4-8A - LO 3 See Figure 1.9 on page 1-24, Example 4-9 on page 4-20 The names of the employees of Cox Security Systems and their regular salaries are shown in the following payroll register. Note that Hall and Short are paid monthly on the last payday, while all others are paid weekly In addition to the regular salaries, the company pays an annual bonus based on the amount of earnings for the year. For the current year, the bonus amounts to 8% of the annual salary paid to each employee. The bonus is to be paid along with the regular salaries on December 27, 20-, but the amount of the bonus and the amount of the regular salary will be shown separately on each employee's earnings statement. Assume that all employees received their regular salary during the entire year. Prepare the payroll for the pay period ending December 27, 20-, showing the following for each employees Use the usage-bracket method to withhold federal income tax from the regular salaries. Withhold a flat 22% on the annual bonus. Total salaries and bonuses are subject to a 2% state income tax and a 1% city income tax. NAME . FOR PERIOD ENDING 20 * EARNINGS DEDUCTIONS EMPLOYEE NAME MARITAL STATUS NO. OF WM ALLOW Ich FICA in NET PAY ol SUPPL REGULAR TOTAL FIT CIT SIT OASDI HI 5 2 1 350 000 275 000 5 2000 Hall, Michael Short, Jay T. Abbott, Linda Smith, Joseph Tols, Sean M. Gillespie, Michelle Smart, Jennifer White, Matthew J. Total M S M M S M S 6500 3 8000 2 1 2 3 50 00 5 75 00 425 00 Monthly Compute the employer's FICA taxes for the pay period ending December 27, 20- OASDI Taxes HI Taxes OASDI taxable earnings $ Hi taxable OASDI taxes $ HI 17, LAmpie Ull page 1 The names of the employees of Cox Security Systems and their regular salaries are shown in the following payroll register. Note that Hall and Short are paid monthly on the last payday, while all others are paid weekly. In addition to the regular salaries, the company pays an annual bonus based on the amount of earnings for the year. For the current year, the bonus amounts to 8% of the annual salary paid to each employee. The bonus is to be paid along with the regular salaries on December 27, 20--, but the amount of the bonus and the amount of the regular salary will be shown separately on each employee's earnings statement. Assume that all employees received their regular salary during the entire year. Prepare the payroll for the pay period ending December 27, 20--, showing the following for each employee: Use the wage-bracket method to withhold federal income tax from the regular salaries. Withhold a flat 22% on the annual bonus. Total salaries and bonuses are subject to a 2% state income tax and a 1% city income tax. NAME FOR PERIOD ENDING 20 4-4 EARNINGS DEDUCTIONS EMPLOYEE NAME MARITAL STATUS NO. OF WH ALLOW (a) SUPP'L. REGULAR (c) FICA (b) TOTAL (d) FIT (e) SIT NET PAY OASDI CIT HI 5 2 Hall, Michael Short, Joy T Abbott, Linda Smith, Joseph Tols, Sean M. Gillespie, Michelle Smart, Jennifer White, Matthew J. Totals M M S M M S M S 350 000 2 7 5 000 5 2000 65 00 380 00 3 50 00 + 2 1 2 5 715 00 425 00 "Monthly Compute the employer's FICA taxes for the pay period ending December 27, 20- OASDI Taxes HI Taxes OASDI taxable earnings S HI taxable earnings OASDI taxes $ HI taxes 4-8A - LO 3 See Figure 1.9 on page 1-24, Example 4-9 on page 4-20 The names of the employees of Cox Security Systems and their regular salaries are shown in the following payroll register. Note that Hall and Short are paid monthly on the last payday, while all others are paid weekly In addition to the regular salaries, the company pays an annual bonus based on the amount of earnings for the year. For the current year, the bonus amounts to 8% of the annual salary paid to each employee. The bonus is to be paid along with the regular salaries on December 27, 20-, but the amount of the bonus and the amount of the regular salary will be shown separately on each employee's earnings statement. Assume that all employees received their regular salary during the entire year. Prepare the payroll for the pay period ending December 27, 20-, showing the following for each employees Use the usage-bracket method to withhold federal income tax from the regular salaries. Withhold a flat 22% on the annual bonus. Total salaries and bonuses are subject to a 2% state income tax and a 1% city income tax. NAME . FOR PERIOD ENDING 20 * EARNINGS DEDUCTIONS EMPLOYEE NAME MARITAL STATUS NO. OF WM ALLOW Ich FICA in NET PAY ol SUPPL REGULAR TOTAL FIT CIT SIT OASDI HI 5 2 1 350 000 275 000 5 2000 Hall, Michael Short, Jay T. Abbott, Linda Smith, Joseph Tols, Sean M. Gillespie, Michelle Smart, Jennifer White, Matthew J. Total M S M M S M S 6500 3 8000 2 1 2 3 50 00 5 75 00 425 00 Monthly Compute the employer's FICA taxes for the pay period ending December 27, 20- OASDI Taxes HI Taxes OASDI taxable earnings $ Hi taxable OASDI taxes $ HI 17, LAmpie Ull page 1 The names of the employees of Cox Security Systems and their regular salaries are shown in the following payroll register. Note that Hall and Short are paid monthly on the last payday, while all others are paid weekly. In addition to the regular salaries, the company pays an annual bonus based on the amount of earnings for the year. For the current year, the bonus amounts to 8% of the annual salary paid to each employee. The bonus is to be paid along with the regular salaries on December 27, 20--, but the amount of the bonus and the amount of the regular salary will be shown separately on each employee's earnings statement. Assume that all employees received their regular salary during the entire year. Prepare the payroll for the pay period ending December 27, 20--, showing the following for each employee: Use the wage-bracket method to withhold federal income tax from the regular salaries. Withhold a flat 22% on the annual bonus. Total salaries and bonuses are subject to a 2% state income tax and a 1% city income tax. NAME FOR PERIOD ENDING 20 4-4 EARNINGS DEDUCTIONS EMPLOYEE NAME MARITAL STATUS NO. OF WH ALLOW (a) SUPP'L. REGULAR (c) FICA (b) TOTAL (d) FIT (e) SIT NET PAY OASDI CIT HI 5 2 Hall, Michael Short, Joy T Abbott, Linda Smith, Joseph Tols, Sean M. Gillespie, Michelle Smart, Jennifer White, Matthew J. Totals M M S M M S M S 350 000 2 7 5 000 5 2000 65 00 380 00 3 50 00 + 2 1 2 5 715 00 425 00 "Monthly Compute the employer's FICA taxes for the pay period ending December 27, 20- OASDI Taxes HI Taxes OASDI taxable earnings S HI taxable earnings OASDI taxes $ HI taxes