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The names of the employees of Matson Office Systems and their regular salaries are shown in the following payroll register. Note that Wayne and Young
The names of the employees of Matson Office Systems and their regular salaries are shown in the following payroll register. Note that Wayne and Young are paid monthly on the last payday, while all others are paid weekly.
In addition to the regular salaries, the company pays an annual bonus based on the amount of earnings for the year. For the current year, the bonus amounts to of the annual salary paid to each employee. The bonus is to be paid along with the regular salaries on December but the amount of the bonus and the amount of the regular salary will be shown separately on each employee's earnings statement. Assume that all employees received their regular salary during the entire year.
Prepare the payroll for the pay period ending December showing the following for each employee:
Use the wagebracket method to withhold federal income tax from the regular salaries.
Withhold a flat on the annual bonus.
Total salaries and bonuses are subject to a state income tax and a city income tax.
Enter all amounts as positive numbers. Round your answers to the nearest cent.
As we go to press, the federal income tax rates for are being determined by budget talks in Washington, and are not available for publication. For this edition, the federal income tax tables for Manual Systems with Forms W From or Later with Standard Withholding and FICA rates have been used.
Click here to access the WageBracket Method Tables.
For Period Ending December
Employee Name No of Earnings Deductions
Marital WH abc FICA defg
Status Allowances Regular Supp'l. Total OASDI HI FIT SIT CIT Net Pay
Wayne, Bret MFJ NA $
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$
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$
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$
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$
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$
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$
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$
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$
Young, Gina MFJ NA
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Course, Rudy S NA
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Dickson, Emile MFJ NA
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Woodrow, Walt MFJ NA
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Noblet, Jim S NA
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Ono, Joan MFJ NA
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Jones, Carrie S NA
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Totals
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$
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Monthly
Compute the employer's FICA taxes for the pay period ending December
OASDI Taxes HI Taxes
OASDI taxable earnings
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$ HI taxable earnings
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$
OASDI taxes
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$ HI taxes
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