Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Psa 3-8 Populate a Payroll Register This problem is a continuation of exercise PSa 2-12 from Chapter 2. Complete the Federal Withholding Tax (wage-bracket method)

image text in transcribed
image text in transcribed
image text in transcribed
Psa 3-8 Populate a Payroll Register This problem is a continuation of exercise PSa 2-12 from Chapter 2. Complete the Federal Withholding Tax (wage-bracket method) and State Withholding Tax columns of the payroll register for the five employees whose information was provided in PSa 2-4 and PSa 2-12. The state income tax withholding rate is 5% of taxable pay, with taxable pay being the same for federal and state income tax withholding. Additional information for each employee is provided below. Luisa Williams makes a 401(k) retirement plan contribution of 14% of gross pay each period. Jonathan Olsen participates in a cafeteria plan, to which he pays $100 each period. Nathan Upton does not make any voluntary deductions each period. Juan Rodriguez makes a 403(b) retirement plan contribution of 13% of gross pay. Drew Painter participates in a flexible spending account, to which he contributes $50 each period Although you will further modify the Voluntary Withholdings column in the next chapter, you should come this column (along with the FWT and SWT columns) based on the information provided above PSa 2-12 Populate a Payroll Register Complete the top portion and earnings section of a payroll register for the five employees in PSa 2-4. The associated pay period ends on 9/9/2018, with paychecks being printed and distributed six days later. PSa 2-4 Calculate Weekly Gross Pay Calculate gross pay (regular earnings + overtime earnings) for each of the following employees. Every employee earns hourly overtime wages that are 1.5 times greater than his/her regular wage rate. 1. Luisa Williams earns $7.50/hour and worked 44 hours during the most recent week. 2. Jonathan Olsen earns $9.10/hour and worked 47 hours during the most recent week. 3. Nathan Upton earns $11.80/hour and worked 42 hours during the most recent week. 4. Juan Rodriguez earns $14/hour and worked 48 hours during the most recent week. 5. Drew Painter earns $16.60/hour and worked 51 hours during the most recent week. Psa 3-8 Populate a Payroll Register This problem is a continuation of exercise PSa 2-12 from Chapter 2. Complete the Federal Withholding Tax (wage-bracket method) and State Withholding Tax columns of the payroll register for the five employees whose information was provided in PSa 2-4 and PSa 2-12. The state income tax withholding rate is 5% of taxable pay, with taxable pay being the same for federal and state income tax withholding. Additional information for each employee is provided below. Luisa Williams makes a 401(k) retirement plan contribution of 14% of gross pay each period. Jonathan Olsen participates in a cafeteria plan, to which he pays $100 each period. Nathan Upton does not make any voluntary deductions each period. Juan Rodriguez makes a 403(b) retirement plan contribution of 13% of gross pay. Drew Painter participates in a flexible spending account, to which he contributes $50 each period Although you will further modify the Voluntary Withholdings column in the next chapter, you should come this column (along with the FWT and SWT columns) based on the information provided above PSa 2-12 Populate a Payroll Register Complete the top portion and earnings section of a payroll register for the five employees in PSa 2-4. The associated pay period ends on 9/9/2018, with paychecks being printed and distributed six days later. PSa 2-4 Calculate Weekly Gross Pay Calculate gross pay (regular earnings + overtime earnings) for each of the following employees. Every employee earns hourly overtime wages that are 1.5 times greater than his/her regular wage rate. 1. Luisa Williams earns $7.50/hour and worked 44 hours during the most recent week. 2. Jonathan Olsen earns $9.10/hour and worked 47 hours during the most recent week. 3. Nathan Upton earns $11.80/hour and worked 42 hours during the most recent week. 4. Juan Rodriguez earns $14/hour and worked 48 hours during the most recent week. 5. Drew Painter earns $16.60/hour and worked 51 hours during the most recent week

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

Auditing And Assurance Services

Authors: William MessierSteven Glover

7th Edition

ISBN: 0073527084, 9780073527086

More Books

Students also viewed these Accounting questions

Question

What is the cause of this situation?

Answered: 1 week ago

Question

What is the significance or importance of the situation?

Answered: 1 week ago