. . Instructions In this assignment, you will be preparing a time record and payroll register for the employees of Pancakes Unlimited, Inc for the week ending December 12, 2020. You will need to know the following information in order to prepare the time record and payroll register: There are 6 employees as listed on the Time Record. Their martial status and withholding allowances as claimed on the W-4 are listed on the Time Record. The employees work on a Sunday - Saturday schedule. I The employees are paid weekly on the Friday following the close of the pay week. For example, our pay week ends Saturday, December 12, therefore they are paid on Friday, December 18+ Five employees are paid on an hourly basis. If an employee works over 40 hours in a week, they are to be paid time-and-a-half. The 6th employee, Richardson, M. is a salaried manager that earns the same amount each week. Pancakes Unlimited uses the Percentage Method for calculating federal income tax withheld. Use Table 9.2 in your textbook (page 256 in the printed book). Pancakes Unlimited is located in North Carolina and the state income tax rate for all employees is 5.25%. For health insurance, if an employee claims "married", $200 is withheld from their paycheck. If the employee claims "single", $100 is withheld from their paycheck. Step 1: If not already on the Time Record tab, navigate there. Prepare the Time Record for the employees of Pancakes Unlimited for the Week Ending December 12, 2020 using the information from the table below. Make sure to record any overtime hours in the overtime columns and not the regular pay columns Also, don't forget Richardson, M. Is salaried and will not show any hours. Monday Tuesday Wednesday Thursday Friday Brown, D. 8 8 Davis, H. Garcia, F. 8 Johnson, B. Jones, E. Name 9 8 8 8 8 8 9 8 10 8 8 9 8 8 8 8 9 8 9 8 7 8 Step 2: Navigate to the Payroll Register tab. You will see Previous Earnings already filled in for "Previous Pay Periods", as well as "Earnings for Period" for each employee. The total of these two numbers added together should equal "Cumulative Earnings". Enter the amount of FICA taxable earnings for each employee in Columns I and , making sure to pay attention to the wage base (if necessary). Calculate Social Security and Medicare based off the amounts entered in Columns i and J. Calculate Federal Income Tax to withhold using the percentage method as discussed in the book (also copied on the Withholdings Tables tab). Calculate State income Tax and Health Insurance to withhold based on the amounts stated above. Finally, calculate Net Pay for each employee. TIME RECORD - PANCAKES Overtime Eamings Time Record Regular Eamings > Mantal Status O No. W/H Allow. Rate Per Amount Hrs. Hour Eamings Amount for Period 0 33.00 Rate Per NAME SMTWTFS Hrs. Hour Payday, December 18, 2020 For Period Ending December 12. 2020 Brown, D. M4 88888 40 21.00 Davis, H. M5 88 888 40 22.00 Garcia, F. S 2 8 8 8 8 8 40 24.00 Johnson, B. M4 8 8 7 8 9 40 23.50 Jones, E. M 3 88888 40 25.25 1 2 Richardson, M. S4 3 TOTALS 840.00 880.00 960.00 940.00 1,010.00 4 0 0.00 840.00 132.00 1,012.00 0.00 960.00 70.50 1,010.50 0.00 1,010.00 35.25 2 o 2,550.00 7,180.00 2,550.00 7,180.00 PAYROLL REGISTER - PANCAKES UNLIMITED FICA Taxable Eamings Deductions Marital Status NO WIH Alow SS Med Med SS FIT Net Pay SIT Health Ins. Previous Eamings Cumulative NAME Eamings for Period Eamines Payday, December 18, 2020 For Period Ending December 12. 2020 Brown, D M4 41,160.00 840.00 42,000.00 Davis, H M5 49,588.00 1,012.00 50,600.00 Garcia, F. S2 47,040.00 960.00 48,000.00 Johnson, M4 49,514.50 1,010,50 50,525.00 lones, E M 3 49,490.00 1.010.00 50,500.00 Richardson, M. TOTALS 5 4 124,950.00 2,550.00 127,500.00 4,832.50 241,625.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A B D E F G H Payroll Period Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll period) One Withholding Allowance $ 79.80 159.60 172.90 345.80 1,037.50 2,075.00 4,150.00 16.00 Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2018) TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household) (b) MARRIED person- If the amount of wages If the amount of wages (alter 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 $71 $0 Not over $222 SO Over But not over- of excess over Over- But not over of excess over $71 -$254 $0.00 plus 10% -$71 $222 -$588 $0.00 plus 10% -$222 $254 $815 $18.30 plus 1296 -$254 $588 -$1,711 $36.60 plus 12% -$588 $815 -$1,658 $85.62 plus 22% $815 $1,711 -$3,395 $171.36 plus 22% $1,658 $3,100 $271.08 plus 24% -$1,711 $1,658 $3,395 -$6,280 $541.84 plus 24% $3,100 $3.917 $617.16 plus 32% $3,395 -$3,100 $6,280 - $7.914 $1.234.24 plus 32% $3,917 $9,687 $878.60 plus 35% -$6,280 -$3.917 $7,914 $11,761 $1,757.12 plus 35% $9,687 $2.898.10 plus 376 -$7,914 $9.687 $11,761 $3103.57 plus 37% $11.761 . . Instructions In this assignment, you will be preparing a time record and payroll register for the employees of Pancakes Unlimited, Inc for the week ending December 12, 2020. You will need to know the following information in order to prepare the time record and payroll register: There are 6 employees as listed on the Time Record. Their martial status and withholding allowances as claimed on the W-4 are listed on the Time Record. The employees work on a Sunday - Saturday schedule. I The employees are paid weekly on the Friday following the close of the pay week. For example, our pay week ends Saturday, December 12, therefore they are paid on Friday, December 18+ Five employees are paid on an hourly basis. If an employee works over 40 hours in a week, they are to be paid time-and-a-half. The 6th employee, Richardson, M. is a salaried manager that earns the same amount each week. Pancakes Unlimited uses the Percentage Method for calculating federal income tax withheld. Use Table 9.2 in your textbook (page 256 in the printed book). Pancakes Unlimited is located in North Carolina and the state income tax rate for all employees is 5.25%. For health insurance, if an employee claims "married", $200 is withheld from their paycheck. If the employee claims "single", $100 is withheld from their paycheck. Step 1: If not already on the Time Record tab, navigate there. Prepare the Time Record for the employees of Pancakes Unlimited for the Week Ending December 12, 2020 using the information from the table below. Make sure to record any overtime hours in the overtime columns and not the regular pay columns Also, don't forget Richardson, M. Is salaried and will not show any hours. Monday Tuesday Wednesday Thursday Friday Brown, D. 8 8 Davis, H. Garcia, F. 8 Johnson, B. Jones, E. Name 9 8 8 8 8 8 9 8 10 8 8 9 8 8 8 8 9 8 9 8 7 8 Step 2: Navigate to the Payroll Register tab. You will see Previous Earnings already filled in for "Previous Pay Periods", as well as "Earnings for Period" for each employee. The total of these two numbers added together should equal "Cumulative Earnings". Enter the amount of FICA taxable earnings for each employee in Columns I and , making sure to pay attention to the wage base (if necessary). Calculate Social Security and Medicare based off the amounts entered in Columns i and J. Calculate Federal Income Tax to withhold using the percentage method as discussed in the book (also copied on the Withholdings Tables tab). Calculate State income Tax and Health Insurance to withhold based on the amounts stated above. Finally, calculate Net Pay for each employee. TIME RECORD - PANCAKES Overtime Eamings Time Record Regular Eamings > Mantal Status O No. W/H Allow. Rate Per Amount Hrs. Hour Eamings Amount for Period 0 33.00 Rate Per NAME SMTWTFS Hrs. Hour Payday, December 18, 2020 For Period Ending December 12. 2020 Brown, D. M4 88888 40 21.00 Davis, H. M5 88 888 40 22.00 Garcia, F. S 2 8 8 8 8 8 40 24.00 Johnson, B. M4 8 8 7 8 9 40 23.50 Jones, E. M 3 88888 40 25.25 1 2 Richardson, M. S4 3 TOTALS 840.00 880.00 960.00 940.00 1,010.00 4 0 0.00 840.00 132.00 1,012.00 0.00 960.00 70.50 1,010.50 0.00 1,010.00 35.25 2 o 2,550.00 7,180.00 2,550.00 7,180.00 PAYROLL REGISTER - PANCAKES UNLIMITED FICA Taxable Eamings Deductions Marital Status NO WIH Alow SS Med Med SS FIT Net Pay SIT Health Ins. Previous Eamings Cumulative NAME Eamings for Period Eamines Payday, December 18, 2020 For Period Ending December 12. 2020 Brown, D M4 41,160.00 840.00 42,000.00 Davis, H M5 49,588.00 1,012.00 50,600.00 Garcia, F. S2 47,040.00 960.00 48,000.00 Johnson, M4 49,514.50 1,010,50 50,525.00 lones, E M 3 49,490.00 1.010.00 50,500.00 Richardson, M. TOTALS 5 4 124,950.00 2,550.00 127,500.00 4,832.50 241,625.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A B D E F G H Payroll Period Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll period) One Withholding Allowance $ 79.80 159.60 172.90 345.80 1,037.50 2,075.00 4,150.00 16.00 Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2018) TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household) (b) MARRIED person- If the amount of wages If the amount of wages (alter 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 $71 $0 Not over $222 SO Over But not over- of excess over Over- But not over of excess over $71 -$254 $0.00 plus 10% -$71 $222 -$588 $0.00 plus 10% -$222 $254 $815 $18.30 plus 1296 -$254 $588 -$1,711 $36.60 plus 12% -$588 $815 -$1,658 $85.62 plus 22% $815 $1,711 -$3,395 $171.36 plus 22% $1,658 $3,100 $271.08 plus 24% -$1,711 $1,658 $3,395 -$6,280 $541.84 plus 24% $3,100 $3.917 $617.16 plus 32% $3,395 -$3,100 $6,280 - $7.914 $1.234.24 plus 32% $3,917 $9,687 $878.60 plus 35% -$6,280 -$3.917 $7,914 $11,761 $1,757.12 plus 35% $9,687 $2.898.10 plus 376 -$7,914 $9.687 $11,761 $3103.57 plus 37% $11.761