Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with a payroll accounting assignment, I will attach a spreadsheet with the problems. MARITAL STATUS NO. OF W/H ALLOW. EMPLOYEE NAME (a)

I need help with a payroll accounting assignment, I will attach a spreadsheet with the problems.

image text in transcribed MARITAL STATUS NO. OF W/H ALLOW. EMPLOYEE NAME (a) FICA TOTAL EARNINGS DEDUCTIONS (b) OASDI John, Matthew 2,272.00 * M 3 Smith, Jennifer 275.00 S 1 Bullen, Catherine 250.00 M 0 Matthews, Mary 320.25 S 3 Hadt, Bonnie 450.00 S 1 Camp, Sean 560.50 S 2 Wilson, Helen 475.50 S 1 Gleason, Jose 890.00 M 3 Totals 5,493.25 Compute the employer's FICA taxes for the pay period ending December 19. OASDI Taxes OASDI taxable earnings OASDI taxes HI $ 32.94 (c) (d) FIT (e) NET PAY CIT HI Taxes HI taxable earnings HI taxes COX SECURITY SYSTEMS PAYROLL REGISTER December 26, 20 - - EMPLOYEE NAME Hall, Michael Short, Joy T. Abbott, Linda Smith, Joseph Tols, Sean M. Gillespie, Michelle Smart, Jennifer White, Matthew J. Totals REGULAR ( a) SUPP'L. (a) FICA (b) TOTAL OASDI M 5 (M) 5,000.00 M 2 (M) 2,750.00 S 1 520.00 M 4 465.00 M 2 380.00 S 1 350.00 M 2 575.00 S 0 425.00 ### Compute the employer's FICA taxes for the pay period ending December 26. OASDI Taxes OASDI taxable earnings OASDI taxes (M) indicates monthly pay. Mattola Company is giving each of its employees a holiday bonus of $100 on Dec 20th (a nonpayday). The company wants each employee's check to be $100. The supplemental tax percent is used. a. What will be the gross amount of each bonus if each employee pays a state income tax of 2.8% (besides the other payroll taxes)? Please demonstrate the process used to achieve your answer. Answer a: b. What would the net amount of each bonus check be if the company did not gross up the bonus? Please demonstrate the proces used to achieve your answer. Answer b: DEDUCTIONS (b) EARNINGS MARITAL STATUS NO. OF W/H ALLOW. FOR PERIOD ENDING HI Taxes HI taxable earnings HI taxes HI (c) (d) FIT SIT CIT (e) NET PAY

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Karen Braun, Linda S Bamber

2nd Edition

136091164, 978-0136091165

More Books

Students also viewed these Accounting questions

Question

What is another way of describing a cumulative inflow or outflow?

Answered: 1 week ago