhead is charged based on direct labor hour. They use a predetermined overhead rate on their original budget for the year. The total overhead is the original budget is $1,500,00. The original budget for direct labor is 100,000 hour at $..
Finished goods inventory at the beginning of the year : W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in fini..
Dividends per share on each class of stock : Triple Z Inc. a developer of radiology equipment, has stock outstanding as follows: 12,000 shares of cumulative preferred 2% stock, $150 par and 50,000 shares of $10 par common. During its first four years of operations, the following amounts were di..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Statement of cash flows is an extremely important concept

The Statement of Cash Flows is an extremely important concept and is, in my opinion, the most important of the financial statements. There are two different methods for preparing a cash flow statement that are acceptable according to GAAP. One is use..

  Prepare cash flows from operating and investing

Prepare cash flows from operating and investing and financing  and purpose the 20X8 statement of cash flows, formatting operating activities by the indirect method

  Incorporate into your mass manufacturing business

Below is a list of items that you will need to incorporate into your mass manufacturing business. You are to create a manufacturing plant with 2 separate divisions. Each division will make one type of product (i.e. Textbooks and Pens or Shoes and Pur..

  What is the present value of your bond

You have just won a $50,000 bond that pays no interest and matures in 20 years. If the discount rate is 10%, what is the present value of your bond?

  Illustrate what action is required if error is not discovere

What action is required? Ignore taxes. Illustrate what action is required if the error is not discovered until 4 years after it occurred?

  Question computations using a job order systemspencer

question computations using a job order systemspencer corporation employs a job order cost system. on may 1 the

  Weighted-average inventory valuation method

A company uses a process cost accounting system and the weighted-average inventory valuation method. Its Assembly Department's beginning inventory consisted of 50,000 units, three-fourths complete with respect to direct labor and overhead.

  Question1 define the requested information for fedex stock

question1 define the requested information for fedex stock symbol fdxutilizing the 2007 fedex annual report to the

  Check off approach during the audit

Evaluate the pros and cons of auditors using a “check off” approach during the audit in general as compared to trying to figure out managers’ motivation. Which approach do you prefer? In your answer, consider different issues such as auditing standar..

  Preparation of journal entries to record issue of shares

preparation of journal entries to record issue of shares and dividend.on january 1 2008 dolan corporation had 60000

  Cost per equivalent unit

Georgia Products Inc. completed and transferred 214,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the department. The ending in-process inventory was 19,000 units, which were 2/5 c..

  Prepare an unadjusted trial balance

Prepare an unadjusted trial balance, listing the accounts in their proper order and inserting the missing figure for cash.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd