Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4-8A . LO 3 similar to Example 4-6 on page 4-19 The names of the employees of Cox Security Systems and their regular salaries are
4-8A . LO 3 similar to Example 4-6 on page 4-19 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 29,but dos mort the bonus and the amount of the regular salary will be shown separately on each employee's earnings statement. Assume that all employees received thei regular salary during the entire year Prepare the payroll for the pay period ending December 29, showing the following for each employer: . Use the wage-bracket method to withhold federal income tax from the regular salaries. withhold a flat 25% on the annual bonus. Total salaries and bonuses are subiect to a 2% stare income tax and a 1% city income tax. * FOR PERIOO ENDING DEDUCTIONS EMPLOYEE NAME id) REGULAR 04SD Hall, Michael M5 50 00 ar i 2 27,5 0,00 Short, Joy T Abbon, Linda .S S I5 2000 Smith, JosephM Tols, Sean M.M 21890 3 5000 71500 12 S : 001 Gillespie, MichelleS Smart. JenniferM White, Matthew J. | S | () Monthly Compute the employer's FICA taxes for the pay period ending December 29. OASDI Taxes HI Taxes OASDI taxable earnings OASDI taxes HI taxable earnings HI taxes
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started