Question: Lisa Meilo works for Pacific Company which pays its employees
Lisa Meilo works for Pacific Company, which pays its employees time- and- a- half for all hours worked in excess of 40 per week. Meilo’s pay rate is $ 37 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 4.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is married and claims three allowances. Meilo has an unpaid half- hour lunch break during an 8 ½ - hour day. In the most recent pay period, she worked 50 hours. Meilo’s beginning cumulative earnings are $ 73,654.
Answer to relevant QuestionsUsing the income tax withholding table in Figure 3, pages 302– 303, for each employee of Miller Company, determine the net pay for the week ended January 21. Assume a Social Security tax of 4.2 percent and a Medicare tax ...Assume that the employees in Exercise 7–7 are paid from the company’s regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payroll in general journal form, dated September 30.In ...Harvest Company has the following payroll information for the pay period ended April 14:Taxable earnings for Social Security are based on the first $ 106,800. Taxable earnings for Medicare are based on all earnings. Taxable ...Explain the deposit requirement for federal unemployment tax.The information on earnings and deductions for the pay period ended December 14 from King Company’s payroll records is as follows:For each employee, the Social Security tax is 4.2 percent of the first $ 106,800 and the ...
Post your question