Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with assignment. Information is submitted in word, If any question please let me know. I need asap. Thank you! Module 03 Continuing

I need help with assignment. Information is submitted in word, If any question please let me know.

I need asap.

Thank you!

image text in transcribed Module 03 Continuing Payroll Problem - North Country Hotel and Resort Payroll Note: You will need to use the Payroll Register Template for your Continuing Payroll Problem- North Country Hotel and Resort Payroll submissions. The completed payroll register is used to complete the payroll problem for your final submission. Use your completed payroll register from your previous submissions and complete the following steps. Use Excel formulas for all math calculations. Step 1 You will now input non-tax withholdings for each employee. Record the payroll deductions for the 401k/Simple plan and the Health plan that the employer has established for participating employees. All of the employees are participating, and their weekly contributions are listed below. For future reference, the tax deferral on the Health plan and the 401k/Simple deductions applies to the federal, state, and city income taxes. No. Employee 401k Health 300 Adams, Nikki $ 25.00 $ 55.00 111 Barr, Stephanie $ 38.00 $ 55.00 208 Duginski, Samuel $ 52.00 $ 105.00 198 Glander, Morgan $ 28.00 $ 105.00 189 Hines, Terrance $ 40.00 $ 105.00 68 Jama, Adamo $ 75.00 $ 55.00 45 Lee, Min $ 60.00 $ 105.00 17 Rorberts, Tammi $ 55.00 $ 55.00 12 Vick, Tomika $ 66.00 $ 105.00 9 Yo, Margaret $ 125.00 $ 105.00 Step 2 You will now determine the employee and employer FICA taxes for the pay 1 2 3 1 2 3 period ending January 7. In the Taxable Earnings columns (blue), record the amount of each employee's weekly earnings that is subject to FICA taxes. Using the taxable earnings columns, compute the OASDI (6.2%) and HI (1.45%) taxes for each employee and record in the appropriate column. Below the payroll register, in the space provided, use the total wages to calculate the employer's FICA obligation. Note the employer's FICA taxes will be used later. Step 3 You will now determine the amount of income tax to withhold for each employee. In the appropriate columns of your payroll register, record the marital status and number of withholding allowances claimed for each employee, using the information provided. In the Taxable Earnings columns (blue), record the amount of each employee's weekly earnings that is subject to Income Taxes. Recall that the 401K and the health plan are both pre-tax deductions. The tax deferral on these deductions applies to the federal income tax as well as the state and city taxes below. Use the wage-bracket method to record the federal income taxes withheld from the wages and salaries of each employee, unless the percentage method is required. You can use the wage bracket tables and percentage method tables found in the Publication 15. No. Marital Allow- Status ances Employee 300 Adams, Nikki S 2 111 Barr, Stephanie S 1 208 Duginski, Samuel M 3 198 Glander, Morgan M 5 189 Hines, Terrance M 4 68 Jama, Adamo S 0 45 Lee, Min M 8 17 Rorberts, Tammi S 2 12 Vick, Tomika M 6 9 Yo, Margaret M 4 Step 4 You will now determine the amount of state and city income tax to withhold for each employee. Record the state income taxes on the taxable weekly earnings for each employee. For this exercise, assume the rate is 2% for the state taxes. In reality, tax tables much like the federal tax tables are used. Record the city income taxes on the taxable weekly earnings of each employee. Assume the rate is 1% for the city. In reality, many cities do not impose an income tax

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

Financial Accounting

Authors: Robert Libby, Patricia Libby, Daniel G Short, George Kanaan, Maureen Sterling

6th Canadian edition

73208140, 1259105695, 978-1259105692

More Books

Students also viewed these Accounting questions

Question

List three examples of special reports.

Answered: 1 week ago

Question

Show that the adjacency matrix of a graph is symmetric.

Answered: 1 week ago

Question

1. Information that is currently accessible (recognition).

Answered: 1 week ago