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Smith Company is accumulating a summary of its payroll for the current month. The following information is available concerning Smith Company's only four employees.
Smith Company is accumulating a summary of its payroll for the current month. The following information is available concerning Smith Company's only four employees. Salary Paid to Current Month Date Salary Alex Boone $140,000 $ 7,000 8 Cindy Dorne 150,000 9,000 9 10 Emily Flower George Hall 6,000 3,000 4,000 2,000 11 12 14 15 13 Smith Company automatically deducts 0.5% of each employee's salary for a contribution to the American Red Cross. The maximum amount of applicable wages per employee for social security is $142,800. Federal law also requires Smith Company to make contributions of Federal Unemployment Taxes. For unemployment taxes, the maximum amount of salary taxable is the first $7,000. Complete the following payroll table. Within each cell, please type your formula showing your work. 16 You may also show your work separately in another area of the spreadsheet if properly labeled. If you only provide a final 17 value in a given cell, then there is no possibility for partial credit if you are incorrect. 18 19 6.2% 1.45% 0.5% 0.6% 5.4% 20 Employee Gross Salary Federal Taxes Social American Withheld Security Medicare Red Cross Net Salary FUTA SUTA 21 22 Alex Boone $7,000.00 $1,500.00 23 Cindy Dorne 9.000.00 2,300.00 24 Emily Flower 3,000.00 400.00 25 George Hall 2,000.00 100.00
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