A SIMPLE IRA is a retirement plan that may be established by employers, including self-employed individuals (sole proprietorships and partnerships). The SIMPLE IRA allows eligible employees to contribute part of their pretax compensation to the plan. This means the tax on the money is deferred until it is distributed." OLNEY COMPANY, INC. SIMPLE Plan Contributions SIMPLE Name Deductions Mangino, R. $20 Flores, I. 50 Palmetto, C. 40 Waters, R. 60 Kroll, C. 20 Ruppert, C. 40 Scott, W. 50 Wickman, S. 50 Foley, L. 30 Olney, M. 80 https://www.investopedia.com/university/retirementplans/simpleira/?adtest-rira-layout-bttn-bsin Payroll Register Payroll Register For this task, each employee's federal, state, and local taxes to be withheld will be determined. When determining the federal taxes to be withheld, remember that there are some deductions that are allowed "pretax". These deductions reduce the gross earnings upon which the federal tax to be withheld is determined. Complete the steps outlined below. 1. Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction. 2. Determine and record the federal income taxes for each employee. 3. Refer to each employee's filing status. Click the link below to view the Wage-Bracket Method tables. 4. Determine and record the state income taxes for each employee using the State of Pennsylvania's rate of 3.07%. 5. Determine and record the local income taxes for the Chalfont Boro residents at the rate of 1.0%. 6. Total each input column. Note: Round your final answers to the cent. Enter all amounts as positive numbers. Click here to access the Wage-Bracket Method Tables. OLNEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20-- EARNINGS DEDUCTIONS Name Gross OASDI HI FIT SIT SUTA Mangino, R. Flores, I. $740.00 $45.88 $10.73 $ 50 50 22.72 CIT 7.4 A SIMPLE Ded. 20 770.00 65.65 15.35 53 X 23.64 X Palmetto, C. 685.30 42.49 9.94 12 21.04 6.85 Waters, R. 828.00 64.81 15.16 26 X 25.41 X 8.28 Kroll, C. 952.00 59.02 13.80 75 29.23 9.52 50 40 60 20 Ruppert, C. 800.00 51.93 12.14 27 24.56 X 8.0 X 40 Scott, W. 780.00 48.36 11.31 27 X 23.95 7.8 50 NET PAY Grp. Ins. Health Ins. Ck. No. Amount EARNINGS OLNEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20-- DEDUCTIONS Name Gross OASDI HI FIT Mangino, R. Flores, I. $740.00 $45.88 $10.73 $ 50 A SIT 22.72 SUTA 770.00 65.65 15.35 53 23.64 X Palmetto, C. 685.30 42.49 9.94 12 21.04 6.85 > CIT SIMPLE Ded. 7.4 20 50 40 Waters, R. 828.00 64.81 15.16 26 25.41 8.28 Kroll, C. 952.00 59.02 13.80 75 29.23 9.52 60 20 Ruppert, C. Scott, W. 800.00 51.93 12.14 27 24.56 X 8.0 X 40 780.00 48.36 11.31 27 23.95 7.8 50 Wickman, S. 807.69 50.08 11.71 64 X 24.80 Foley, L. Olney, M. 1,038.46 76.46 17.88 51 31.87 X 8.08 10.38 > x 50 30 1,500.00 93.00 21.75 108 X 46.05 15 80 Totals $597.68 $139.77 $ 502 X A 273.27 A 440 NET PAY Grp. Ins. Health Ins. Ck. No. Amount