Pur g eon from womation for the o the comprenden N w hen t her was the role of an hourly o yed whyf534. there Openiser wone for Any Recom e Esmal by the company.controller record the power they were ther und e r the more port prevod the provide the street e that there amount of the 20 ming Record for 22 loyee Information Fling Status withholdingowe come Employee Performance Report you received Pretplar hour perde t h e dancers treated low Wage Bracket Withholding Table Wage Bradt Withholding Table Telefon Method W W ERLY the amount of her Purpose: This project is designed to allow students the opportunity to apply concepts relating to the calculation of gross pay, payroll related taxes, voluntary deductions, and net pay. Students' professionalism scores for the semester will be derived from the net pay as calculated in this project. Company Information: For the purposes of this project, each student will assume the role of an hourly employee working for the company, Number Crunchers, Inc. (NCI). Assume each of NCI's hourly employees is paid an hourly rate of $14.75 per hour. Any employee working overtime hours will be compensated at 1.5 times the regular rate of pay. NCI pays its employees on a weekly basis. Requirements: Complete the employee earnings record shown below using the "Employee Performance Report," provided via email, by the company controller (ie, instructor). Round all answers to the nearest cent. Also provide the journal entry required to record the payroll as well as the entry to record the employer's payroll tax expense. Assume that the entire amount of the gross pay calculated is subject to FUTA (6%) and SUTA (5.4%) tax. Voluntar De Hours Worked: Hours worked during the pay period (i.e. semester) are based upon attendance. Your attendance record is included in the "Employee Performance Report" you received via your student email. Each attendance status is treated as follows: - Present = 1 regular hour per day - Absent = 0 regular hours per day -- Personal day (used) = 1 regular hour per day - Excused College Absence = 1 regular hour per day - Each employee received 3 personal days to use during the pay period. Any unused personal days should be added to the hours worked at a rate of 1 hour per unused day Earnings: Information regarding regular and overtime pay rates is provided in the "Company Information" section above. Additionally, NCI encourages employees to establish positive work habits through an incentive pay plan. Your "Employee Performance Report" includes a section labeled Behavior Details". Positive items listed in this section will result in "Bonus Pay" of $30 (per occurrence). Deductions: A Wage Bracket Withholding table is included (to the right) for use in calculating the federal income tax to be withheld from the employee's paycheck. Note that the line highlighted in the table has no bearing on the calculation of federal income tax related to this project. Assume $90 per withholding allowance, the Social Security tax rate is 6.2% and the Medicare tax rate is 1.45%. While NCI desires to encourage employees to establish positive work habits, company management also seeks to minimize work habits that may result in inefficiencies and/or diminished employee productivity. As such, work habits deemed to have a negative impact on company success are tracked and treated as voluntary deductions from employee pay. Negative work habits for each employee, if any, are noted in the "Behavior Details" section of the Employee Performance report and result in a deduction of $25 (per occurrence). Wage Bracket Withholding Table Table for Percentage Method of Withholding WEEKLY Payroll Period is: .....$ (a) SINGLE person (including head of household) - If the amount of wages (after subtracting withholding allowances) The amount of income tax to withholdis: Not over $43.......... Over But not over- of excess over $43 -$222.. S0.00 plus 10% $43 S222 -$767 . $17.90 plus 15% S767 -$1,796 .. $99.65 plus 25% $767 $1,796 -S3,700 .. $356.90 plus 28% $1,796 $3,700 -S7,992 . $890.02 plus 33% $3,700 $7,992 -58,025 .. $2,306.38 plus 35% $7,992 $8,025 $2,317.93 plus 39.6% $8,025 S222 McGrath wage bracket Pur g eon from womation for the o the comprenden N w hen t her was the role of an hourly o yed whyf534. there Openiser wone for Any Recom e Esmal by the company.controller record the power they were ther und e r the more port prevod the provide the street e that there amount of the 20 ming Record for 22 loyee Information Fling Status withholdingowe come Employee Performance Report you received Pretplar hour perde t h e dancers treated low Wage Bracket Withholding Table Wage Bradt Withholding Table Telefon Method W W ERLY the amount of her Purpose: This project is designed to allow students the opportunity to apply concepts relating to the calculation of gross pay, payroll related taxes, voluntary deductions, and net pay. Students' professionalism scores for the semester will be derived from the net pay as calculated in this project. Company Information: For the purposes of this project, each student will assume the role of an hourly employee working for the company, Number Crunchers, Inc. (NCI). Assume each of NCI's hourly employees is paid an hourly rate of $14.75 per hour. Any employee working overtime hours will be compensated at 1.5 times the regular rate of pay. NCI pays its employees on a weekly basis. Requirements: Complete the employee earnings record shown below using the "Employee Performance Report," provided via email, by the company controller (ie, instructor). Round all answers to the nearest cent. Also provide the journal entry required to record the payroll as well as the entry to record the employer's payroll tax expense. Assume that the entire amount of the gross pay calculated is subject to FUTA (6%) and SUTA (5.4%) tax. Voluntar De Hours Worked: Hours worked during the pay period (i.e. semester) are based upon attendance. Your attendance record is included in the "Employee Performance Report" you received via your student email. Each attendance status is treated as follows: - Present = 1 regular hour per day - Absent = 0 regular hours per day -- Personal day (used) = 1 regular hour per day - Excused College Absence = 1 regular hour per day - Each employee received 3 personal days to use during the pay period. Any unused personal days should be added to the hours worked at a rate of 1 hour per unused day Earnings: Information regarding regular and overtime pay rates is provided in the "Company Information" section above. Additionally, NCI encourages employees to establish positive work habits through an incentive pay plan. Your "Employee Performance Report" includes a section labeled Behavior Details". Positive items listed in this section will result in "Bonus Pay" of $30 (per occurrence). Deductions: A Wage Bracket Withholding table is included (to the right) for use in calculating the federal income tax to be withheld from the employee's paycheck. Note that the line highlighted in the table has no bearing on the calculation of federal income tax related to this project. Assume $90 per withholding allowance, the Social Security tax rate is 6.2% and the Medicare tax rate is 1.45%. While NCI desires to encourage employees to establish positive work habits, company management also seeks to minimize work habits that may result in inefficiencies and/or diminished employee productivity. As such, work habits deemed to have a negative impact on company success are tracked and treated as voluntary deductions from employee pay. Negative work habits for each employee, if any, are noted in the "Behavior Details" section of the Employee Performance report and result in a deduction of $25 (per occurrence). Wage Bracket Withholding Table Table for Percentage Method of Withholding WEEKLY Payroll Period is: .....$ (a) SINGLE person (including head of household) - If the amount of wages (after subtracting withholding allowances) The amount of income tax to withholdis: Not over $43.......... Over But not over- of excess over $43 -$222.. S0.00 plus 10% $43 S222 -$767 . $17.90 plus 15% S767 -$1,796 .. $99.65 plus 25% $767 $1,796 -S3,700 .. $356.90 plus 28% $1,796 $3,700 -S7,992 . $890.02 plus 33% $3,700 $7,992 -58,025 .. $2,306.38 plus 35% $7,992 $8,025 $2,317.93 plus 39.6% $8,025 S222 McGrath wage bracket