4-8B.LO 3 See Figure 1.9 on page 1-24, Example 4-9 on page 4-20 The names of the employees of Matson Office Systems and their regular salaries are shown in the following payroll register. Note that Wayne and Young 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 carning 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 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 4-57 EARNINGS DEDUCTIONS EMPLOYEE NAME MARITAL STATUS NO OF WH ALLOW IC al SUPPL b) FICA REGULAR TOTAL d) FIT in CIT SIT NET PAY OASDI HI Wayne, Bret Young, Gina Course, Rudy Dickson, Emile Woodrow, Walt Nobler, Jim Ono, Joan Jones, Carrie Totals M M S M M S M S 5 2 1 4 2 1 2 0 300 000 250000 81000 7 1 500 695 00 5 25.00 80000 6 4500 *Monthly Compute the employer's FICA taxes for the pay period ending December 27, 20- OASDI Taxes HI Taxes OASDI taxable earnings HI taxable earnings OASDI taxes S Hl taxes $ 4-8B.LO 3 See Figure 1.9 on page 1-24, Example 4-9 on page 4-20 The names of the employees of Matson Office Systems and their regular salaries are shown in the following payroll register. Note that Wayne and Young 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 carning 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 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 4-57 EARNINGS DEDUCTIONS EMPLOYEE NAME MARITAL STATUS NO OF WH ALLOW IC al SUPPL b) FICA REGULAR TOTAL d) FIT in CIT SIT NET PAY OASDI HI Wayne, Bret Young, Gina Course, Rudy Dickson, Emile Woodrow, Walt Nobler, Jim Ono, Joan Jones, Carrie Totals M M S M M S M S 5 2 1 4 2 1 2 0 300 000 250000 81000 7 1 500 695 00 5 25.00 80000 6 4500 *Monthly Compute the employer's FICA taxes for the pay period ending December 27, 20- OASDI Taxes HI Taxes OASDI taxable earnings HI taxable earnings OASDI taxes S Hl taxes $