Question
For the February 16 pay date, compute the net pay for each employee for work completed during the week of February 9-13. Once you have
For the February 16 pay date, compute the net pay for each employee for work completed during the week of February 9-13. Once you have computed the net pay (using the wage-bracket tables inAppendix C), complete the paycheck for each employee (assume that all employees are paid by check). State withholding tax for Vermont is computed at 3% of taxable wages (i.e., gross pay less pre-tax deductions). Date the checks February 16, 2015. The first check number is 5356. Note that the first paycheck comprises only one week of work during the pay period and that the Federal income tax should be determined using the biweekly tables inAppendix C.
The hours for the nonexempt employees are as follows:
Name | Hourly rate | Hours worked 2/92/13/15 | Gross pay |
Avery Towle | $12.00 | 35 hours | $420.00 ($12 35 hours) |
Charlie Long | $12.50 | 40 hours | $531.25 ($12.50 35 hours) + ($12.50 1.5 5 OT hour) |
Mary Shangraw | $10.50 | 21 hours | $225.75 ($10.50 20 hours) + ($10.50 1.5 1 OT hour) |
Student F Success* | $18.68 ($34,000 annual salary/26 pay periods/70 hours per pay period) | 35 hours | $653.85 ($34,000 / 52 hours) |
*The hourly rate has been rounded for this table and the payroll register. However, the gross pay should remain unrounded to prevent end of year calculation differences.
Schwartz has sold $5,000 of product during this pay period. Voluntary deductions for each employee are as follows:
Name | No of Exemptions | Deduction |
Thomas Millen | 4 | Insurance: $155/paycheck |
401(k): 3% of gross pay | ||
Marital Status: Married | ||
Avery Towle | 1 | Insurance: $100/paycheck |
401(k): 5% of gross pay | ||
Marital Status: Single | ||
Charlie Long | 2 | Insurance: $155/paycheck |
401(k): 2% of gross pay | ||
Marital Status: Married | ||
Mary Shangraw | 1 | Insurance: $100/paycheck |
401(k): 3% of gross pay | ||
Marital Status: Single | ||
Kristen Lewis | 3 | Insurance: $155/paycheck |
401(k): 4% of gross pay | ||
Marital Status: Married | ||
Joel Schwartz | 2 | Insurance: $100/paycheck |
401(k): 5% of gross pay | ||
Marital Status: Married | ||
Toni Prevosti | 5 | Insurance: $155/paycheck |
401(k): 6% of gross pay | ||
Marital Status: Married | ||
Student F Success | 2 | Insurance: $100/paycheck |
401(k): 2% of gross pay | ||
Marital Status: Single | ||
-THE FORMS BELOW ARE INTERACTIVE PRESENTATIONS OF OFFICIAL TAX FORMS, BUT ARE NOT OFFICIAL FORMS THEMSELVES.DO NOT USE THESE FORMS FOR ANY OTHER PURPOSE BESIDES EDUCATIONAL.
-NOTE 1: When writing out the net amount of an employee's check, be sure to write it in the correct format (e.g. Three Hundred Ninety-nine and 75/100 Dollars). Be sure to capitalize the letters as shown. Round your answers to the nearest cent.
-NOTE 2: Enter all dates in mm/dd/yyyy format.
rev: 04_05_2016_QC_CS-45366, 04_16_2016_QC_CS-47315, 04_19_2016_QC_CS-47315
1. value: 5.00 points Required informationComplete the net pay for the February 16 pay date and write the checks dated February 16, 2015. All Insurance and 401(k) deductions are pretax. Update the Employee Earnings Records for February 16, 2015. (The table below only includes the payroll calculations for the first 5 employees.)
rev: 03_07_2016_QC_CS-42315
References eBook & Resources Tax FormLearning Objective: 04-02 Determine Federal Income Tax Withholding AmountsLearning Objective: 04-05 Explain Post-Tax Deductions Difficulty: 2 MediumLearning Objective: 04-03 Compute Social Security and Medicare Tax WithholdingLearning Objective: 04-06 Analyze Employee Net Pay Learning Objective: 04-01 Identify Pre-Tax DeductionsLearning Objective: 04-04 Apply State and Local Income TaxesAsk your instructor a questionCheck my work 2. value: 5.00 points Required informationComplete the net pay for the February 16 pay date and write the checks dated February 16, 2015. All Insurance and 401(k) deductions are pretax. Update the Employee Earnings Records for February 16, 2015. (The table below only includes the payroll calculations for the last 3 employees.)
rev: 03_07_2016_QC_CS-42315
References eBook & Resources Tax FormLearning Objective: 04-02 Determine Federal Income Tax Withholding AmountsLearning Objective: 04-05 Explain Post-Tax Deductions Difficulty: 2 MediumLearning Objective: 04-03 Compute Social Security and Medicare Tax WithholdingLearning Objective: 04-06 Analyze Employee Net Pay Learning Objective: 04-01 Identify Pre-Tax DeductionsLearning Objective: 04-04 Apply State and Local Income TaxesAsk your instructor a questionCheck my work2016 McGraw-Hill Education. All rights reserved.
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