1. Where is the store based? 2. How do I pay for my order? Is it secure? 3. How much does shipping cost? 4. How long will it take for me to receive my order? 6. I did not get what I ordered. What do I do? 7. Can I return/exchange my t-shirt? Payroll Chapter Homework Assignment Problem 1 Dave earns $16 per hour for up to 40 hours. Over 40 hours is paid at time and one half. Assume the FICA tax rate of 7.65% (6.2% for social security, 1.45% for medicare) with the social security limit of $102,000 of annual earnings. Using the information below, calculate Dave's paycheck: Hours worked this week: 44 Year-to-date earnings before this week: $101,200 Federal income tax: 20% Medical withholding: $60 Problem 2 Assume that the total earnings of all the employees for this payroll period is $800,000. Of the $800,000, $90,000 is exempt from social security as a group of employees are over the annual limit. Also assume that $25,000 was earned by employees who had not yet earned $7,000 for the year. Calculate the employer's payroll tax expense for the week assuming the rates of 5.4% state unemployment and .8% federal unemployment. Problem 3 Assume the following for the Smith Company: Total salaries earned: Administrative $15,000 Sales salaries $10,000 Total $25,000 Withholdings: FIT $4,750 Social Security $1,550 Medicare $363 Medical insurance $1,200 United Way $250 Total $8,113 Assume the following tax rates: FICA 7.65% - no employee has gone over the $102,000 limit FICA tax SUTA 5.4% - only $8,000 of the above payroll is still subject to this tax FUTA .8% - only $8,000 of the above payroll is still subject to this tax. Required: a. Record the general journal entry for the above payroll. b. Record the general journal entry for the related employer payroll taxes. Problem 4 Prior Week EE Hours Rate Salary FIT Medical YTD Earnings Dept Leonard 40 $16 $125 $30 $6,500 Office James 45 $18 $200 $50 $54,000 Office McIntire $5,000 $500 $50 $125,400 Admin Johnson $2,500 $300 $50 $100,700 Admin Rose 42 $14 $100 $4,000 Office Assume the following: Overtime after 40 hours at time and one-half. FICA - Social security 6.2% on the first $102,000 of annual earnings Medicare 1.45% SUTA - 5.4% of the first $7,000 of annual earnings FUTA - .8% of the first $7,000 of annual earnings Required: a. Record the payroll entry for the current week. b. Record the employer payroll tax for the current week. c. Record the entry to pay the FICA for the current week. Current week As part of the course, you will be required to complete and submit an information literacy/plagiarism assignment at the end of the course (Pod 8). The assignment details are below, and you will have the entire course to complete the assignment before the final submission. Assignment Introduction Sandra and Pierre want to start a business. Pierre has $200,000 in cash and Sandra $350,000 in cash and eq ...