(Answered) Question - ken gorman is a maitre d at carmel dinner club

Accounting

Question - Ken Gorman is a maitre d' at Carmel Dinner Club. On February 3, his gross pay was $780 (three days working, one paid vacation day, and one paid sick day). He also reported to his employer tips of $1,160 for the previous month (applicable taxes to be deducted out of this pay). Gorman belongs to the company's 401(k) plan and has 5% of his gross pay ($780) deducted each week (salary reduction). Carmel Dinner Club also provides a matching contribution ($39) into the plan for Gorman. Compute the following amounts:

a. Deduction for OASDI tax

b. Deduction for HI tax

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92535768
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Discussion as a present for doing so well in your finance

Discussion: As a present for doing so well in your finance class, your uncle has offered you a choice: He will give you either a zero coupon long term bond or a short term bond that pays coupon payments. Which would you ...

Question - aa businesss lawyer charge 30 per your to meet

Question - AA business's lawyer charge $30 per your to meet with the board of directors. The business pays for the expense on the fifth of every month. By the end of the year, the board members and lawyer had met 51 hour ...

Question - on december 31 2017 sage company signed a

Question - On December 31, 2017, Sage Company signed a $1,023,100 note to Pronghorn Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in ...

Assignment economics of risk and uncertainty applied

Assignment: Economics of Risk and Uncertainty Applied Problems Please complete the following two applied problems. Show all your calculations and explain your results. Problem 1: A generous university benefactor has agre ...

Question cost management is particularly important in the

Question: Cost management is particularly important in the banking industry where pricing is competitive and interest rates are set by a combination of market forces and regulatory policies. Fictitious Bank Corp, is a mi ...

Corporate accounting assignment -assessment task - select

Corporate Accounting Assignment - Assessment task - Select two public limited companies listed on the Australian Securities Exchange (ASX) that are in the same industry. Go to the website of your selected companies. Then ...

Question - gemmex inc is a consulting company that

Question - Gemmex Inc. is a consulting company that specializes in systems design and implementation. The following transactions are recorded by Gemmex during July, its first month of operations. July 1: Issued common sh ...

Question - domingo entity entered into a contract to

Question - Domingo Entity entered into a contract to exchange a liability. However, this particular liability does not have a quoted price in Domingo's principle market. Sabado Entity holds an asset similar to the liabil ...

Question - jennifer is a cpa and a single taxpayer using

Question - Jennifer is a CPA and a single taxpayer using the standard deduction. In 2018, her CPA practice generates net income of $162,000 and she has no other income or losses. Jennifer's taxable income before the QBI ...

Question - explain why the purchase of supplies is usually

Question - Explain why the purchase of supplies is usually recorded in the asset account rather than in an expense account. If supplies were expensed when purchased, which account should be debited and which credited at ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert