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amm1812
2 years ago
9

Patrick patrone (single, 2 allowances), $925 wages __________ carson leno (married, 4 allowances), $1,195 wages __________ carli

lintz (single, 0 allowances), $700 wages __________ gene hartz (single, 1 allowance), $2,500 wages __________ mollie parmer (married, 2 allowances), $3,600 wages __________
Business
1 answer:
Furkat [3]2 years ago
6 0

<u>Solution and Explanation:</u>

1) P<u>atrick patrone </u>

Single and 2 allowances =\$ 925-\$ 155.80-\$ 155.80=\$ 613.40

It falls under the category of Over $509 but under $1,631

The amount of income tax that he withholds is $36.70 + 12% of excess over $509

\$ 36.70+12 \%(\$ 613.40-\$ 509)=\$ 36.70+12 \% \text { of } \$ 104.40=\$ 36.70+\$ 12.53=\$ 49.23

The amount to withhold for Federal income tax is $49.23.

2) <u>Carson Leno, married and 4 allowances </u>

= $1,195 - $155.80 - $155.80 - $155.80 - $155.80 = $571.80

The wages falls under the category of Over $444 but under $1,177.

The amount of income tax that he withholds is $0 + 10% of excess over $444.

\$ 0+10 \%(\$ 571.80-\$ 444)=\$ 0+10 \% \text { of } \$ 127.20=\$ 0+\$ 12.72=\$ 12.72

The amount to withhold for Federal income tax is $12.72

3) Carli lintz single, zero allowances and wages is $700.

$700 - $0 = $700 (zero allowance)

The wages falls under the category of Over $509 but under $1631.

The amount of income tax to withhold is $36.70 + 12% of excess over $509

\$ 36.70+12 \%(\$ 700-\$ 509)=\$ 36.70+12 \% \text { of } \$ 191 .=\$ 36.70+\$ 22.92=\$ 59.62

The amount to withhold for Federal income tax is $59.62.

4) Gene hartz. Single, 1 allowance and $2,500 wages.

$2,500 - $155.80 = $2,348.20

The wages fall under the category of Over $1,631 but under $3,315

The amount of income tax to withhold is $171.34 + 22 % of excess of $1,631 \begin{aligned}&\$ 171.34+22 \%(\$ 2348.20-\$ 1631)=\$ 171.34+22 \% \text { of } \$ 717.20 .=\$ 174.34+\$ 157.78=\\&\$ 332.12\end{aligned}The amount for Federal income tax is $332.12

5) Mollie Parmer. Married, 2 allowances and wages is $3,600

\$ 3,600-\$ 155.80-\$ 155.80=\$ 3,288.40

The wages falls under the category of Over $1,177 but under $3,421

The amount of income tax to withhold is $\$ 73.30+12 \%$ of excess over $\$ 1,177$ \begin{aligned}&\$ 73.30+12 \% \text { of }(\$ 3,288.40-\$ 1,177) .=\$ 73.30+12 \% \text { of } \$ 2,111.40 .=\$ 73.30+\$ 253.37=\\&\$ 326.67\end{aligned}The amount for Federal income tax is $326.67.

<u>NOTE :</u> - the withholding allowance is deducted from the wages, the amount of single allowance is $155.80.

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aleksandr82 [10.1K]

The general journal entries that  Alicia Tax Services will make to record this transaction is :Debit Accounts payable, $690; credit Cash, $690.

Based on the information given since Alicia Tax Services paid the amount of  $690 to settle an account payable which means that the appropriate journal entry to record the transaction will be:

Debit Accounts payable $690

Credit Cash $690

(To record account payable)

Inconclusion the general journal entries that  Alicia Tax Services will make to record this transaction is :Debit Accounts payable, $690; credit Cash, $690.

Learn more about account payable here:brainly.com/question/1347024

4 0
2 years ago
Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2020, Betty had the
Alexeev081 [22]

Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2020, Betty had the following income and expenses. You may assume that Betty will owe $2,562 in self-employment tax on her salon income, with $1,281 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016 and that Betty itemizes her deductions this year.

Interest income $12,960

Salon sales and revenue 87,460

Salaries paid to beauticians 45,820

Beauty salon supplies 23,510

Alimony paid to her ex-husband, Rocky 6,550

Rental revenue from apartment building 33,200

Depreciation on apartment building 13,450

Real estate taxes paid on apartment building 11,540

Real estate taxes paid on personal residence 6,560

Contributions to charity 4,600

Required:

Determine the Betty's AGI value.Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2020, Betty had the following income and expenses. You may assume that Betty will owe $2,562 in self-employment tax on her salon income, with $1,281 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016 and that Betty itemizes her deductions this year.

Interest income $12,960

Salon sales and revenue 87,460

Salaries paid to beauticians 45,820

Beauty salon supplies 23,510

Alimony paid to her ex-husband, Rocky 6,550

Rental revenue from apartment building 33,200

Depreciation on apartment building 13,450

Real estate taxes paid on apartment building 11,540

Real estate taxes paid on personal residence 6,560

Contributions to charity 4,600

Required:

Determine the Betty's AGI value.Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2020, Betty had the following income and expenses. You may assume that Betty will owe $2,562 in self-employment tax on her salon income, with $1,281 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016 and that Betty itemizes her deductions this year.

Interest income $12,960

Salon sales and revenue 87,460

Salaries paid to beauticians 45,820

Beauty salon supplies 23,510

Alimony paid to her ex-husband, Rocky 6,550

Rental revenue from apartment building 33,200

Depreciation on apartment building 13,450

Real estate taxes paid on apartment building 11,540

Real estate taxes paid on personal residence 6,560

Contributions to charity 4,600

Required:

Determine the Betty's AGI value

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8 0
3 years ago
A manufacturing department has 50,000 EUP for units completed and transferred out and 4,500 EUP for units in ending inventory. M
ludmilkaskok [199]

Answer:

Value of closing inventory = $ 28,125.00

Explanation:

To value inventory, we multiply the cost per equivalent unit of production (cost per EUP) by the the number of equivalent units(EUP)  for each of the cost element.

So the value of the closing inventory, is determined as follows:

Value of inventory = cost per E.U.P × number of E.U.P

Material = $2.50 × 4,500 = 11,250.00

Labour and overhead= $3.75 × 4,500 =  16,875.00

Total amount of work in progress

= 11,250 + 16, 875

= $ 28,125.00

6 0
3 years ago
The annual earnings of a typical investor are
fenix001 [56]

Answer:

The answer Is c

Explanation:

4 0
3 years ago
ackenzie, Inc. has collected the following data.​ (There are no beginning​ inventories.) Units produced 600 units Sales price $
Leokris [45]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

Units produced= 600

Direct materials $30 per unit

Direct labor $13 per unit

Variable manufacturing overhead $6 per unit

Fixed manufacturing overhead $17,800 per year

Ending inventory= 600 - 400= 200 units

Under absorption costing, the fixed overhead costs get allocated to the product cost. First, we need to calculate the unitary fixed overhead cost:

Unitary fixed overhead= 17,800/600= $29.67

Now, we can determine the total unitary cost:

Unitary cost= direct material + direct labor + total overhead

Unitary cost= 30 + 13 + (6 + 29.67)= $78.67

Ending inventory= 200*78.67= $15,736

7 0
3 years ago
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