3. Nathan Upton earns $11.80/hour, and worked 42 hours during the most recent week. He does not make any voluntary deductions each period. Nathan Upton is married, and claims three withholding allowances for both federal and state. His year-to-date taxable earnings for Social Security tax, prior to the current pay period, are $137,220, and he is paid with check #0502.
3. Nathan Upton earns $11.80/hour, and worked 42 hours during the most recent week. He does not make any voluntary deductions each period. Nathan Upton is married, and claims three withholding allowances for both federal and state. His year-to-date taxable earnings for Social Security tax, prior to the current pay period, are $137,220, and he is paid with check #0502.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I need help getting the answers to the Social Security, Medicare, Vol Withholding and the Net Pay for #3!!!
Transcribed Image Text:**Payroll Register**
**Pay Period:** 09/06/2020
**Pay Date:** 09/12/2020
---
| Employee Name | Regular Hours | Regular Rate | Regular Earnings | Overtime Hours | Overtime Rate | Overtime Earnings | Total Earnings | FWT | SWT | Social Security | Medicare | Vol. With. | Check Number | Net Pay |
|---------------|---------------|--------------|------------------|----------------|---------------|-------------------|----------------|-----|-----|----------------|----------|------------|--------------|---------|
| Williams, L | 40 | $7.50 | $300.00 | 4 | $11.25 | $45.00 | $345.00 | $15.00 | $14.84 | $ | $ | $ | $ | $ |
| Olsen, J | 40 | $9.10 | $364.00 | 7 | $13.65 | $95.55 | $459.55 | $12.00 | $17.98 | $ | $ | $ | $ | $ |
| Upton, N | 40 | $11.80 | $472.00 | 2 | $17.70 | $35.40 | $507.40 | $3.00 | $25.37 | $ | $ | $ | $ | $ |
| Rodriguez, J | 40 | $14.00 | $560.00 | 8 | $21.00 | $168.00 | $728.00 | $53.00 | $31.67 | $ | $ | $ | $ | $ |
| Painter, D | 40 | $16.60 | $664.00 | 11 | $24.90 | $273.90 | $937.90 | $25.00 | $44.40 | $ | $ | $ | $ | $ |
---
**Totals:**
- Regular Earnings: $2,360.00
- Overtime Earnings: $617.85
- Total Earnings: $2,
Transcribed Image Text:**Educational Content for Payroll Calculation Exercise**
---
**Payroll Calculation Exercise**
Complete the remaining columns of the payroll register for the five employees whose information was provided in PSa 2-4, PSa 2-12, and PSa 3-8. All employees work in a state that does not require the withholding of disability insurance, and none of the employees files a tax return under married filing separately status. Additional information for each employee is provided below:
**Employee Information**
3. Nathan Upton earns $11.80/hour and worked 42 hours during the most recent week. He does not make any voluntary deductions each period. Nathan Upton is married and claims three withholding allowances for both federal and state. His year-to-date taxable earnings for Social Security tax, prior to the current pay period, are $137,220, and he is paid with check #0502.
**Notes:**
- For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
---
**Instructions for Completion:**
Using the provided details, fill in the remaining columns of the payroll register considering the following steps:
1. Calculate the regular and overtime pay.
2. Determine the total earnings for the pay period.
3. Apply the appropriate federal and state tax withholdings based on the withholding allowances and marital status.
4. Update the year-to-date taxable earnings for Social Security tax.
5. Ensure all calculations are rounded to two decimal places for accuracy.
For further learning and examples, refer to the sections indicated (PSa 2-4, PSa 2-12, and PSa 3-8).
---
This exercise provides a practical application of payroll calculations, which are essential for accurate and compliant payroll management in a business environment.
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