Lake Community College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17, 20--. The faculty can receive one lump-sum payment instead of receiving the remaining seven biweekly pays over the summer. Use the data given below to complete the Payroll Register on May 17. No employee has reached the OASDI ceiling, and all employees are taking the lump-sum payment. The state withholding rate is 2.0% of total earnings; the city withholding rate is 1.0% of total earnings. The biweekly wage bracket is used for federal income taxes.

To calculate the tax withholdings, you must calculate the rounded tax for each pay and multiply by the number of pays in the lump-sum payment.

Lake Community College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17, 20. The faculity can receive one lump-sum payment instead of receiving the remaining seven biweekly pays over the summer. Use the data gren below to compete the Payroll Register on May 17. No employee has reached the OASDI ceiling, and all emp oyees are taking the m sum payment. The s ate it holding te s 2.0% of total earnings; the oty withholding te s 1.0% o total earnings. The biweekly wage bracket is used for federal income taxes To calcuwate the tax withholdings, you must calculate the rounded tax for each pay and multiply by the number of pays in the lump-sum payment Round all values to the nearest cent. Click here to access the Wage-Bracket Method Tables For Period Ending May 17 No. of W/H Allow. Biweekly Earnings (b) FICA Net Total Lump-Sum Status OASDI HI FIT SIT CIT Employee Name Kinnery, Thomas Matthews, Mary Grace, Catherine Michael, Sean $2,000.00 2,600.00 2,200.00 2,060.00 $8,860.00 Totals Compute the employer's FICA taxes for the pay period ending May 17 OASDI Taxes HI Taxes OASDI taxable earnings HI taxable earnings OASDI taxes HI taxes Lake Community College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17, 20. The faculity can receive one lump-sum payment instead of receiving the remaining seven biweekly pays over the summer. Use the data gren below to compete the Payroll Register on May 17. No employee has reached the OASDI ceiling, and all emp oyees are taking the m sum payment. The s ate it holding te s 2.0% of total earnings; the oty withholding te s 1.0% o total earnings. The biweekly wage bracket is used for federal income taxes To calcuwate the tax withholdings, you must calculate the rounded tax for each pay and multiply by the number of pays in the lump-sum payment Round all values to the nearest cent. Click here to access the Wage-Bracket Method Tables For Period Ending May 17 No. of W/H Allow. Biweekly Earnings (b) FICA Net Total Lump-Sum Status OASDI HI FIT SIT CIT Employee Name Kinnery, Thomas Matthews, Mary Grace, Catherine Michael, Sean $2,000.00 2,600.00 2,200.00 2,060.00 $8,860.00 Totals Compute the employer's FICA taxes for the pay period ending May 17 OASDI Taxes HI Taxes OASDI taxable earnings HI taxable earnings OASDI taxes HI taxes