Marys Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Marys Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20, are given. Employees are paid 1 times the regular rate for working over 40 hours a week. Name No. of Allowances Marital Status Total Hours Worked Mar. 1622 Rate Total Earnings Jan. 1Mar. 15 Bacon, Andrea 4 M 45 $12.00 $5,520.00 Cole, Andrew 1 S 40 12.00 5,780.00 Hicks, Melvin 3 M 44 10.50 4,880.00 Leung, Cara 1 S 37 11.00 5,134.50 Melling, Melissa 2 M 40 13.00 4,722.50 Social Security tax is withheld from the first $128,400 of earnings at the rate of 6.2%. Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of 1%, both applied to gross pay. Bacon and Leung have $16 withheld and Cole and Hicks have $6 withheld for health insurance. Bacon and Leung have $22 withheld to be invested in the travel agencys credit union. Cole has $39.50 withheld and Hicks has $18.50 withheld under a savings bond purchase plan. Marys Luxury Travels payroll is met by drawing checks on its regular bank account. The checks were issued in sequence, beginning with Check No. 423. Andrew Cole, employee number 62, is employed as a manager in the ticket sales department. He was born on May 8, 1986, and was hired on June 1 of last year. His Social Security number is 544-67-1283. He lives at 28 Quarry Drive, Vernon, CT, 06066. Required: For the week ended March 22, complete an employee earnings record for Andrew Cole. (Insert earnings data only for the week of March 22.) Employee Earnings Record for Period Ended
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!