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payroll accounting 2018

Questions and Answers of Payroll Accounting 2018

Leda Inc. is located at 433 Augusta Road, Caribou, Maine, 04736, phone number 201-555-1212. The Federal EIN is 54-3910394, and it has a Maine Revenue Services number of 3884019. Owner Amanda Leda has
Jealous Frog Toys paid its nine employees a total of $432,586.40 during 2016. All employees have worked there for the full calendar year and reached the FUTA wage base during the first quarter, taxes
The Content Rabbit Graphics Company paid its 25 employees a total of $863,428.49 during 2016. Of these wages, $5,400 is exempt fringe benefits (Section 125 cafeteria plans) and $9,850 is exempt
Using the information from P6-6B and P6-7B for Peaceful Cat Foods, complete the following State of California Form DE-9, Quarterly Contribution and Report of Wages Report. California employer account
Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight?s current benefits analysis is as follows: Company Cost (Current) Yearly Benefit Costs Employee
Black Robot Grill of Andrews, Texas, has the following employees as of December 31:Employee nameAnnual salaryMark English$45,750Shelly Morris$21,250TL Radford$29,850James Morrow$36,280Trella
The employees of Black Cat Designs are paid on a semi-monthly basis. Compute the FICA taxes for the employees for the November 30, 2017, payroll. All employees have been employed for the entire
Elijah Hamilton is the payroll accountant at White Box Builders. He is preparing an information package about voluntary and fringe benefits. Using the following list of fringe benefits, classify each
Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Inc. During 2017, he was issued a company car with a fair market value of $35,000. He drove a total of 22,000 miles, used the car for
Kerry Palmer is reviewing benefits with you, the payroll accountant for Silly Lemon Films. Based on the following benefits in which she is interested, classify them as pre-tax or post-tax deductions
Complete the I-9 for employment at Erma Jane Grant. Be sure to complete the “preparer” section.Erma Jane Grant441 West Hill RoadMontrose, Colorado 81401SSN: 432-55-6792Maiden Name: GrantDate of
Complete the W-4 for employment at Dark Forest Ranch:Linda Ellen Marshall8924 County Line RoadTaylorville, Illinois 62555SSN: 129-53-2309Married filing jointly, marital income over $100,000Three
Complete the W-4 for employment at Superore WheelsErma Jane Grant441 West Hill RoadMontrose, Colorado 81401SSN: 432-55-6792Single, head of householdTwo dependentsEligible for the Child tax credit
By what date must a company declare the value of noncash benefits used in 2017?
Janice Lucas is the president of Miller Custom Coffee Roasters. She drives a 2017 Mercedes E300 with a fair market value of $57,500. The lease value is $14,750. Janice reported that she drove 30,200
Gavin Range is the payroll accountant for Comptech Industries. His employer decided to use the special accounting rule for 2017. Which months may be included in the special accounting rule?
Brent Bishop is the vice president of operations for Southern Sweets Bakery. He drives a 2017 Toyota Prius Prime as his company car, and it has a fair market value of $37,500. The annual lease for
Trinidad Schwab is an employee at Kyletown Fire Department. He received the following benefits from his employer during 2017:On-site housing, $250 per monthEmployer-provided cell phone, $50 per
Keren Wiseman is an employee of Dimensionworks Designs in New Mexico. She received the following achievement awards from her employer during 2017:Best Design, Santa Fe County: $1,200Top Graphic
The new vice president of marketing for your company has asked to meet with you regarding the purpose of payroll entries in accounting reports. What will you tell the vice president?
MATCH THE FOLLOWING TERMS WITH THEIR DEFINITIONS:Manual payrollTime cardPayroll administration using a paper payroll registerPaycardA pre-loaded credit card used to pay employeesEmployee Internet
On December 31, 2018, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This represents the employer’s liability for the fourth quarter taxes. Journalize the entry Reuter
The form on page 6-47 shows the amounts that appear in the Earnings to Date column of the employees’ earnings records for 10 full- and part-time workers in Unger Company. These amounts represent
In Oregon, employers who are covered by the state workers’ compensation law withhold employee contributions from the wages of covered employees for the workers’ benefit fund at the rate of 1.4¢
In 2017:a. Which state had the widest range of SUTA tax rates for employers?b. Which state paid the highest weekly maximum benefit (excluding dependency allowances) to qualified unemployed workers?c.
The information listed below refers to the employees of Lemonica Company for the year ended December 31, 2018. The wages are separated into the quarters in which they were paid to the individual
As the accountant for Runson Moving Company, you are preparing the company’s annual return, Form 940 and Schedule A. Use the following information to complete Form 940 and Schedule A on pages 5-40
Karlson Software Company is located in State H, which enables employers to reduce their contribution rates under the experience-rating system. From 2004 to 2013, inclusive, the company’s total
Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year:V. Hoffman (general office
As of June 30, 2017 (the computation date for the 2018 tax rate), Sanchez Company had a negative balance of $1,190 in its unemployment reserve account in State A. The company’s average payroll over
The following unemployment tax rate schedule is in effect for the calendar year 2018 in State A, which uses the reserve-ratio formula in determining employer contributions:Hyram Company, which is
During 2018, Jordan Company was subject to the Alaska state unemployment tax of 4.2%. The company’s taxable wages for FUTA were $86,700 and for SUTA, $171,000. Compute:a. SUTA tax that Jordan
During 2018, Jeff Smallwood worked for two different employers. Until May, he worked for Rowland Construction Company in Ames, Iowa, and earned $22,000. The state unemployment rate for Rowland is
In September 2018, Manson Paint Corporation began operations in a state that requires new employers of one or more individuals to pay a state unemployment tax of 3.5% of the first $7,000 of wages
Due to its experience rating, Ianelli, Inc., is required to pay unemployment taxes on its payroll as follows:1. Under SUTA for Massachusetts on taxable payroll of $18,000, the contribution rate is
During the first full week of 2019, the Payroll Department of Quigley Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 4. In this
During the fourth quarter of 2018, there were seven biweekly paydays on Friday (October 5, 19; November 2, 16, 30; December 14, 28) for Quality Repairs. Using the forms supplied on pages 4-46 to
Damerly Company (a Utah employer) wants to give a holiday bonus check of $250 to each employee. Since it wants the check amount to be $250, it will need to gross-up the amount of the bonus. Calculate
The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the
At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthly salary basis.Given on the form below are the current annual and monthly salary rates for
Vulcan Company is a monthly depositor whose tax liability for March 2018 is $2,505.1. What is the due date for the deposit of these taxes?2. Assume that no deposit was made until April 30. Compute
The taxable wages and withheld taxes for Stafford Company (EIN 00-0001462), semiweekly depositor, for the first quarter of 2018 follow.a. Complete Schedule B of Form 941 on page 3-51 for the first
What is a nondiscretionary bonus?
Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2018. Using the information presented below, complete Part 1 of Form 941, reproduced on
The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime pay.Compute the following for the last monthly pay of the year:a. The total wages of each
Ralph Henwood was paid a salary of $64,600 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of
In 20-- the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from
Ernie Gilmore began working as a part-time waiter on June 1, 2018, at Sporthouse Restaurant. The cash tips of $390 that he received during June were reported on Form 4070, which he submitted to his
During 2018, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,500. Compute the amount of FICA taxes that should be withheld from her: HI OASDI a. 9th paycheck b.
Instead of being classified as an employee, MatCthew McGinnis was misclassified as an independent contractor. How will Quality Company’s employer FICA taxes be affected? What penalty will the
John Luis receives wages from three employers during 2018. Is he entitled to a refund on the OASDI taxes paid on wages in excess of the $127,200 limit? If so, how can he receive a refund?
What are the self-employment tax rates for 2017? Explain how the tax is computed.
Sheila Williams, a medical secretary, earns $3,575 monthly for a 35-hour week. For overtime work, she receives extra pay at the regular hourly rate up to 40 hours and time and one-half beyond 40
Stefani Wilson, a medical secretary, earns $3,650 monthly for a 37½-hour week. For overtime work, she receives extra pay at the regular hourly rate up to 40 hours and time and one-half beyond 40
Jamie Kerr is an hourly employee of Noonan Company located in Los Angeles. This week, Kerr had to travel to the company’s regional office in Santa Fe. He left Sunday at noon and arrived in Santa Fe
1. The total payroll tax expense incurred by the employer on salaries and wages paid during the quarter ended December 31 was.....................$2. The total payroll tax expense incurred by the
On December 31, 2018, Santucci Company has a balance of $619.24 in the FUTA taxes payable account. This represents the employer’s liability for the fourth quarter taxes. Journalize the entry
Carmen Santos is owner and sole employee of CS Corporation. He pays himself a salary of $2,400 this week.Additional tax information includes:FICA
The information listed below refers to the employees of Brennan Company for the year ended December 31, 2018. The wages are separated into the quarters in which they were paid to the individual
As the accountant for Monroe Trucking Company, you are preparing the company’s annual return, Form 940 and Schedule A. Use the following information to complete Form 940 and Schedule A on pages
Applebaum Security Company is located in State H, which enables employers to reduce their contribution rates under the experience-rating system. From 2004 to 2013, inclusive, the company’s total
Mary Givens and Peggy Moser are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year:T. Binn (general office
As of June 30, 2017 (the computation date for the 2018 tax rate), Amanda Company had a negative balance of $1,015 in its unemployment reserve account in State A. The company’s average payroll over
The following unemployment tax rate schedule is in effect for the calendar year 2018 in State A, which uses the reserve-ratio formula in determining employer contributions:Conrad Company, which is
During 2018, Shoupe Company was subject to the New Jersey state unemployment tax of 5.1%. The company’s taxable wages for FUTA were $93,400 and for SUTA, $194,300. Compute:a. SUTA tax that Shoupe
During 2018, Jake Gore worked for two different employers. Until May, he worked for Wonderman Construction Company in Kansas City, Kansas, and earned $21,500. The state unemployment rate for
In April of the current year, Steelman Press Company transferred Ken Sherm from its factory in Louisiana to its plant in Florida. The company’s SUTA tax rates based on its experience ratings are
In September 2018, Painter Wax Corporation began operations in a state that requires new employers of one or more individuals to pay a state unemployment tax of 4.1% of the first $7,000 of wages paid
Due to its experience rating, Ianelli, Inc., is required to pay unemployment taxes on its payroll as follows:1. Under SUTA for New Mexico on taxable payroll of $28,000, the contribution rate is
During the first full week of 2019, the Payroll Department of Omni Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 4. In this
During the fourth quarter of 2018, there were seven biweekly paydays on Friday (October 5, 19; November 2, 16, 30; December 14, 28) for Clarke’s Roofing. Using the forms supplied on pages 4-60 to
Youngston Company (a Massachusetts employer) wants to give a holiday bonus check of $750 to each employee. Since it wants the check amount to be $750, it will need to gross-up the amount of the
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Amount to Be Withheld Marital Status No. of
Herman Swayne is a waiter at the Dixie Hotel. In his first weekly pay in March, he earned $360.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($700.00),
Under what conditions may employees be exempt from the withholding of federal income taxes during 2017? How do such employees indicate their no-tax-liability status?
What is a personal allowance? What was the amount of a personal allowance for 2017?
Your assistant has just completed a rough draft of Form 941, shown on pages 3-72 and 3-73, for the quarter ending March 31, 20--. As the supervisor and authorized signer, you are auditing the form
At Gleeson Brewing Company, office workers are employed for a 40-hour workweek on either an annual or a monthly salary basis.Given on the form below are the current annual and monthly salary rates
Yelman Company is a monthly depositor whose tax liability for June 2018 is $3,930.1. What is the due date for the deposit of these taxes?2. Assume that no deposit was made until August 3. Compute the
The taxable wages and withheld taxes for Hamilton Company (EIN 00-0001462), semiweekly depositor, for the first quarter of 2018 follow.a. Complete Schedule B of Form 941 on page 3-67 for the first
Stan Barker opened Quik-Stop Market on January 2, 2018. The business is subject to FICA taxes. At the end of the first quarter of 2018, Barker, as president of the company, must file Form 941,
Refer to Problem 3-11B. Complete Parts 2, 4, and 5 of Form 941 (on page 3-59) for Gallagher Company for the third quarter of 2018. Gallagher Company is a monthly depositor with the following monthly
Gallagher Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2018. Using the information presented below, complete Part 1 of Form 941, reproduced
The monthly and hourly wage schedule for the employees of Quincy, Inc., follows. No employees are due overtime pay. Compute the following for the last monthly pay of the year:a. The total wages of
George Parker was paid a salary of $74,700 during 20-- by Umberger Company. In addition, during the year, Parker started his own business as a public accountant and reported a net business income of
Amanda Autry and Carley Wilson are partners in A & W Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information
In 20-- the annual salaries paid each of the officers of Perez, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from
Eric Sherm began working as a part-time waiter on April 2, 2018, at Yardville Restaurant. The cash tips of $475 that he received during April were reported on Form 4070, which he submitted to his
During 2018, Matti Conner, president of Maggert Company, was paid a semimonthly salary of $5,800. Compute the amount of FICA taxes that should be withheld from her: OASDI HI a. 9th paycheck b. 22nd

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