AC$499$: Bachelors Capstone in Accounting

Unit $8$ Assignment: Problems

Instructions:

Each Problem $(1,2,3,$ and $4)$ is worth $10$ points $(40$ Points total$).$

Submit your answers to the Unit $8$ Dropbox in a single properly formatted Excel Workbook file.

Use a separate tab in the single Excel document for each problem.

Do not put all $4$ problems on the same tab.

Be sure to rename each tab to indicate the question number.

Your answer to this assignment should be submitted in a single Excel Workbook document.

Question # $1$: Charles Giles worked $46$ hours during this pay$-$week. He is paid time$-$and$-$a$-$half for hours

over $40$ and his pay rate is $$17\mathrm{.}90$ hour. What was his overtime premium pay for this workweek?

Use the following information to answer Questions $2,3$ & $4$:

The totals from the first payroll of the year are shown below.

Assume the following tax rates:

FICA tax$-$OASDI on employees: $6\mathrm{.}2\%.$

FICA tax$-$HI on employees: $1\mathrm{.}45\%.$

FIT withheld from employees.

FICA tax$-$OASDI on employers: $6\mathrm{.}2\%.$

FICA tax$-$HI on employers: $1\mathrm{.}45\%.$

Net FUTA tax: $0\mathrm{.}6\%.$

SUTA tax: $3\mathrm{.}7\%.$

Note $-$ Correction to the Textbook $-$ The $2\%$ reduction on the Employee's share of the OASDI expired

on December $31,2012.$ So$,$ the correct rate to apply is $6\mathrm{.}2\%$ for both the employee and the employer. Unit

$8[$AC$499$: Bachelor's Capstone in Accounting$]$

Question # $2$: Journalize the entry to record the payroll.

Question # $3$: Journalize the entry to record the employer's payroll taxes $($assume a SUTA rate of $3\mathrm{.}7\%).$

Question # $4$: Journalize the entry to deposit the FICA and FIT taxes. Your answer to this assignment should

be submitted in a single Excel Workbook document.

Note: Include your name in the filename of the assignment.