Computing salaries
Deadline: Due by the end of Week 3 at 11:59pm, ET. Using the information and processes you learned through discussion and your readings this week, complete the questions/problems in the Excel workbook provided below. To complete the calculations click on the sheet tab then use the provided rates, ceilings, and maximinum taxes, unless otherwise noted. Submit your completed workbook to Blackboard by the end of Week 3. The assignment helps you to achieve the following course outcomes: Create personnel and payroll records to comply with tax law and payroll processing operations. Audit the procedures and systems used to compute wages, salaries, and taxation Use the following rates, ceiling, and maximum taxes in your assignments, unless otherwise instructed. Employee and Employer OASDI: 6.20% Employee and Employer HI: 1.45% Self-employed OASDI: 12.40% Self-employed HI: 2.90% For rounding rules, refer to page 2-35 in your text. 1 $128,400 no limit $128,400 no limit -1 pt. for each response incorrect. The biweekly taxable wages for the emplyees of Wee-Ones Foods follow. Compute the FICA taxes for each employee and the employer's FICA taxes. FICA Taxes Employee # 711 512 624 325 422 210 111 Employee name Adams, Jane Candy, James Guiterrez, Roberta Harrison, Ken Lowland, Harriet Ranger, Ralph Sweat, Rudy Totals 2 Biweekly taxable wages $1,100.00 $1,000.00 $1,050.00 $1,250.00 $1,600.00 $1,310.50 $1,419.45 $8,729.95 Employer'S OASDI $8,729.95 Total taxable wages Employer's HI Tax $8,729.95 Total taxable wages OASDI $68.20 $62.00 $65.10 $77.50 $99.20 $81.25 $88.01 $541.26 In 20xx the annual salaries paid each f the officrs of Perez, Inc. follow. The officers are paid semimonthly on the 15th and last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) a: November 15 Name and Title Perz, Paul, President Donald, Donna, VP Finance Funke, Jack, VP Sales Weis, Al, VP Mfg. Lang, Hope, VP Personnel Lee, Amy, VP Secretary Annual Salary $150,000.00 $129,000.00 $76,800.00 $92,400.00 $78,000.00 $52,800.00 OASDI Taxable Earnings $3,400.00 $5,375.00 $3,200.00 $3,850.00 $3,250.00 $2,200.00 b: December 31 Name and Title Perz, Paul, President Donald, Donna, VP Finance Funke, Jack, VP Sales Weis, Al, VP Mfg. Lang, Hope, VP Personnel Lee, Amy, VP Secretary 3 Annual Salary $150,000.00 $129,000.00 $76,800.00 $92,400.00 $78,000.00 $52,800.00 OASDI Taxable Earnings $0.00 $4,775.00 $3,200.00 $3,850.00 $3,250.00 $2,200.00 Amanda Autry and Carley Wilson are partners in A & W Gift Shopp, which employ the individuals b Paychecks are distributed every Friday to all employees. Based on the information given, compute listed below for a weekly payroll period. Name and Title Kelly Simon, Office Jim Tress, Sales May Aha, Delivery Amand Autry, Partner Carley Wilson, Partner Salary $750 per wk. 3,450 per mo. 520 per wk. 1,900 per wk. 1,900 per wk. Totals Employer'S OASDI $128.10 Employer's HI Tax $29.96 OASDI Taxable Earnings $750.00 $796.15 $520.00 $0.00 $0.00 $2,066.15 unless otherwise instructed. $7,960.80 no maximum $15,921.60 no maximum FICA taxes. FICA Taxes HI $15.95 $14.50 $15.23 $18.13 $23.20 $19.00 $20.58 $126.58 $541.26 Employer's OASDI Tax $126.58 Employer's HI Tax follow. The officers are paid the FICA taxes to be withheld ember 15 OASDI Tax $210.80 $333.25 $198.40 $238.70 $201.50 $136.40 HI Taxable Earnings $6,250.00 $5,375.00 $3,200.00 $3,850.00 $3,250.00 $2,200.00 HI Tax $90.63 $77.94 $46.40 $55.83 $47.13 $31.90 mber 31 OASDI Tax $0.00 $296.05 $198.40 $238.70 $201.50 $136.40 HI Taxable Earnings $6,250.00 $5,375.00 $3,200.00 $3,850.00 $3,250.00 $2,200.00 HI Tax $90.63 $77.94 $46.40 $55.83 $47.13 $31.90 opp, which employ the individuals based below. on the information given, compute the amounts OASDI Tax $46.50 $49.36 $32.24 $0.00 $0.00 $128.10 HI Taxable Earnings $750.00 $796.15 $520.00 $0.00 $0.00 $2,066.15 HI Tax $10.88 $11.54 $7.54 $0.00 $0.00 $29.96
