Please complete the assignment sheet attached. Thank you!

Name: Caution: See "round" rules in Excel Instructions before calculating OT for salaried employees. Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appear to the right of an incorrect answ Continuing Payroll Problem-A FOR PERIOD ENDING January 8, 20 - - RATE PER HOUR OVERTIME EARNINGS AMOUNT HOURS WORKE D HOURS WORKE D NO. OF W/H ALLOW. EMPLOYEE MARITAL STATUS REGULAR EARNINGS RATE PER HOUR AMOUNT 11 Carson, Fran M. 12 Wilson, William A. 13 Utley, Harry T. 21 Fife, Lawrence R. 22 Smith, Lucy K. 31 Fay, Gretchen R. 32 Robey, Glenda B. 33 Schork, Thomas K. 51 Hardy, Barbara T. 99 Kipley, Carson C. Totals JOURNAL DATE DESCRIPTION 20-Jan. 12 Wages and Salaries FICA Taxes Payable - OASDI FICA Taxes Payable - HI Employees FIT Payable Employees SIT Payable Employees SUTA Payable Employees CIT Payable SIMPLE Deductions Payable Group Insurance Premiums Collected Health Insurance Premiums Collected Salaries Payable Jan. 12 Payroll Taxes DEBIT FICA Taxes Payable - OASDI FICA Taxes Payable - HI FUTA Taxes Payable SUTA Taxes Payable Jan. 14 Salaries Payable Cash he right of an incorrect answer. KIPLEY COMPANY, INC. PAYROLL REGISTER DEDUCTIONS TOTAL EARNINGS FICA OASDI HI FIT SIT SUTA Rate Net FUTA Tax CIT SIMPLE Proof the acc Taxable Earnings CREDIT Net FUTA Total net paid Plus deductions: OASDI SUTA Tax SUTA FIT SIT SUTA CIT Simple Deductions Group insurance Health insurance =Total earnings $ Regular earnings Plus: Overtime earnings = Total earnings NET PAY GROUP INSURANCE HEALTH CHECK INSURANCE NO. 313 314 315 316 317 318 319 320 321 322 Proof the accuracy Total net paid Plus deductions: $ OASDI HI FIT SIT SUTA CIT Simple Deductions Group insurance Health insurance =Total earnings $ Regular earnings $ Plus: Overtime earnings $ AMOUNT TAXABLE EARNINGS OASDI HI FUTA = Total earnings $ RNINGS SUTA In the Continuing Payroll Problem A, presented at the end of succeeding chapters, you will gain experience in comput- ing wages and salaries and preparing a payroll register for Kipley Company, Inc., a newly formed corporation. At the end of subsequent chapters, information will be presented so that the payroll register can be completed step by step as you proceed through the discussion material relating to that particular section of the payroll register. Kipley Company is a small manufacturing rm located in Pittsburgh, Pennsylvania. The company has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter-hour increments. The stand- ard workweek consists of 40 hours, with all employees being paid time and one-half for any hours worked beyond the 40 regular hours. Wages are paid every Friday, with one week's pay being held back by the company. Thus, the rst payday for Kipley Company is January 14 for the workweek ending January 8 (Saturday). The information below will be used in preparing the payroll for the pay period ending January 8. Time Card No. Employee Name Hourly Wage or Salary 11 Fran M. Carson $ 17.50 per hour 12 William A. Wilson 17.25 per hour 13 Harry T. Utley 18.10 per hour 21 Lawrence R. Fife 17.90 per hour 22 Lucy K. Smith 19.75 per hour 31 Gretchen R. Fay 515 per week 32 Glenda B. Robey 2,700 per month 33 Thomas K. Schork 3,350 per month 51 Barbara T. Hardy 2,510 per month 99 Carson C. Kipley 52,000 per year Ms. Glenda B. Robey prepares the lime clerk's report for each pay period. Her report for the rst week of opera- tions is given below. TIME CLERK'S REPORT no.1 For Period Ending January 8, 2D .... n-n-nn ""'" Fran M. Carson William A.Wileon Harry T.Utley Lawrence R. Fife Lucy K.Smith Gretchen R. Fay Glenda B.Robey Thomas K.Schork Barbara T.Hardy Carson C.Kip1ey 3 5' 3 m 5' 5' 3' 8 8 3 memhomwhm WNWNWN'Q'OGQM =c'All employees, except for Carson Kipley, are paid for hours worked beyond 40 at one and one-half times their regu- lar hourly rate of pay. DATE NAME _ONTINU|NG PAYROLL PROBLEM - A / CLGL'- @ Refer to the partially completed payroll register you started at the end of Chapter 2. You will now determine the amount of FICA taxes to be withheld from each employee's pay for the pay period ending January 8, 20--. 1. In the Taxable Earnings columns, record the amount of each employee's weekly earnings that is subject to FICA taxes. 2. Using the amount recorded in step 1, compute the taxes for each employee and record in the appropri- ate column. Note: Keep your partially completed payroll register for use at the end of Chapter 4. _ONTINU|NG PAYROLL PROBLEM - B / CLGL\\ @ Refer to the partially completed payroll register you started at the end of Chapter 2. You will now determine the amount of FICA taxes to be withheld from each employee's pay for the pay period ending January 8, 20--. 1. In the Taxable Earnings columns, record the amount of each employee's weekly earnings that is subject to FICA taxes. 2. Using the amount recorded in step 1, compute the taxes for each employee and record in the appropri- ate column. Note: Keep your partially completed payroll register for use at the end of Chapter 4. _ASE PROBLEMS C1. Auditing Farm 941. L0 4, 5. Your assistant has just completed a rough draft of Form 941, shown on pages 3-70 and 3-71, for the quarter end- ing March 31, 20--. As the supervisor and authorized signer, you are auditing the form before it is mailed to ensure its accuracy. Four of the company's general ledger accounts are shown on the following two pages. Employees are paid on the 15th and last day of each month. The company is a semiweekly depositor. Indicate any changes that should be made on the form before it is signed, dated, and mailed. \\WIH Ma' I M'W A i- ' DATE NAME _0NTINUING PAYROLL PROBLEM - A 4' CLGL" g Refer to the partially completed payroll register which you worked on at the end of Chapter 3. You will now determine the amount of income tax to withhold for each employee, proceeding as follows: 1. In the appropriate columns of your payroll register, record the marital status and number of withholding allowances claimed for each employee, using the in- formation provided. 2. Record the payroll deductions for the SlNLPLE plan that the employer has established for participating employees. All of the employees are participating, Time Card No. Marital Status 11 12 13 21 22 31 32 33 51 99 ZEwEKWKEwm 3. 4. and d'teir weekly contributions are listed below. The tax deferral on these deductions applies only to the federal income tax. Record the amount of federal income taxes using the wagebracket method. Record the state income taxes on the gross weekly earnings for each employee. The rate is 3.0?% for the state of Pennsylvania. Record the city income taxes on the gross weekly earnings of each employee. The rate is 3% for the city of Pittsburgh residents. No. of Allowances SIllt'IPLE Deductions $20 50 4O 50 2O 4O 50 60' 3O 80 'HJUImLuN-hh-IOI _DNT|NUING PAYROLL PROBLEM - B 4' CLGL\" g Refer to the partially completed payroll register which you worked on at the end of Chapter 3. You will now determine the amount of income tax to withhold for each employee, proceeding as follows: 1. In the appropriate columns of your payroll register, record the marital status and number of withholding allowances claimed for each employee, using the in formation provided. 2. Record the payroll deductions for the SIMPLE plan that the employer has established for participating employees. All of the employees are participating, and their weekly contributions are listed below. The Time Card No. Marital Status 11 12 13 21 22 31 32 33 51 99 EZWEEwEZWM 4-6? tax deferral on these deductions applies only to the federal income tax. Record the amount of federal income taxes using the wagebracket method. [Must use percentage method for Olrtey.] Record the state income taxes on the gross weekly earnings for each employee. The rate is 3.07% for the state of Pennsylvania. Record the city income taxes on the gross weekly earnings of each employee. The rate is 1.3 3% for the City of Allentown residents. No. of Allowances SIMPLE Deductions $20 SO 40 60 20 40 so 50 30 30 umH-thmNDi-n contiguzplachm-agalngmnmamg ukuwnmmmmimuip: Ila: mm wmmam munykmmmm Mummers} ml mi Beak-net am a, mmmmmmh elumgmal mart-HALE\": mmumuam wast\": maniac-n urn-gin: Immam-mmwgit Mr! M- Ti wars ll DATE NAME _ONTINUING PAYROLL PROBLEM - A ' CLGL ' E Refer to the partially completed payroll register that you worked on at the end of Chapter 4. You will now com- pute the em ployer's liability for unemployment taxes (FUTA and SUTA} for the pay ofja nuary 14. These com- putations will be used at the end of Chapter 6 in record ing the payroll tax entries. To compute the employer's liability for unemploy ment taxes, proceed as follows: 1. Enter each employee's gross earnings in the Taxable EarningsRITA and SUTA columns. 2. Total the Taxable EarningsFUTA and SUTA colunms. 3. At the bottom of your payroll register, compute the following: a. Net FUTA tax. Since this is the first pay period of the year, none of the employees are near the $7,000 ceiling; therefore, each employee's gross earnings is subiect to the FUTA tax. b. SUTA tax. Since Kipley Company is a new employer, Pennsylvania has assigned the com- pany a contribution rate of 3.6735% on the first $9,000 of each employee's earnings. Employees pay 0.07% on total gross pay. Note: Retain your partially completed payroll register for use at the end of Chapter 6. _ONTINUING PAYROLL PROBLEM 3 ' CLGL ' E's! Refer to the partially completed payroll register that you worked on at the end of Chapter 4. You will now com- pute the employer's liability for unemployment taxes {FUTA and SUTA] for the pay of January 14. These com- putations will be used at the end of Chapter 6 in record- ing the payroll tax entries. To compute the employer's liability for unemploy- ment taxes, proceed as follows: 1. Enter each employee's gross earnings in the Taxable EarningsFUTA and SUTA columns. 2. Total the Taxable EarningsFUTA and SUTA columns. 3. At the bottom of your payroll register, compute the following: a. Net FUTA tax. Since this is the first pay period of the year, none of the employees are near the $7,000 ceiling; therefore, each employee's gross earnings is subiect to die FUTA tax. b. SUTA tatt. Since Olney Company is a new employer, Pennsylvania has assigned the com- pany a contribution rate of 3.6785% on the rst $9,000 of each employee's earnings. Employees pay 0.07% on total gross pay. Note: Retain your partially completed payroll register for use at the end of Chapter 5. _ASE PROB LEM (1. Reducing a High Unemployment Ta): Rate. Over the past two years, Kermit Stone, the controller of Hilton Company, has been concerned that the company has been paying a large amount of money forstate unem ployment taxes. 0n reviewing the \"unemployment le\" with the head accountant, Deborah Murtha, he learns that the company's tax rate is near the top of the range of the state's eXperiencerating system. After calling the local unemployment ofce, Stone realizes that the turnover of employees at Hilton Com pany has had an adverse effect on the company's tax rates. In addition, after consulting with Murtha, he dis covers that the eligibility reports that come from the state unemployment ofce are iust signed and sent back to the state without any review. The eligibility reports are notices that an ex-employee has filed a claim for unemployment benets. By signing these reports \"blindly,\" the company, in effect, tells the state that the employee is eligible for the benets. Any benets paid are charged by the state against Hilton Company's account. Stone is convinced that the rates the company is pay- ing are too high, and he feels that part of the reason is the \"blind\" signing of the eligibility reports. Besides this, he wonders what other steps the company can take to lower its contributions rate and taxes. Submit recommendations that might help Stone reduce the \"unfair\" burden that the unemployment com- pensation taxes are leveling on Hilton Company. 55 at" In - 1.] m'nlr 1' Pa yroll Accounting 2016 _ONT|NUING PAYROLL PROBLEM - A 1' CLGL' E In this last phase of your work on the Continuing Payroll Problem A, you will record the amounts withheld for group and health insurance and calculate the net pay for each employee. Refer to the partially completed payroll registers upon which you were working at the end of Chapter 5, and proceed as follows: 1. 1n the appropriate column of the payroll register, re cord the amount tao be withheld for group life insur ance. Each employee contributes 35 each week toward the cost of group insurance coverage, with the exception of Smith and Schork [Kipley Com pany), who are not yet eligible for coverage under the company plan. 2. Record the amount to be withheld for health insur- ance. Each employee contributes $1.65 each week to- ward the cost of health insurance. 3. Record the net pay for each employee. The net pay for each employee is obtained by subtracting the total amount of all deductions from the total earnings. 4. Each worker is to be paid by check. Assign check numbers commencing with No. 313. 5. Foot all money columns of the payroll register,and prove the accuracy of the column totals. 6. On a separate sheet of paper: a. Prepare the iournal entries as of January 12 to re cord the payroll and the payroll taxes for the week ending January 3. Credit Salaries Payable for the total net pay. Use the following tax rates and bases: employer's FlCAOASDI, 6.2% on the rst $113,5 00; employer's FICAH1, 1.45% on total earnings; FUTA, 0.6% on the first $?,0 00; and SUTA, 3.6?35 % on the first $9,000. b. Prepare the iournal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workem. Your work on the Continuing Payroll Problem A is now completed, and you may be asked to submit your payroll register to your instructor. The experience you have gained in working on each of the succeeding phases of the Continuing Payroll Problem will aid you in under- taking the payroll work involved in Chapter 7-". In the Comprehensive Payroll Proiect, you will be responsible for all aspects of payroll operations for a company for an entire calendar quarter. _ONTINUING PAYROLL PROBLEM - B 1' CLGL\\ E In this last phase of your work on the Continuing Payroll Problem B, you will record the amounts withheld for group and health insurance and calculate the net pay for each employee. Refer to the partially completed pay- roll registers upon which you were working at the end of Chapter 5, and proceed as follows: 1. In the appropriate column of the payroll register, re- cord the amount to be withheld for group life insur- ance. Each employee contributes 85 each week toward the cost of group insurance coverage, with the exception of Palmetto and Wichman {Olney Com pany} who are not yet eligible for coverage under the company plan. 2. Record the amount to be withheld for health insur ance. Each employee contributes $1.65 each week to ward the cost of health insurance. 3. Record the net pay for each employee. The net pay for each employee is obtained by subtracting the total amount of all deductions from the total earnings. 4. Each worker is to be paid by check. Assign check numbers commencing with No. 313. 5. Foot all money columns of the payroll register, and prove the accuracy of the column totals. 6. On a separate sheet of paper: a. Prepare the iournal entries as of January 12 to re cord the payroll and the payroll taxes for the week ending January 8. Credit Salaries Payable for the total net pay. Use the following tax rates and bases: employer's FICAOASDI, 6.2% on the rst $118,500; employer's FICAHI, 1.45% on total earnings; FUTA, 0.6% on the rst $?,000; and sun, 3.6?95% on the rst $9,000. b. Prepare the iournal entry to record the payment of the payroll onJanuary 14 when the paychecks are distributed to all workers. Your work on the Continuing Payroll Problem B is now completed, and you may be asked to submit your payroll register to your instructor. The experience you have gained in working on each of the succeeding phases of the Continuing Payroll Problem will aid you in under taking the payroll work involved in Chapter 7-". In the Comprehensive Payroll Proiect, you will be responsible for all aspects of payroll operations for a company for an entire calendar quarter. 6-82 The payroll register assignment has five (5) parts which corresponds to materials discussed in chapters 2-6 of the text: 1. The first part of this assignment is at the end of chapter 2 on page 2-48 under title \"Continuing Payroll Problem A\". Please read the facts of the assignment and check the hints below. 2. Once you complete part 1, go to the end of chapter 3, page 3-67 under \"Continuing Payroll Problem A\" and complete the register for the amount of FICA taxes to be withheld from each employee's pay for the pay period ending January 8. 3. The next part is at the end of chapter 4, page 4-67. 4. Part 4 of this assignment is at the end of chapter 5, page 5-57. 5. The last part is at the end of chapter 6, page 6-82. Format: 1. Use the formula function of "Excel" to compute an answer. To enter a formula into a cell, place your cursor in that cell and press the equal (=) sign on your keyboard. This sign is located on the top right segment of the keyboard. The equal sign tells the computer that you are entering a formula. You may then add (+), subtract (-), multiply (*), or divide (/) depends on the calculation that needs to be completed. For instance, if you want to add cell E10 to E11, enter =E10+E11. Once you hit the enter key on your keyboard, the two cells will be added. To subtract, enter =E10-E11 and press the enter key. Alternatively, you may wish to use AutoSum function (located on the toolbar) to add up a range of cells. For example, if you want to add two or more cells, place your cursor in the cell that the total needs to appear and click on the AutoSum symbol. A symbol =SUM() will appear. You may then specify the range of the cells that need to be calculated. 2. Round numbers to two decimal points using Excel function. To use the "Round" function, choose \"Insert\" from menu bar, click on Function and use round. I suggest you use the round function for all the cells that contain formulas. Also, when appropriate, please add up the numbers on each column using the "Autosum" function of Excel. The use of \"Round\" function is important because without this function, you will not arrive at the exact figures for the regular or overtime earnings. 3. Format numbers appropriately, using $ sign, comma style, negative numbers in bracket, and single or double underline when needed. In tool bar, choose \"Format\