Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ultimate Accounting Services has the following payroll information for the week ending in December 7. State Income Tax is computed as 20 percent of Federal

Ultimate Accounting Services has the following payroll information for the week ending in December 7. State Income Tax is computed as 20 percent of Federal Income Tax.

Name

Beginning Cumulative Earnings Total Earnings Deductions
Federal Income Tax State Income Tax
Trouble, M. 7,000.00 580.00 50 10
Dainty, D. 6,540.00 470.00 36 7.2
Joyner, T. 25,600.00 680.00 75 15
Madison, W. 45,000.00 900.00 92 18.4
Frank, G. 90,200.00 1,100.00 245 49
Thomas, R. 35,000.00 890.00 46 9.2

Assumed tax rates are as follows:

  1. FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee.

  2. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee.

  3. Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee.

What you must do:

Complete the attached payroll register (Unit 6 Payroll - Question 4)(Excel Spreadsheet). To assist, use the following information:

  • Payroll checks begin with Ck. No. 4510 in the payroll register.

Submission Format

  • Use the attached payroll register (Unit 6 Payroll - Question 4)(Excel Spreadsheet) to complete this assignment.

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_2

Step: 3

blur-text-image_3

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

Auditory Cognition And Human Performance: Research And Applications

Authors: Carryl L. Baldwin

1st Edition

0415325943, 978-0415325943

More Books

Students also viewed these Accounting questions

Question

Compute an expression for P max t1st2 B(s) > x

Answered: 1 week ago

Question

Differentiate tan(7x+9x-2.5)

Answered: 1 week ago

Question

Explain the sources of recruitment.

Answered: 1 week ago

Question

Differentiate sin(5x+2)

Answered: 1 week ago

Question

Compute the derivative f(x)=1/ax+bx

Answered: 1 week ago