Social Security and Medicare Withholdings Assignment
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Social Security and Medicare Withholdings Assignment
Mary is a sales person for Challenge Furniture. She receives an incremental commission based on the table below. If she sells $26,000 and has already received a draw of $766.15, how much commission is still owed to Mary?
Level Sales volume Commission Rate 1 $0–11,700 3.5% 2 $11,700–21,200 4.1% 3 Over $21,200 4.7% Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.
Kristy Dunaway has biweekly gross earnings of $1,650. What are her total Social Security and Medicare tax withholdings (in $) for a whole year?
Social Security$ Medicare$
Use the combined wage bracket tables, Exhibit 9-3 and Exhibit 9-4 , to solve.
Employee Marital Status Withholding Allowances Pay Period Gross Earnings Combined Withholding Alton, A. S 3 Monthly $4,753 $ A paving company has 24 employees, 15 with gross earnings of $355 per week and nine with gross earnings of $385 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year?
$
National Storage employs 88 workers with a gross monthly payroll of $137,000. Fringe benefits are 8.4% of payroll for a profit-sharing plan and $9.23 per employee for life insurance.
What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent.
%
Mary is a sales person for Challenge Furniture. She receives an incremental commission based on the table below. If she sells $26,000 and has already received a draw of $766.15, how much commission is still owed to Mary?
Level Sales volume Commission Rate 1 $0–11,700 3.9% 2 $11,700–21,200 4.1% 3 Over $21,200 4.7% In an effort to keep low-wage workers’ salaries commensurate with the cost of living, a number of states have amended their constitutions to allow the minimum wage to be adjusted with inflation.
You are the accountant for a company that owns a chain of 12 fast food restaurants in a state which adjusts the minimum wage for inflation. Each restaurant employs 45 workers, each averaging 20 hours per week at the current federal minimum wage, $7.25 per hour.
(a)
How many hours at minimum wage are paid out each week by the company?
hr
(b)
At the current rate of $7.25 per hour, what is the amount (in $) of the weekly “minimum wage” portion of the restaurant’s payroll?
$
(c)
If the inflation rate this year is 0.7%, calculate the “adjusted” minimum wage rate (in $ per hour) to be paid next year. (Round your answer to two decimal places.)
$ per hour
(d)
How much in “additional wages” will the company have to pay out next year at the adjusted rate (in $)? (Round your answer to the nearest dollar.)
$
(e)
Suggest some ways that the restaurant chain or other small businesses can offset the increase in payroll and subsequent decrease in profit as a result of the minimum wage hike.
This answer has not been graded yet.
Go to www.dol.gov/whd/minwage/america.htm and click on your state to find the current minimum wage. (Louisiana)
Jerry King is a server in a restaurant that pays a salary of $26 per day. He also averages tips of 18% of his total gross food orders. Last week he worked 6 days and had total food orders of $2,568.50. What was his total gross pay for the week (in $)?
$
Frank’s base pay rate is $19.50 per hour, with overtime pay of time-and-a-half, and double-time for holidays. Calculate her gross pay if she worked 6.5 holiday hours in addition to 38.5 hours Monday through Saturday. (Round your answer to the nearest cent.)
$877.50$940.88 $1,004.25$1,379.63
This question has several parts that must be completed sequentially. If you skip a part of the question, you will not receive any points for the skipped part, and you will not be able to come back to the skipped part.
Tutorial Exercise
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.
What are the social security and Medicare withholdings for an executive whose annual gross earnings are $136,500?
Step 1
The amount of money withheld from the annual gross earnings is the product of the gross earnings and the tax rate expressed as a decimal. Even though the executive has annual gross earnings of $136,500, social security will only be taxed on a maximum of $128,400. The tax rate for social security is 6.2%.
Find the amount of money withheld due to social security.
social security withholdings = earnings subject to tax ✕ tax rate = ✕ 0.062 = $ Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.
Kristy Dunaway has biweekly gross earnings of $1,950. What are her total Social Security and Medicare tax withholdings (in $) for a whole year?
Social Security$ Medicare$
This question has several parts that must be completed sequentially. If you skip a part of the question, you will not receive any points for the skipped part, and you will not be able to come back to the skipped part.
Tutorial Exercise
Use the percentage method of income tax calculation to complete the payroll roster (in $).
David Grange is married and claims 4 withholding allowances. If he is paid biweekly and earns $1,847 per period, use the percentage method to find his income tax withholding each pay period. (Use Exhibit 9-1 and Exhibit 9-2 from your text.)
Step 1
The amount of income tax withheld from an employee’s paycheck is determined by his or her amount of gross earnings, marital status, and the number of withholding allowances claimed. The percentage method of calculating income tax withholding requires the use of two tables. The Percentage Method Amount for One Withholding Allowance table is given below. This table gives the dollar amount of one withholding allowance for various payroll periods.
Payroll Period One Withholding Allowance Weekly………………………….. $ 79.80 Biweekly………………………… 159.60 Semimonthly…………………… 172.90 Monthly…………………………. 345.80 Quarterly……………………….. 1,037.50 Semiannually…………………… 2,075.00 Annually………………………… 4,150.00 Daily or Miscellaneous (each day of the payroll period)………………………….. 16.00 The first step in finding the income tax withholding each pay period is to determine the withholding allowance. This is the product of the number of allowances and the amount of one withholding allowance, given in the table above.
The amount of one withholding allowance for a biweekly payroll period is $ . David claims 4 withholding allowances.
Find the total amount of withholding allowance.
total withholding allowance = number of allowances ✕ one withholding allowance = 4 ✕ = $ Use the percentage method of income tax calculation to complete the payroll roster (in $).
David Grange is married and claims 4 withholding allowances. If he is paid biweekly and earns $1,848 per period, use the percentage method to find his income tax withholding each pay period. (Use Exhibit 9-1 and Exhibit 9-2 from your text. Round your answer to the nearest cent.)
$
You are the payroll manager for a resort. Your daughter (Carla Boxwood) is the marketing director earning a salary of $40,800 per year, payable monthly. She is married and claims four withholding allowances. Her social security number is 555-55-5555.
In addition to federal income tax, social security, and Medicare, Carla pays 2.3% state income tax,
1 2 %
for state disability insurance (both based on gross earnings), $31.72 for term life insurance, $133.48 to the credit union, and $30 to the United Way.
Fill out the following payroll voucher for Carla for the month of August. (Use Exhibit 9-1 and Exhibit 9-2 from your text. Social Security Tax is 6.2% of gross wages up to $128,400. Medicare Tax is 1.45% of all gross wages. )
Payroll Voucher Employee: Tax Filing Status: SSN: Withholding Allowances: Full-time Pay Period From to Primary Withholdings: Additional Withholdings: Federal income tax $ Term life $ Social Security $ Credit union $ Medicare $ United Way $ State income tax $ State disability $
Gross earnings: $ − Total withholdings: $ NET PAY $ Use the combined wage bracket tables, Exhibit 9-3 and Exhibit 9-4 , to solve.
Employee Marital Status Withholding Allowances Pay Period Gross Earnings Combined Withholding Reese, S. M 4 Weekly $1,213 $ Mary earned $45,258.75 for the past calendar year. How much did she pay for the year in social security and Medicare taxes? (Social Security Tax is 6.2% of gross wages up to $128,400. Medicare Tax is 1.45% of all gross wages.)
$3,156.29$3,309.29 $3,462.29$3,844.79
This question has several parts that must be completed sequentially. If you skip a part of the question, you will not receive any points for the skipped part, and you will not be able to come back to the skipped part.
Tutorial Exercise
A paving company has 24 employees, 15 with gross earnings of $335 per week and nine with gross earnings of $365 per week. What is the total social security and Medicare tax the company must send to the Internal Revenue Service for the first quarter of the year?
Step 1
Employers are required to match social security and Medicare tax payments made by employees. Social security and Medicare tax amounts depend on gross earnings, so the total gross weekly earnings for all employees must be calculated first.
There are 15 employees who receive $335 in gross earnings per week and nine who receive $365 each week. The gross earnings for a group of employees can be found by multiplying the number of employees and their respective gross earnings.
Find the gross earnings of the 15 employees who receive $335 each week.
gross weekly earnings = gross weekly earnings per employee ✕ number of employees = 335 ✕ = $ Find the gross earnings of the nine employees who receive $365 each week.
gross weekly earnings = gross weekly earnings per employee ✕ number of employees = 365 ✕ = $ The total gross weekly earnings will be the sum of the gross weekly earnings from employees earning $335 per week and the gross weekly earnings from employees earning $365 per week. Find this sum.
total gross weekly earnings = $
A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross earnings of $385 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year?
$
This question has several parts that must be completed sequentially. If you skip a part of the question, you will not receive any points for the skipped part, and you will not be able to come back to the skipped part.
Tutorial Exercise
The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit.
If its semimonthly payroll is $130,320 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll?
Step 1
The Federal Unemployment Tax Act, FUTA, is a federal tax that is paid by employers for each employee to provide unemployment compensation to workers who have lost their jobs. There is a similar tax at the state level, SUTA. Both taxes are paid by employers, not employees.
The Thomson Temp Agency has a semimonthly payroll of $130,320, and the SUTA tax rate is 5.4%. The amount of the SUTA tax will be found by multiplying the payroll by the tax rate expressed as a decimal. Find the SUTA tax amount.
SUTA tax = payroll ✕ tax rate = 130,320 ✕ = $ The FUTA tax rate is credited the 5.4% SUTA tax. Thus, this will be subtracted from the original FUTA tax of 6%. The tax rate for FUTA is therefore
6% − 5.4% = %.
Convert this percentage to a decimal and multiply by the payroll to find the amount of FUTA tax.
FUTA tax = payroll ✕ tax rate = 130,320 ✕ = $ An appliance company has three installers. Larry earns $395 per week, Curly earns $480 per week, and Moe earns $575 per week. The company’s SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee’s earnings.
(a)
How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year?
total SUTA tax$ total FUTA tax$
(b)
How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year?
total SUTA tax$ total FUTA tax$
National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.6% of payroll for a profit-sharing plan and $9.23 per employee for life insurance.
What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent.
41 Proposed Evidence-Based Practice Change Assignment
Prepare this assignment as a 1,500-1,750 words using the instructor feedback from the previous course assignments and the guidelines below.
PICOT Question
Revise the PICOT question you wrote in the Topic 1 assignment using the feedback you received from your instructor.
The final PICOT question will provide a framework for your capstone project (the project students must complete during their final course in the RN-BSN program of study).
Research Critiques
In the Topic 2 and Topic 3 assignments, you completed a qualitative and quantitative research critique on two articles for each type of study (4 articles total). Use the feedback you received from your instructor on these assignments to finalize the critical analysis of each study by making appropriate revisions.
The completed analysis should connect to your identified practice problem of interest that is the basis for your PICOT question.
Refer to “Research Critiques and PICOT Guidelines – Final Draft.” Questions under each heading should be addressed as a narrative in the structure of a formal assignment.
Proposed Evidence-Based Practice Change
Discuss the link between the PICOT question, the research articles, and the nursing practice problem you identified. Include relevant details and supporting explanation and use that information to propose evidence-based practice changes.
42
Report of Market Stock Game
Requirements
(5) It is important that you take some time to familiarize yourself with the details of the game. You can find the details on the game website after you sign-up. You also need to familiarize yourself with the trading process if you have not traded any stocks earlier. (6) You will have $100,000 to invest. You need to pick at least 2 individual stocks (you can pick more if you like) per team member for investment during the game period. You do not have to buy them all at once, but you can make investments at different points in time. Note that you do not have to invest the entire $100,000 amount in these stocks; you can keep some money in cash or other investments if you like. (7) You can buy and sell as many times as you like. There are no trading commissions. (8) As we proceed through the course, you will learn new things about investing. Check your portfolio throughout the semester to see how can apply newly acquired knowledge to improve the performance of your portfolio. (9) During the last week of the semester, you will submit a report. The report will describe what stocks you traded in during the game period (name of the company, ticker symbol, and student who picked the stock), the criteria you used to buy or sell particular stocks (in particular, you need to highlight what you learned during the course to improve your trading performance), a description of your portfolio performance, and if you would do anything different in future trading to further improve your performance. (10) Your project grade will be based primarily on how thorough you were in your analysis of the stocks you chose and the portfolio you formed, and not on the performance of your portfolio. Remember that I am more interested in whether you applied the concepts and not so much in how well your portfolio did.
(11) You will gain the most out of this project if you think as if you have invested your own
$100,000 for this project. Think about how careful you would be if it was your own money and use that same caution and prudent judgments in making your trading decisions. All of us make mistakes, but it is better to make mistakes with fake money rather than real money, and this project provides you an opportunity to learn from your mistakes for your future investments
Note: I did play 2 stocks Tesla and NVDA…Please look at my screen shots below of my performance started 9/15-12/6 so you can write a report of this Stock game follow the instruction and requirements above. I ended up Rank 2 and just only had 2 transactions of buying. At the beginning, I bought 100 shares of Tesla and 100 shares od NVDA stock on 9/15 and maintained during that period un till the game ends 12/6. I did not sell or buy more after that. You can check the details that I screenshotted below that has the details of profits everyday. That is the idea will help you find my strategy maintaining holding these stocks.
Please look at my profit and find the primarily on how thorough I was in my analysis of the stocks I chose and the portfolio I formed, and not on the performance of my portfolio.
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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