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Can you please help me with this problem? if you could complete it in 1 1/2 hours. I will pay you extra. thanks Employee Allen
Can you please help me with this problem? if you could complete it in 1 1/2 hours. I will pay you extra. thanks
Employee Allen (single) Bob (married) YTD Earnings up to the start of Week #52 (Dec. 24) Hr. Worked During Week 52 Hourly Rate Federal Income Tax Witheld State Income Tax Witheld $ 6,400 39 $ 15 $ 65 $ 15 $ 117,500 40 $ 65 $ 295 $ 75 The state and federal unemployment tax rate is 4.5%, and 0.6% (respectively) on the first $7,000 earned during the year. Overtime is paid at time and a half for hours worked in excess of 4 The 2015 Social security ceiling is $118,500 and the rate for employees is 6.2%. The 2015 medicare rate for employees is 1.45%. Plus 0.9% on amounts over $200,000 for single taxpayers a A. Prepare the summary journal entries for the week ended Dec. 31 2014 to record employees payroll check total for the week B. Prepare the summary journal entries for the week ended Dec. 31 2014 to record employers payroll taxes for the week C. Prepare the summary journal entry to record the payment of all payroll witholdings and payroll taxes that the company owes to the state and federal governments D. Determine the following that should be reported on Bob's annual 2015 W-2 Form 1. Total annual wages subject to Federal Income Tax 2. total annual wages subject to SS tax 3. total annual wages subject to Medicare tax 40 during any one week. and $250,000 for married filing joinly taxpayersStep by Step Solution
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