Hello Raheema, It is me again, I have one assignment for you, let me know if you can completed on time, and with correct answers. Thanks
Unit 8 [AC499: Bachelor's Capstone in Accounting] Unit 8 Assignment 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 $17.90/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. Total Pay FICA/OASDI FICA/HI FIT W/H State Tax W/H Union Dues Net Pay = = = = = = = $36,195.10 $ 2,244.10 $ 524.83 $ 6,515.00 $ 361.95 $ 500.00 $26,049.22 Assume the following tax rates: 1. * FICA taxOASDI on employees: 6.2%. 2. FICA taxHI on employees: 1.45%. 3. FIT withheld from employees. 4. FICA taxOASDI on employers: 6.2%. 5. FICA taxHI on employers: 1.45%. 6. Net FUTA tax: 0.6%. 7. SUTA tax: 3.7%. 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 6.2% for both the employee and the employer. Unit 8 [AC499: 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 3.7%). 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. When you are ready, you may submit your paper to the Unit 8 Dropbox. Note: Include your name in the filename of the Assignment. Unit 8 Assignment Grading Rubric: Category/Description Points Possible Points Earned Instructor Additional Comments (If necessary) Questions: Correctly solve each problem. Worth 10 points each. 1- Compute overtime premium pay. 10 2- Journalize entry to record payroll. 10 10 3- Journalize entry to record employer's payroll taxes 10 4- Journalize the entry to deposit the FICA and FIT taxes Critical Thinking & Analysis, APA Format/Grammar/Spelling * Late Penalty * Final Score 40 Points may be deducted for incorrect analysis, spelling, grammar, and formatting. Points may be deducted for late submission. Question #3: Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). Payroll Taxes FICA Taxes PayableOASDI FICA Taxes PayableHI FUTA Taxes Payable SUTA Taxes Payable 4,325.32 2,244.10 524.83 217.17 1,339.22 Question #4: Journalize the entry to deposit the FICA and FIT taxes. FICA/OASDI Payable Debit FICA/HI Payable Debit FITW/H Payable Debit Cash Credit $ 4,488.20 $ 1,049.66 $ 6,515.00 12,052.86 Question #3: Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). Payroll Taxes FICA Taxes PayableOASDI FICA Taxes PayableHI FUTA Taxes Payable SUTA Taxes Payable 4,325.32 2,244.10 524.83 217.17 1,339.22 Question #4: Journalize the entry to deposit the FICA and FIT taxes. FICA/OASDI Payable Debit FICA/HI Payable Debit FITW/H Payable Debit Cash Credit $ 4,488.20 $ 1,049.66 $ 6,515.00 12,052.86
