Prepare the payroll for the pay period ending december

Assignment Help Accounting Basics
Reference no: EM13913964

The names of the employees of Matson Office Systems and their regular salaries are shown in the following payroll register. Note that Wayne and Young are paid monthly on the last payday, while all others are paid weekly.

In addition to the regular salaries, the company pays an annual bonus based on the amount of earnings for the year. For the current year, the bonus amounts to 8% of the annual salary paid to each employee. The bonus is to be paid along with the regular salaries on December 27, but the amount of the bonus and the amount of the regular salary will be shown separately on each employee's earnings statement. Assume that all employees received their regular salary during the entire year.

Prepare the payroll for the pay period ending December 27, showing the following for each employee:

Use the wage bracket method to withhold federal income tax from the regular salaries.
Withhold a flat 25% on the annual bonus.
Total salaries and bonuses are subject to a 2% state income tax and a 1% city income tax. 

853_263-B-A-P (256).png

Reference no: EM13913964

Questions Cloud

How competitive is the industry in each country : Who are the key competitors (both multinational and local) for your company's product/service in each of the countries? How competitive is the industry in each country (overall competitiveness: high, low, medium, with explanation)?
Federal income taxes attach to her pay : Jen Miller made $1,090 this week. Only social security (fully taxable) and federal income taxes attach to her pay.
Compute the debt to equity ratio and return on equity ratio : Compute the debt to equity ratio, return on equity ratio, interest coverage ratio, and price/earnings (P/E) ratio, as well as the dividend yield, and comment on the results.
Record the purchase of inventory on account : Record the purchase of inventory on account-Record the sale of inventory on account.
Prepare the payroll for the pay period ending december : The names of the employees of Matson Office Systems and their regular salaries are shown in the following payroll register.
Compute the companys cash flow yield and cash flows to sales : Using the data from the financial statements of Stanford, Inc., that follow, compute the company's cash flow yield, cash flows to sales, cash flows to assets, and free cash flow.
Labor costs incurred : Labor costs incurred to build the company's main product for resale.
Calculate the maximum allowable deduction : Advise Stella whether she is entitled to claim an allowable deduction for the use of her car. Calculate the maximum allowable deduction, if any, Stella will be able to claim for the year ended 30 June 2015. Show all workings
Effective interest rate : must equal the effective interest rate-is greater than the effective interest rate when bonds are issued at a premium.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Castine reports net income of 305000 for the year ended

castine reports net income of 305000 for the year ended december 31 year 2. it also reports 93700 depreciation expense

  Augusta gardens inc develops amp produces spraying

augusta gardens inc. develops amp produces spraying equipment for lawn maintenance amp industrial uses. on june 19th of

  This is a bargain purchase the sales price is less than the

wanting to finalize a sale before year-end on december 29 wr outfitters sold to bob a warehouse and the land for

  Investment income and related expenses

Investment income and related expenses amount to $7,000 and $500, respectively. What is Mike and Sally's interest deduction for the 2010 tax year?

  Comprehensive income with example

Determine how the authoritative literature addresses comprehensive income and illustrate with an example.

  Assume a pension plans actuarially-computed liabilities

assume a pension plans actuarially-computed liabilities are greater than the actuarial value of the assets. how does

  Meridian had an inventory of 200 units of prime and 75

meridian industries manufactures and sells two models of watches prime and luxuria. it expects to sell 3000 units of

  At the end of the year x company can accept a special order

at the end of the year x company can accept a special order that will result in immediate profit of 28000. however if

  Determining how to control such costs

Why is determining cost to manufacture a product quite a different activity from determining how to control such costs?

  What is meant by the dual-track approach

What is meant by the dual-track approach of accounting for the government-wide level besides the fund level, and how does it compare to a worksheet approach?

  What is the planned annual operating income at a selling

what is the planned annual operating income at a selling price of 12 per unit when the total manufactoring costs are 6

  Assume that bookman allocated 11250 administrative costs to

bookman company has three operating departments department a department b and department c. administrative costs are

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