Percentage Method Tables for Income Tax Withholding (For Wages Pald in 2018) 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. The employees are paid weekly on the Friday following the close of the pay week. For example, our pay week ends Saturday, December 12th, therefore they are paid on Friday, December 18th. 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 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 land ), 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. TABLE 1--WEEKLY Payroll Period (a) SINGLE person (including head of household) the amount of wages (b) MARRIED person (after subtracting withholding allowances) is: to withhold is The amount of income tax If the amount of wages (after Subtracting The amount of income tax Not Over $71 $0 withholding allowances) is to withholdis: Over But not over Not over $222 SO of excess Over- $71 -$254 50.00 plus 10% of excess over Over But not over- $254 --$222 -5815 -571 $222 -9588 $0.00 plus 10% $18 30 plus 12 -$588 $815 -$256 SA $36.80 plus 12% --$1,711 -$1.658 $85 62 pus 22 $1,650 -$1.711 -5815 -$3,395 -$3,100 $1.711 5171.36 plus 22% $271.08 plus 24% $3,395 --$5,280 ---$1,650 $541.64 plus 24% $3,396 $3.100 -$3,917 5817.16 plus 32% $3,100 -$7,014 $3,917 $6,280 $1,234.24 plus 32 $6,280 -$9.687 $878.60 plus 35% -$7,014 $9,687 --$3.917 $7,914 $8,757 12 plus 35% -$11.751 $2.898.10 plus 37 -$9,687 511 761 $3,103 57 plus 37 --$11,761 TABLE 2-BWEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (b) MARRIED person (after subtracting if the amount of wages The amount of income tax withholding allowance is: The amount of income tax to (after subtracting withholding alowances) is to withhold is Not over $142 $0 Not over $444 $0 Over But not over of excess Over Over But not over of ONCOSO Over $142 -5509 $0.00 plus 10% $142 $444 $1.177 $0.00 plus 10% $444 5509 -$1.631 $36.70 plus 12% --5609 $1,177 $3.421 $73.30 plus 12% $1,631 -51,177 -$3,315 $171.34 plus 22% -$1,631 $3,421 -56.790 -53.421 $342.58 plus 22% $3,315 -$6.200 $541.82 plus 24% --$3,316 56,790 -$12,560 $1,083.76 plus 24% -S6790 $6,200 -$7,835 $1.234.22 plus 32% -56,200 $12.560 -515.829 52.468 56 plus 32% --$12,560 $7,835 --$19.373 $1,757.42 plus 35% -67,835 $15.029 -$23.521 $3,514 84 plus 35 -$18.629 $10,373 $5795.72 plus 37% $19,373 523,521 54 206.84 plus 37% -$23,621 TABLE 3-SEMIMONTHLY Payroll Period (a) SINGLE person (including head of household) (6) MARRIED person If the amount of wages if the amount of wages (alter subtracting The amount of income tax (chorubtracting The amount of income tax Withholding allowances) is to withhold: Withholding allowance is to withhold is Not over $154 SO Not over $181 $0 Over- But not over of excess over Over But not over of excess of $154 5651 S000 plus 10% -3154 S481 -51275.90 00 plus 10% -$481 $551 -$1,767 $39.70 plus 12% -9551 $1,275 -$3.705 $79.40 plus 12% -$1,275 $1,767 -$3.592 $185.62 plus 22 -$1,767 $3.706 -37356 $371.12 plus 22% $3,502 -53.706 -56717 $587.12 plus 24% $3.592 $7,358 -13.605 $1,174.12 plus 24% -57,356 $6.717 -$8.488 $1.337 12 plus 32% -56,717 $13,606 $17.148 52.874.12 plus 325 -$13,808 SB.488 -$20,988 $1,903 84 plus 35% -S8.488 $17.148 $25 481 $3,807 56 plus 35% -$17,148 $20.988 $6.278 BA plus 370 -$20,988 $25,481 $6 724.11 plus 37" $25 481 TABLE 4-MONTHLY Payroll Period PAYROLL REGISTER - PANCAKES UNLIMITED FICA Taxable Earnings Deductions SS Med S.S Med FIT SIT Health ins Net Pay Previous Eamings Cumulative NAME Earnings for Period Earnings Paday, December 16, 2020 For Perod Ending December 12, 2020 Brown, D. M 4 41.160.00 840.00 42,000.00 Davis, H. M 5 49,588.00 1,012.00 50,600.00 Garcia, 5 247,040.00 960.00 48,000.00 Johnson, B. M4 49.514.50 1.010.50 50,525.00 Jones, E. M3 49,490.00 1,010.00 50,500.00 , 44.10 53.12 50.40 53.05 53.03 133.88 200.00 200.00 100.00 200.00 200.00 100.00 (a) SINGLE person (including head of household - (6) MARRIED person If the amount of wages If the amount of wages (after subtracting The amount of income tax (ator subtracting The amount of income thx withholding allowances) is: to withhold is: withholding allowances) is to withholds: Not over $308 ..... $0 Not Over $963 SO Over But not over of excess over Over- but not over $308 of excess over- -$1,102 -$308 $0.00 plus 10% $903 -$2,550 $0.00 plus 10% -$3.533 -$1,102 -$983 $1.102 S79.40 plus 12% $2.550 -57413 $158.70 plus 12 $3,533 -$7,183 --$2,500 $371.12 plus 22% -$3,533 $7.413 -$14.713 $742.25 plus 22 -57,413 $7,183 -$13,433 $1,174.12 plus 24% -$7,183 S14 713 -527213. $2,348.26 plus 24% $14.718 -$16.975 -$13.433 $27.213 $13.433 $2,674.12 plus 32% -$34.295 $5.348.28 plus 32% -$27,213 -$41,975 --$16.975 $34,200 $16.975 $3,807.55 plus 35% - $50,003 plus 35% --$41.975 $50,003 $34.296 $12,55756 plus 37% $41,975 $13.448 27 plus 37% $50.963 Richardson, M. TOTALS S4 124,950.00 2,550.00 127,500.00 7,382.50 369,125.00 0.00 0.00 0.00 0.00 0.00 387.55 1.000.00 0.00 Percentage Method Tables for Income Tax Withholding (For Wages Pald in 2018) 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. The employees are paid weekly on the Friday following the close of the pay week. For example, our pay week ends Saturday, December 12th, therefore they are paid on Friday, December 18th. 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 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 land ), 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. TABLE 1--WEEKLY Payroll Period (a) SINGLE person (including head of household) the amount of wages (b) MARRIED person (after subtracting withholding allowances) is: to withhold is The amount of income tax If the amount of wages (after Subtracting The amount of income tax Not Over $71 $0 withholding allowances) is to withholdis: Over But not over Not over $222 SO of excess Over- $71 -$254 50.00 plus 10% of excess over Over But not over- $254 --$222 -5815 -571 $222 -9588 $0.00 plus 10% $18 30 plus 12 -$588 $815 -$256 SA $36.80 plus 12% --$1,711 -$1.658 $85 62 pus 22 $1,650 -$1.711 -5815 -$3,395 -$3,100 $1.711 5171.36 plus 22% $271.08 plus 24% $3,395 --$5,280 ---$1,650 $541.64 plus 24% $3,396 $3.100 -$3,917 5817.16 plus 32% $3,100 -$7,014 $3,917 $6,280 $1,234.24 plus 32 $6,280 -$9.687 $878.60 plus 35% -$7,014 $9,687 --$3.917 $7,914 $8,757 12 plus 35% -$11.751 $2.898.10 plus 37 -$9,687 511 761 $3,103 57 plus 37 --$11,761 TABLE 2-BWEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (b) MARRIED person (after subtracting if the amount of wages The amount of income tax withholding allowance is: The amount of income tax to (after subtracting withholding alowances) is to withhold is Not over $142 $0 Not over $444 $0 Over But not over of excess Over Over But not over of ONCOSO Over $142 -5509 $0.00 plus 10% $142 $444 $1.177 $0.00 plus 10% $444 5509 -$1.631 $36.70 plus 12% --5609 $1,177 $3.421 $73.30 plus 12% $1,631 -51,177 -$3,315 $171.34 plus 22% -$1,631 $3,421 -56.790 -53.421 $342.58 plus 22% $3,315 -$6.200 $541.82 plus 24% --$3,316 56,790 -$12,560 $1,083.76 plus 24% -S6790 $6,200 -$7,835 $1.234.22 plus 32% -56,200 $12.560 -515.829 52.468 56 plus 32% --$12,560 $7,835 --$19.373 $1,757.42 plus 35% -67,835 $15.029 -$23.521 $3,514 84 plus 35 -$18.629 $10,373 $5795.72 plus 37% $19,373 523,521 54 206.84 plus 37% -$23,621 TABLE 3-SEMIMONTHLY Payroll Period (a) SINGLE person (including head of household) (6) MARRIED person If the amount of wages if the amount of wages (alter subtracting The amount of income tax (chorubtracting The amount of income tax Withholding allowances) is to withhold: Withholding allowance is to withhold is Not over $154 SO Not over $181 $0 Over- But not over of excess over Over But not over of excess of $154 5651 S000 plus 10% -3154 S481 -51275.90 00 plus 10% -$481 $551 -$1,767 $39.70 plus 12% -9551 $1,275 -$3.705 $79.40 plus 12% -$1,275 $1,767 -$3.592 $185.62 plus 22 -$1,767 $3.706 -37356 $371.12 plus 22% $3,502 -53.706 -56717 $587.12 plus 24% $3.592 $7,358 -13.605 $1,174.12 plus 24% -57,356 $6.717 -$8.488 $1.337 12 plus 32% -56,717 $13,606 $17.148 52.874.12 plus 325 -$13,808 SB.488 -$20,988 $1,903 84 plus 35% -S8.488 $17.148 $25 481 $3,807 56 plus 35% -$17,148 $20.988 $6.278 BA plus 370 -$20,988 $25,481 $6 724.11 plus 37" $25 481 TABLE 4-MONTHLY Payroll Period PAYROLL REGISTER - PANCAKES UNLIMITED FICA Taxable Earnings Deductions SS Med S.S Med FIT SIT Health ins Net Pay Previous Eamings Cumulative NAME Earnings for Period Earnings Paday, December 16, 2020 For Perod Ending December 12, 2020 Brown, D. M 4 41.160.00 840.00 42,000.00 Davis, H. M 5 49,588.00 1,012.00 50,600.00 Garcia, 5 247,040.00 960.00 48,000.00 Johnson, B. M4 49.514.50 1.010.50 50,525.00 Jones, E. M3 49,490.00 1,010.00 50,500.00 , 44.10 53.12 50.40 53.05 53.03 133.88 200.00 200.00 100.00 200.00 200.00 100.00 (a) SINGLE person (including head of household - (6) MARRIED person If the amount of wages If the amount of wages (after subtracting The amount of income tax (ator subtracting The amount of income thx withholding allowances) is: to withhold is: withholding allowances) is to withholds: Not over $308 ..... $0 Not Over $963 SO Over But not over of excess over Over- but not over $308 of excess over- -$1,102 -$308 $0.00 plus 10% $903 -$2,550 $0.00 plus 10% -$3.533 -$1,102 -$983 $1.102 S79.40 plus 12% $2.550 -57413 $158.70 plus 12 $3,533 -$7,183 --$2,500 $371.12 plus 22% -$3,533 $7.413 -$14.713 $742.25 plus 22 -57,413 $7,183 -$13,433 $1,174.12 plus 24% -$7,183 S14 713 -527213. $2,348.26 plus 24% $14.718 -$16.975 -$13.433 $27.213 $13.433 $2,674.12 plus 32% -$34.295 $5.348.28 plus 32% -$27,213 -$41,975 --$16.975 $34,200 $16.975 $3,807.55 plus 35% - $50,003 plus 35% --$41.975 $50,003 $34.296 $12,55756 plus 37% $41,975 $13.448 27 plus 37% $50.963 Richardson, M. TOTALS S4 124,950.00 2,550.00 127,500.00 7,382.50 369,125.00 0.00 0.00 0.00 0.00 0.00 387.55 1.000.00 0.00