Refer to the partially completed payroll register you started at the end ofChapter2. You will now determine the amount of FICA taxes to be withheld from each employee's pay for the pay period ending January 8, 20--.

• 1.In the Taxable Earnings columns, record the amount of each employee's weekly earnings that is subject to FICA taxes.
• 2.Using the amount recorded in step 1, compute the taxes for each employee and record in the appropriate column.

Excel Instructions using Excel 2010: 1. Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appear to the right of an incorrect answe 2. A formula begins with an equals sign (=) and can consist of any of the following elements: Operators such as + (for addition), - (for subtraction), * (for multiplication), and / (for division). Cell references, including cell addresses such as B52, as well as named cells and ranges Values and text Worksheet functions (such as SUM) 3. You can enter a formula into a cell manually (typing it in) or by pointing to the cells. To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. Type an equals sign (=) to signal the fact that the cell contains a formula. Type the formula, then press Enter. 4. Rounding: These templates have been formatted to round numbers to either the nearest whole number or the nearest cent. Fo 17.65 x 1.5=26.475. The template will display and hold 26.48, not 26.475. There is no need to use Excel's rounding function. EXCEPTION: Continuing Payroll Problems A & B: CHAPTER 2 When calculating over-time rate for weekly salary, round regular rate to TWO decimals BEFORE calculating ov Rounding can be accomplished by using Number function (using arrows) on Excel Home menu or by entering th =(Round(Weekly/40,2))*1.5 (where "Weekly" entered as either the weekly pay or cell reference.) Failure to use the ROUND function will cause the OT rate to be incorrect. 5. Remember to save your work. When saving your workbook, Excel overwrites the previous copy of your file. You can save your w You can save the file to the current name, or you may want to keep multiple versions of your work by saving each successive version To save to the current name, you can select File, Save from the menu bar or click on the disk icon in the standard toolbar. It is recommended that you save the file to a new name that identifies the file as yours, such as CPP_A_Your_Name.xlsx To save under a different name, follow these steps: Select File, Save As to display the Save As Type drop-box, chose Excel Workbook (*.xlsx) Select the folder in which to store the workbook. Enter the new filename in the File name box. Click Save. ght of an incorrect answer. er or the nearest cent. For example, rounding function. BEFORE calculating overtime rate. menu or by entering the formula ference.) file. You can save your work at any time. g each successive version under a different name. andard toolbar. r_Name.xlsx Name: Caution: See "round" rules in Excel Instructions before calculating OT for salaried employees. Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appear to the right of an incorrect answer. Continuing Payroll Problem-A KIPLEY C PAYROL OVERTIME EARNINGS RATE PER HOUR 11 Carson, Fran M. S 1 40 $17.50 $700.00 12 Wilson, William A. S 0 40 $17.25 $690.00 13 Utley, Harry T. M 2 37.5 $18.10 $678.75 EMPLOYEE HOURS WORKE D REGULAR EARNINGS HOURS WORKE D NO. OF W/H ALLOW. January 8, 20 - - MARITAL STATUS FOR PERIOD ENDING AMOUNT 21 Fife, Lawrence R. M 4 40 $17.90 $716.00 22 Smith, Lucy K. S 2 40 $19.75 $790.00 31 Fay, Gretchen R. M 3 40 $12.88 $515.00 32 Robey, Glenda B. M 6 40 $16.07 $642.86 33 Schork, Thomas K. S 1 40 $19.94 51 Hardy, Barbara T. M 5 40 $14.94 99 Kipley, Carson C. Totals M 7 40 $25.00 * * * * * $1,000.00 $7,125.85 TOTAL EARNINGS AMOUNT 8 $25.88 $89.64 * $687.26 $481.88 * $1,000.00 $7,609.73 * $700.00 $207.00 * $27.15 6 $26.85 4 * $897.00 $678.75 $161.10 * $29.63 $19.31 $877.10 $790.00 $24.14 * $539.14 $24.11 $642.86 $29.91 $797.62 $22.41 $37.50 JOURNAL DATE 20-- DESCRIPTION FICA OASDI * * * * * * * * * $26.25 1.25 * $797.62 * $597.62 * RATE PER HOUR DEBIT CREDIT HI Jan. 12 Wages and Salaries Net FUTA FICA Taxes Payable - OASDI FICA Taxes Payable - HI Employees FIT Payable Employees SIT Payable Employees SUTA Payable Employees CIT Payable SIMPLE Deductions Payable Group Insurance Premiums Collected Health Insurance Premiums Collected Salaries Payable Jan. 12 Payroll Taxes FICA Taxes Payable - OASDI FICA Taxes Payable - HI FUTA Taxes Payable SUTA Taxes Payable Jan. 14 Salaries Payable Cash SUTA KIPLEY COMPANY, INC. PAYROLL REGISTER DEDUCTIONS FIT SIT SUTA NET PAY CIT SIMPLE GROUP INSURANCE HEALTH CHECK INSURANCE NO. 313 314 315 316 317 318 319 320 321 322 Taxable Earnings Rate Net FUTA Tax AMOUNT TAXABLE EARNINGS OASDI HI SUTA Tax TAXABLE EARNINGS FUTA SUTA