Please Help.
Boston Company recently hired you to prepare the monthly payroll along with other accounting tasks on October 1. You will need to create an Excel workbook for your Payroll Register, Earnings Report, General Journal and General Ledger. You will find attached several pdf forms that will assist you in preparing their final returns. All employees are paid monthly with the Manager and President being paid a salary and the other two being paid an hourly rate. Both you and the Salesperson are not considered white-collar employees, so the company is responsible to pay you overtime for time worked beyond 40 hours per week. NOTE: All excel workbooks should be created from scratch and no template should be used. Using a template is considered collusion and will result in an automatic zero for the project. The following taxes are levied upon Boston Company and its employees - Federal Income Taxes (FIT) - Please use the attached tax tables. Use the wage-bracket method when able Use the percentage method when needed - Nebraska State Income Taxes (SIT) - 6.84\% - Nebraska State Unemployment Taxes (SUTA) - 3.08\% on the first $9,000 of wages - Federal Unemployment Taxes (FUTA) - .6\% on the first $7,000 of wages - FICA (OASDI) 6.2% on the first $142,800 of gross earnings - FICA (HI)1.45% on total gross earnings. Other deductions - The President and Manager currently put money into the company sponsored SIMPLE Retirement Plan. As a new employee you will not be allowed to participate. While the company does match these, that is handled by a CPA company and is not your responsibility to keep track of. You will be required to use it when calculating the employees net pay and other deductions. The State of Nebraska for SIT allows for the same benefits as the Federal government for FIT calculations. Taxes are deposited according to the following schedule - Federal Taxes - OASDI, HI and FIT taxes must be deposited on or before the 15th of the month following the month in which the taxes were withheld - State - States taxes are deposited quarterly. The must be remitted along with the 941N by the month following the end of the quarter - SUTA taxes are deposited quarterly. The must be remitted along with the 941N by the month following the end of the quarter - FUTA taxes are deposited in accordance with Federal guidelines. NOTE: Please be sure you use a fictitious SSN for your W-2. Company Information: Boston Company 1010 Prdv Road Grand Island, NE 68803 Federal ID \# 00-0000880 State ID \# 000-00-5500 1 Boston Company recently hired you to prepare the monthly payroll along with other accounting tasks on October 1. You will need to create an Excel workbook for your Payroll Register, Earnings Report, General Journal and General Ledger. You will find attached several pdf forms that will assist you in preparing their final returns. All employees are paid monthly with the Manager and President being paid a salary and the other two being paid an hourly rate. Both you and the Salesperson are not considered white-collar employees, so the company is responsible to pay you overtime for time worked beyond 40 hours per week. NOTE: All excel workbooks should be created from scratch and no template should be used. Using a template is considered collusion and will result in an automatic zero for the project. The following taxes are levied upon Boston Company and its employees - Federal Income Taxes (FIT) - Please use the attached tax tables. Use the wage-bracket method when able Use the percentage method when needed - Nebraska State Income Taxes (SIT) - 6.84\% - Nebraska State Unemployment Taxes (SUTA) - 3.08\% on the first $9,000 of wages - Federal Unemployment Taxes (FUTA) - .6\% on the first $7,000 of wages - FICA (OASDI) 6.2% on the first $142,800 of gross earnings - FICA (HI)1.45% on total gross earnings. Other deductions - The President and Manager currently put money into the company sponsored SIMPLE Retirement Plan. As a new employee you will not be allowed to participate. While the company does match these, that is handled by a CPA company and is not your responsibility to keep track of. You will be required to use it when calculating the employees net pay and other deductions. The State of Nebraska for SIT allows for the same benefits as the Federal government for FIT calculations. Taxes are deposited according to the following schedule - Federal Taxes - OASDI, HI and FIT taxes must be deposited on or before the 15th of the month following the month in which the taxes were withheld - State - States taxes are deposited quarterly. The must be remitted along with the 941N by the month following the end of the quarter - SUTA taxes are deposited quarterly. The must be remitted along with the 941N by the month following the end of the quarter - FUTA taxes are deposited in accordance with Federal guidelines. NOTE: Please be sure you use a fictitious SSN for your W-2. Company Information: Boston Company 1010 Prdv Road Grand Island, NE 68803 Federal ID \# 00-0000880 State ID \# 000-00-5500 1
