Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please use the information to COMPLETE THE SPREADSHEET. Thank you so much! The other posted answers to this question are wrong. Manny Moe Jack |

image text in transcribed

image text in transcribed

image text in transcribed

please use the information to COMPLETE THE SPREADSHEET. Thank you so much! The other posted answers to this question are wrong.

Manny Moe Jack | 3 Gross Pay 360.00 $ 2,000.00 $ 6,800.00 $ 229.40 5 Less Deductions: FICA - Social Security FICA - Medicare Federal Income Tax State Income Tax Total Deductions mm 22.32 5.22 10.80 7.20 45.54 Net Pay 314.46 mm Manny Moe Jack 3 b Gross Pay $ 360.00 $ 2,000.00 $ 6,800.00 229.40 mitin Fringe Benefits: FICA - Social Security FICA - Medicare Federal Unemployment State Unemployment 22.32 5.22 0.96 4.80 Total Cost to Employer $ 393.30 mm Manny Moe Jack 19 Gross Pay 360.00 $ 2,000.00 $ 6,800.00 51 Less: Health Insurance (100.00) (100.00) (100.00) 53 Taxable Pay 260.00 $ 1.900.00 $ 6,700.00 229.40 NO 000 5 Less Deductions: FICA - Social Security FICA - Medicare Federal Income Tax State Income Tax o Total Deductions 16.12 3.77 7.80 5.20 32.89 2 Net Pay $ 227.11 4 True Cost of Health Insurance 87.35 00001 Manny Moe 83 Jack Gross Pay $ 360.00 $ 2,000.00 $ 6,800.00 $ 229.40 60.00 204.00 no Less Deductions. FICA - Social Security FICA - Medicare Retirement Contribution Federal Income Tax State Income Tax Total Deductions 22.32 5.22 10.80 10.48 6.98 55.80 $ 304.20 Net Pay 153.00 True Cost of Retirement Contrib $ 10.26 -eppy Company pays its employees on the 15th and last day of each month Employees gross pay is subject to these taxes Tax FICA - Social Security FICA - Medicare Federal Unemployment State Unemployment Rate 6.20% 1.45% 0.60% 3.00% Applied to First $132,900 ALL Wages First $7,000 First $7,000 The company is preparing its payroll for the period ending October 31, 2019 Payroll records show the following information for the company's three employees. State Tax S 2% $ Current Pay Period Gross Pay Federal Tax 360 3% 2,000 10% 6,800 20% Name Manny Moe Jack Gross Pay thru 10/15/19 6,840 38,000 129.200 3% 5% Required (using an electronic spreadsheet) 1) For the current pay period, compute the following, for each employee: a) Net pay for the current pay period. b) Total cost, to the employer, including wages. 2) In addition to the statutory deductions, each employee must pay one-half of the $200 (per pay period) cost for medical and dental insurance. Insurance is a pre-tax deduction. For the current pay period, compute net pay for each employee. What is the difference between this net pay and the net pay in (1a)? 3) (Independent of Requirement #2.) Peppy Company offers a 401(k) retirement plan to its employees. The company matches all amounts withheld from the employees up to 3% of each employee's gross pay. All employees contribute the maximum amount. Any amounts contributed currently are FICA taxable but are not taxable for federal or state income tax purposes. For the current pay period, compute net pay for each employee. What is the difference between this net pay and the net pay in (1a)? Manny Moe Jack | 3 Gross Pay 360.00 $ 2,000.00 $ 6,800.00 $ 229.40 5 Less Deductions: FICA - Social Security FICA - Medicare Federal Income Tax State Income Tax Total Deductions mm 22.32 5.22 10.80 7.20 45.54 Net Pay 314.46 mm Manny Moe Jack 3 b Gross Pay $ 360.00 $ 2,000.00 $ 6,800.00 229.40 mitin Fringe Benefits: FICA - Social Security FICA - Medicare Federal Unemployment State Unemployment 22.32 5.22 0.96 4.80 Total Cost to Employer $ 393.30 mm Manny Moe Jack 19 Gross Pay 360.00 $ 2,000.00 $ 6,800.00 51 Less: Health Insurance (100.00) (100.00) (100.00) 53 Taxable Pay 260.00 $ 1.900.00 $ 6,700.00 229.40 NO 000 5 Less Deductions: FICA - Social Security FICA - Medicare Federal Income Tax State Income Tax o Total Deductions 16.12 3.77 7.80 5.20 32.89 2 Net Pay $ 227.11 4 True Cost of Health Insurance 87.35 00001 Manny Moe 83 Jack Gross Pay $ 360.00 $ 2,000.00 $ 6,800.00 $ 229.40 60.00 204.00 no Less Deductions. FICA - Social Security FICA - Medicare Retirement Contribution Federal Income Tax State Income Tax Total Deductions 22.32 5.22 10.80 10.48 6.98 55.80 $ 304.20 Net Pay 153.00 True Cost of Retirement Contrib $ 10.26 -eppy Company pays its employees on the 15th and last day of each month Employees gross pay is subject to these taxes Tax FICA - Social Security FICA - Medicare Federal Unemployment State Unemployment Rate 6.20% 1.45% 0.60% 3.00% Applied to First $132,900 ALL Wages First $7,000 First $7,000 The company is preparing its payroll for the period ending October 31, 2019 Payroll records show the following information for the company's three employees. State Tax S 2% $ Current Pay Period Gross Pay Federal Tax 360 3% 2,000 10% 6,800 20% Name Manny Moe Jack Gross Pay thru 10/15/19 6,840 38,000 129.200 3% 5% Required (using an electronic spreadsheet) 1) For the current pay period, compute the following, for each employee: a) Net pay for the current pay period. b) Total cost, to the employer, including wages. 2) In addition to the statutory deductions, each employee must pay one-half of the $200 (per pay period) cost for medical and dental insurance. Insurance is a pre-tax deduction. For the current pay period, compute net pay for each employee. What is the difference between this net pay and the net pay in (1a)? 3) (Independent of Requirement #2.) Peppy Company offers a 401(k) retirement plan to its employees. The company matches all amounts withheld from the employees up to 3% of each employee's gross pay. All employees contribute the maximum amount. Any amounts contributed currently are FICA taxable but are not taxable for federal or state income tax purposes. For the current pay period, compute net pay for each employee. What is the difference between this net pay and the net pay in (1a)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management For Nonprofit Human Service Organizations

Authors: Raymond Sanchez Mayers

2nd Edition

0398075131, 9780398075132

More Books

Students also viewed these Finance questions