See Figure 1.9 on page 1-24, Examples 4-8 and 49 on page 420 Lake Community College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17,20.. The faculty can receive one lump-sam payment instead of receiving the remaining seven biweekly pays over the summer. Use the data given below to complete the Payroll Register on May 17. No employee has reached the OASDI ceiling, and all employees are taking the lamp-sum payment. The state withholding rate is 2.0% of total earnings; the city withholding rate is 1.0% of rotal earnings. The biwcekly wage bracket is ased for federal income taxes. To calculate the tax witbholdings, you must calculate the rounded tax for each pay and multiply by the number of pays in the lamp-sum payment. See Figure 1.9 on page 1-24, Examples 4-8 and 49 on page 420 Lake Community College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17,20.. The faculty can receive one lump-sam payment instead of receiving the remaining seven biweekly pays over the summer. Use the data given below to complete the Payroll Register on May 17. No employee has reached the OASDI ceiling, and all employees are taking the lamp-sum payment. The state withholding rate is 2.0% of total earnings; the city withholding rate is 1.0% of rotal earnings. The biwcekly wage bracket is ased for federal income taxes. To calculate the tax witbholdings, you must calculate the rounded tax for each pay and multiply by the number of pays in the lamp-sum payment