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 (e. 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. 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). Attendance Overall Attendance Bi-Weekly Distribution (Last 16 weeks) Absent Excused College Personal Day Present 60 Present Absent Excused College Personal Day m 15-Jan 01-Feb 15-Feb 01-Mar Behavior Bi-Weekly Distribution (Last 16 weeks) Behavior Details (Latest incidents) 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 (e. 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. 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). Attendance Overall Attendance Bi-Weekly Distribution (Last 16 weeks) Absent Excused College Personal Day Present 60 Present Absent Excused College Personal Day m 15-Jan 01-Feb 15-Feb 01-Mar Behavior Bi-Weekly Distribution (Last 16 weeks) Behavior Details (Latest incidents)