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Continuing Payroll Project: Prevosti Farms and Sugarhouse For the February 8, 2019. pay period, use the gross pay totals from the end of Chapter 4 and compute the net pay for each employee. Once you have computed the net pay (using the wage-bracket tables in Appendix C), state withholding tax for Vermont is com- puted at 3.35 percent of taxable wages (i.e., gross pay less pre-tax deductions). Note that the first pay period comprises only one week of work during the February 8 pay period and that the federal income tax should be determined using the biweekly tables in Appendix C. Initial pre-tax deductions for each employee are as follows: w Name 13.35% Stade tal Millen 6.2 % Social 457. Predlarm Towle Long Shangraw Lewis Schwartz Prevosti You Deduction Insurance: $155/paycheck/401(k): 3% of gross pay! Insurance: $100/paycheck/401(k): 5% of gross pay Insurance: $155/paycheck/401(k): 2% of gross pay Insurance: $100/paycheck/401(k): 3% of gross pay Insurance: $155/paycheck/401(k): 4% of gross pay Insurance: $100/paycheck/401(k): 5% of gross pay! Insurance: $155/paycheck/401(k): 6% of gross pay Insurance: $100/paycheck/401(k): 2% of gross pay Compute the net pay for the February 8 pay period using the payroll register. All insur- ance and 401(k) deductions are pre-tax. Update the Employee Earnings Records as of February 8, 2019 or Period Regular O ne Compute the net pay for the February 22 pay period using the payroll register. All insur- ance and 401(k) deductions are pre-tax. Update the Employee Earnings Records as of February 22, 2019 MSWH 400) Sec 125 The Mille M 4 Avery Tuwe Charlie M2 Mary ShangwS 1 M3 Tomi P osti Sede Sacs S 2 Lewis To calculate the Life Insurance benefit, multiply the employee's annual salary by 1 percent. For example, if an employee earned $50,000 per year, the life insurance would be $50,000 x 0.01 = $500. Flex- Time Child Care Assistance (under $5,000 annually) Yes No Gym Membership ($15 per month) Yes Yes Yes NO Long- Educational Life Term Care Assistance Insurance (at Insurance ($4,000 1% of annual ($15 per annually) salary value) period) No Yes No Yes No Yes No Yes No Yes Yes Yes No Yes Yes No Employee Millen Towle Long Shangraw Lewis Schwartz Prevosti Student Yes FSA (annual) $500.00 1,200.00 700.00 200.00 1,600.00 450.00 900.00 300.00 Yes No Yes Yes No No Yes Annotate the Employee Earning Records with payroll-related benefit elections. The amount per period should be included in the record. As an example, if an employee elected to con tribute $1,300 to his or her FSA, the period payroll deduction would be $1,300/26, or $50. Continuing Payroll Project: Prevosti Farms and Sugarhouse The first day of work for Prevosti Farms and Sugarhouse for all employees is February 4, 2019. February 8 is the end of the first pay period and includes work completed during the week of February 4-8. Compute the employee gross pay using 35 hours as the stan- dard workweek for all employees except Mary Shangraw, who works 20 hours per week and receives overtime for any time worked past that point. The other hourly employees receive overtime pay when they work more than 35 hours in one week. Joel Schwartz has made $5,000 in case sales at a 3 percent commission rate during this pay period. Remember that the employees are paid biweekly. Note that the first pay period comprises only one week of work, but the pay frequency for federal income tax purposes is biweekly. Exempt employee pay information is as follows: Notes Name Millen Lewis Schwartz Prevosti Annual Salary $35,000 $32,000 $24.000 $45,000 plus 3% commission on sales The hours for the nonexempt employees are as follows: Regular Time Pay Overtime Pay Commission Pay Gross Pay Name Towle Long Shangraw Success (You) Hourly Rate $12.00 $12.50 $10.50 $16.68 Hours Worked 2/4-2/8 35 hours 40 hours 21 hours 35 hours Complete the payroll register for the period's gross pay. Pay will be disbursed on February 13, 2019, starting with check number 6628. February 22, 2019, is the end of the final pay period for the month. Schwartz has sold $7,500 of product during this pay period at a 3 percent commission. Complete the payroll register for the period's gross pay. Pay will be disbursed on February 27, 2019, and check! numbers will continue from prior payroll. The hours for the nonexempt employees are as follows: Gross Regular Time Pay Overtime Pay Commission Pay Pay Name Towle Hourly Rate $12.00 $12.50 $11.00 $16.68 Hours Worked 2/11-2/22 80 hours 70 hours 42 hours 71 hours Long Shangraw Success (You) Continuing Payroll Project: Prevosti Farms and Sugarhouse Although the company has already established medical and retirement plan benefits, Toni Prevosti wants to consider other benefits to attract employees. As the company's accoun- tant, you have been tasked with annotating employee earnings records with benefit elec- tions for each employee. The following sheet contains details of employee choices. These costs are employer paid and will take effect on the first pay period of March. To calculdle ule Lieu For example, if an employee earned $50,000 per year, the life insurance wuun $50,000 x 0.01 = $500. Child Care Assistance (under $5,000 annually) Flex- Time Yes No Yes Yes No Long- Educational Life Term Care Assistance Insurance (at Insurance ($4.000 1% of annual ($15 per annually) salary value) period) No Yes Yes No No Yes Yes No Yes Yes No Employee Millen Towle Long Shangraw Lewis Schwartz Prevosti Student Yes Gym Membership ($15 per month) Yes Yes Yes No No Yes Yes Yes F SA (annual) $500.00 1,200.00 700.00 200.00 1,600.00 450.00 900.00 300.00 No No Yes No No No Yes No No No No No No Yes Yes No No No Annotate the Employee Earning Records with payroll-related benefit elections. The amount per period should be included in the record. As an example, if an employee elected to con- tribute $1,300 to his or her FSA, the period payroll deduction would be $1,300/26, or $50. Federal Come Tax Tables* The following is information about federal income tax withholding for 2019. Specific questions about federal income taxes and business situations may be directed to the Internal Revenue Service via the IRS website at https://www.irs.gov/businesses. Payroll Period One Withholding Allowance Weekly $ 80.80 Biweekly 161.50 Semimonthly 175.00 Monthly 350.00 Quarterly 1,050.00 Semiannually 2,100.00 Annually 4,200.00 Daily or miscellaneous (each day of the payroll period) 16.20 "Note: Appendix C is derived from IRS Publication 15. A comment to refer to pages 44 and 47 exists at the section end for wage-bracket tables when the taxable wages exceed the table. These page references are for Publication 15 itself and not to pages within this text. Source: Internal Revenue Service Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2019) TABLE 1-WEEKLY Payroll Period The amount of income tax to withholdis: $0 (a) SINGLE person (including head of household)-- (b) MARRIED person- If the amount of wages If the amount of wages (after subtracting The amount of income tax after subtracting withholding allowances) is: to withhold is withholding allowances Not over $73 Not over $227 Over But not over- of excess over Over But not over $73 -$260 $0.00 plus 10% -$73 $227 5600 $260 $832 $18.70 plus 12 -$260 $600 $1.745 $832 $1,692 $87 34 plus 22% $832 $1,745 - $3.465 $1,692 -$3 164 $276.54 plus 24% -$1.692 $3,465 $6.409 $3 164 -$3.998 $629 82 plus 32% - $3,164 $6.409 _$8,077 $1998 -$9,887 $896.70 plus 35% -$3,998 $8.077 $12.003 $9 887 $2.957.85 plus 37 -$9.887 $12,003 TABLE 2-BIWEEKLY Payroll Period $0.00 plus 10% 537.30 plus 12% $174.70 plus 22 5553.10 plus 24% $1.259.66 plus 32% $1.793.42 plus 35% $3.167.52 plus 37 of excess over 227 5600 $1.745 $3.465 6.409 SA 077 -$12,003 The amount of income tax to withhold is: $146 (a) SINGLE person (including head of household) (b) MARRIED person the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting withholding allowances) is: to withhold is: withholding allowances) is Not over $146 $0 Not over $454 Over But not over of excess over Over But not over- -$519 $0.00 plus 10% $146 $454 $1.200 $519 - $1,664 $37 30 plus 12% -$519 $1.200 $3,490 31,664 -- $3.385 $174.70 plus 22% - $1,6541 $3,490 $8.931 53.385 $6.328 $553.32 plus 24% $3,385 56,931 $12.817 $6.328 - $7,996 $1.259.64 plus 32% - $6,328 $12.817 -$16,154 $7.996 $19,773 $1.793.40 plus 35% $7,996 $16.154 $24,000 $19,773 $5.915.35 plus 37% -$19.773 $24,006 TABLE 3-SEMIMONTHLY Payroll Period $0.00 plus 10% $74.60 plus 12% 349.40 plus 22). $1,106.42 plus 24% $2.519.08 plus 32 $3.586.90 plus 35% $6,335.10 plus 37% of excess over $454 -$1.200 -$3.490 - $6.931 $12817 -$18.154 -$24.006 (a) SINGLE person (including head of household) (b) MARRIED person- If the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhold is withholding allowances) is: to withhold is: Not Over $158 . $0 Not Over $492 $0 Over But not over of excess over Over But not over of excess over $ 158 $563 $0.00 plus 10% $158 $492 $1,300 $0.00 plus 10% 492 $563 -$1,803 $40.50 plus 12% -$563 $1.300 - $3,781 $80.80 plus 12% -$1,300 $1.803 $3.657 $189.30 plus 22 $1,803 $3.781 $7.508 $378.52 plus 220 --- $3,781 $3,667 -$5,855 $599.38 plus 24% - $3.667 $7,508 - $13 885 $1,198.48 plus 24% $7.508 $6,855 -SA 663 $1,364.50 plus 32% $6.855 $13.885 $17.500 $2,728.94 plus 3246 -$13.885 $8.663 -$21,421 $1,943.06 plus 35% -$8.663 $17.500 - $26.006 $3.885.74 plus 35% $17.500 $21,421 $6.408.36 plus 37% $21.421 $26.006 58.862 84 plus 37 --$28.006 TABLE 4-MONTHLY Payroll Period (a) SINGLE person (including head of household) (b) MARRIED person- If the amount of wages If the amount of wages Cater subtracting The amount of income tax (after subtracting withholding Allowances) is to withhold is withholding allowances) is: Not over $317 $0 Not over $983 Over But not over of excess over Over But not over $1.125 $0.00 un 10% $3171 $983 - $2.500 $1.125 -$3.606 580 80 plus 12% -$1,125 $2.600 -57 563 $3.606 -$7,333 3378.52 plus 22% -$2.606 $7563 $15.017 $7.333 $13.710 $1,198.46 plus 24% $7333 $15.017 $27.771 $13.710 $17,325 $2.728.94 plus 32 $13.710 $27.771 $35,000 $17,325 $42.842 $3.885.74 plus 35% $17,325 $35,000 - $52,013 $42.842 $12.816.69 plus 37% -$42.842 $52.013.. $317 The amount of income tax to withhold is $0 of excess over- $0.00 plus 10% $161.70 plus 12 -$2,600 $757 25 plus 22 $2 397 14 plus 24 -$7,563 --$15 017 $5,458.10 plus 32 -$27.771 5 7771.38 plus 35 -$35.000 $13.725.93 plus 37% $52,013 5983 Internal Revenue Service Wage Bracket Method Tables for Income Tax Withholdiny SINGLE Persons -BIWEEKLY Payroll Period For Wages Padrough December 2015) And the number of withholding allowances d e held out of income tax to be DOOOOOOOOOOOOO 88888888888 2058 NODOOOOOOOOOOOOOOOOOOOOOOOO 00003 DODDO DOOOOOOOOOOOOOOOOOOO D0000 20903 US ONOWODO OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO00000000 -OOOOOOOOOOOOOOOOOOOOO DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD DOOOOOOOOOOOOOO ODDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD DODOO OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO DODDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDS DDDDDDDDDDDDDDO CODOO OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO ODDDDDDDDDDDDDDDDDDDDDOS 649 709 729 888888988a88988 2988988989 B $6898899 ON 890888888888888888888 G $888 1.000 600" 620' 8 889 8899 1.069 1.0.89 1.109 898899$ 1,109 1,129 1,149 1.169 1.189 1,209 1.229 1998 898 O 1,1291 1,149 1,169 1,139 1 209 NIN 88 Intemal Revenue Service 1999 9 999999 ---- ---- -- - 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