No. 30 Prepare the payroll for the latter pay of December from Time Clerk's Report Nos. 48 and 49 and record the paychecks issued to all employees. Effective with this pay, O'Neill completed a new Form W-4, changing his total withholding allowances to four. Previously, he had claimed fewer allowances than he had been using on his tax return. Change his earn- In this pay, the president of the company, Joseph O'Neill, is paid his Also, record the employer's payroll taxes. ings record accordingly. is based on regular pay. This year, his bonus is $85,000. For withholding annual bonus. This does not affect O'Neill's insurance coverage, which purposes, the bonus is considered a supplemental payment and is added to his gross pay, and the aggregate amount is taxed. For this pay, has increased his SIMPLE deduction to $4,000. To determine the federal income tax, use the Table of Allowance Values along with Tax Table A (pages T-2 to T-4). In calculating the tax, do not round the aggregate to the nearest earnings dollar. In this pay, O'Neill has reached the OASDI ceiling. To calculate O'Neill's OASDI tax, multiply the OASDI ceiling of $132,900 by 6.2 percent and then subtract the year-to-date OASDI taxes withheld up to this pay. (Use O'Neill's Employee Earnings Record to view his year-to-date OASDI tax withheld). O'Neill Note: After posting the information for this last pay to the employees' earnings records, calculate and enter the quarterly and yearly totals on each earnings record. 36 Admin $ R8 08 00 Lo 26 A B 85 OCCUPATION NORKS IN STATE SE! SS ACCOUNT NO NAME LAST FREE MOO M Beative President PA X 000 00.1534 ONELI Joseph Tyler OTHER DEDUCTIONS FORMATION SALMI 5 10,000 M W MARTA GROUND UNION DUES ONER $2,30709 ALLOW STATUS HULYO 590,000 SM 5 3 M 30 REGULAR AROUNDS OVERTIMOS CUM EATIVE INS NETRAD 93 LAINOS ECA OTHER CK 04 DAT AMIONET MOUNT CASA SUTA OLE DOCTOR AMOUNT 227 260 61001 51100013106 011 2507 000.00 hod 1 O122123 2230760 473016 1000 9 OD 22070 40.61 10 19 5000 2015 136 TU 00 2.300 6130 G D 11 000 ro 1.12 1001 an 05 1000 10111213 ATOTO 44100 3300 300 27 2 102 rol COM 5.1339249.363,034 903.361 0100 001501 103 TOT 4900 2012035,3661043 402 4000 23 104 Checkpoint 144 Checkpoint WITI DA COOL DOC CO 1818 82 10.LE DOCH IVE DPC 099 WE 09 09 FB COOP TS OUT HUM add to gross of 12 supplemental payment noneill Bonus ope 85.000 SIMPLE Ded to $4000 - 85,000 Reg Day 2307.69 o taxable this pay period Fit Bi-Woerly M4 Percentage Method 161.50X4 (646) Bon-weekly married $6335. 10 184,354 taxable it 37% 24,006 over 24.00 660,348 X OPSDi Torable may 132,9004 Cum earning.of 141,538.4KB) 221328.76 BA= 8638.41 over tr taxabte amo 6 335.10 87,307.69 18638.4L OASDI 78,669.28 taxable 26,663.86 37 No. 30 Prepare the payroll for the latter pay of December from Time Clerk's Report Nos. 48 and 49 and record the paychecks issued to all employees. Effective with this pay, O'Neill completed a new Form W-4, changing his total withholding allowances to four. Previously, he had claimed fewer allowances than he had been using on his tax return. Change his earn- In this pay, the president of the company, Joseph O'Neill, is paid his Also, record the employer's payroll taxes. ings record accordingly. is based on regular pay. This year, his bonus is $85,000. For withholding annual bonus. This does not affect O'Neill's insurance coverage, which purposes, the bonus is considered a supplemental payment and is added to his gross pay, and the aggregate amount is taxed. For this pay, has increased his SIMPLE deduction to $4,000. To determine the federal income tax, use the Table of Allowance Values along with Tax Table A (pages T-2 to T-4). In calculating the tax, do not round the aggregate to the nearest earnings dollar. In this pay, O'Neill has reached the OASDI ceiling. To calculate O'Neill's OASDI tax, multiply the OASDI ceiling of $132,900 by 6.2 percent and then subtract the year-to-date OASDI taxes withheld up to this pay. (Use O'Neill's Employee Earnings Record to view his year-to-date OASDI tax withheld). O'Neill Note: After posting the information for this last pay to the employees' earnings records, calculate and enter the quarterly and yearly totals on each earnings record. 36 Admin $ R8 08 00 Lo 26 A B 85 OCCUPATION NORKS IN STATE SE! SS ACCOUNT NO NAME LAST FREE MOO M Beative President PA X 000 00.1534 ONELI Joseph Tyler OTHER DEDUCTIONS FORMATION SALMI 5 10,000 M W MARTA GROUND UNION DUES ONER $2,30709 ALLOW STATUS HULYO 590,000 SM 5 3 M 30 REGULAR AROUNDS OVERTIMOS CUM EATIVE INS NETRAD 93 LAINOS ECA OTHER CK 04 DAT AMIONET MOUNT CASA SUTA OLE DOCTOR AMOUNT 227 260 61001 51100013106 011 2507 000.00 hod 1 O122123 2230760 473016 1000 9 OD 22070 40.61 10 19 5000 2015 136 TU 00 2.300 6130 G D 11 000 ro 1.12 1001 an 05 1000 10111213 ATOTO 44100 3300 300 27 2 102 rol COM 5.1339249.363,034 903.361 0100 001501 103 TOT 4900 2012035,3661043 402 4000 23 104 Checkpoint 144 Checkpoint WITI DA COOL DOC CO 1818 82 10.LE DOCH IVE DPC 099 WE 09 09 FB COOP TS OUT HUM add to gross of 12 supplemental payment noneill Bonus ope 85.000 SIMPLE Ded to $4000 - 85,000 Reg Day 2307.69 o taxable this pay period Fit Bi-Woerly M4 Percentage Method 161.50X4 (646) Bon-weekly married $6335. 10 184,354 taxable it 37% 24,006 over 24.00 660,348 X OPSDi Torable may 132,9004 Cum earning.of 141,538.4KB) 221328.76 BA= 8638.41 over tr taxabte amo 6 335.10 87,307.69 18638.4L OASDI 78,669.28 taxable 26,663.86 37
