Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribed
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 8% of the annual salary paid to each employee. The bonus is to be paid along with the regular salaries on December 27, 20--, 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 27, 20--, showing the following for each employee: . Use the wage-bracket method to withhold federal income tax from the regular salaries. Withhold a flat 22% on the annual bonus. . Total salaries and bonuses are subject to a 2% state income tax and a 1% city income tax. Enter all amounts as positive numbers. Round your answers to the nearest cent. Click here to access the Wage-Bracket Method Tables. For Period Ending December 27, 20-- No. of Earnings Deductions Marital W/H (a) (b) (c) FICA (d) (e) (f) (g) Employee Name Status Allowances Regular Supp'l Total OASDI HI FIT SIT CIT Net Pay Wayne, Bret M 5 $3,000.00* 2,880 5,880 364.56 V 85.26 V $ 28 X 117.60 V $ 58.80 V $ 5,225.78 X Young, Gina M N 2,500.00* 2,400 4,900 303.80 71.05 490 X 98 49 3,888.15 X Course, Rudy S 810.00 777.60 X 1,587.60 X 98.43 X 23.02 X 158.76 X 31.75 X 15.88 X 1,249.76 X Dickson, Emile M A 715.00 686.40 X 1,401.40 X 86.89 X 20.32 X 140.14 X 28.03 X 14.01 X 1, 112.01 X Woodrow, Walt M N 695.00 667.20 X 1,392.20 X 84.46 X 19.75 X 136.22 X 27.24 X 13.62 X 1,080.91 X Noblet, Jim 525.00 504 X 1,029 X 63.80 X 14.92 X 102.90 X 20.58 X 10.29 X 816.51 Ono, Joan M 800.00 768 X 1,568 X 97.22 X 22.74 X 156.80 X 31.36 X 15.68 X 1,244.21 > Jones, Carrie S O 645.00 619.20 X 1,264.20 X 78.38 X 18.33 X 126.42 X 25.28 X 12.64 X 1,003.14 X Totals $ 9,690 V 9,302.40 $ 18,992.40 1,177.53 X $ 275.39 X 379.85 X 189.92 X *MonthlyCompute the employer's FICA taxes for the pay period ending December 27, 20--. OASDI Taxes HI Taxes OASDI taxable earnings $ HI taxable earnings OASDI taxes HI taxes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Fundamentals With Connect Plus

Authors: John Wild

4th Edition

77785932, 978-0077785932

More Books

Students also viewed these Accounting questions

Question

The quality of the proposed ideas

Answered: 1 week ago

Question

The number of new ideas that emerge

Answered: 1 week ago