Question
Data Inputs ( info you may hard-key into Excel ): Create a data input area within your spreadsheet with the following withholding information (suggestion: top
- Data Inputs (info you may hard-key into Excel):
- Create a data input area within your spreadsheet with the following withholding information (suggestion: top left corner of spreadsheet). This info should be used in formulas when calculating the payroll information.
- Federal Income Taxes: Assume all employees withhold 25%
- State Income Taxes: Assume ND employees withhold 5% and MN employees withhold at 10%.
- FICA: Calculate BOTH employee and employer amounts for BOTH portions of FICA.
- For 2019, assume that the 6.2% Social Security taxes are paid only on the first $128,400 in wages.
- For 2019, assume that the 1.45% Medicare Tax are paid only on all wages.
- Health Insurance: Monthly premium is $400 for those who elect coverage.
- Employee Information: Assume the following payroll information for the month of December and year-to-date totals as of November 30 (needed for calculating some of the taxes properly).
- Create a data input area within your spreadsheet with the following withholding information (suggestion: top left corner of spreadsheet). This info should be used in formulas when calculating the payroll information.
- Federal Income Taxes: Assume all employees withhold 25%
- State Income Taxes: Assume ND employees withhold 5% and MN employees withhold at 10%.
- FICA: Calculate BOTH employee and employer amounts for BOTH portions of FICA.
- For 2019, assume that the 6.2% Social Security taxes are paid only on the first $128,400 in wages.
- For 2019, assume that the 1.45% Medicare Tax are paid only on all wages.
- Health Insurance: Monthly premium is $400 for those who elect coverage.
- Employee Information: Assume the following payroll information for the month of December and year-to-date totals as of November 30 (needed for calculating some of the taxes properly).
| Employee | Year-to-Date Wages as of 11/30/19 | Wages for December 2019 | State of Residency | Elected Health Care Insurance? |
| A | $55,000 | $5,000 | MN | Y |
| B | 108,000 | 9,000 | ND | N |
| C | 137,500 | 12,500 | ND | Y |
| D | 38,000 | 6,500 | MN | N |
| E | 220,000 | 20,000 | ND | Y |
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
9781266566899
