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4-8A LO 3 See Figure 1.9 on page 1-24, Example 4-9 on page 4-20 The names of the employees of Cox Security Systems and their regular salanes are shown in the following payroll register. Note that Hall and Short 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 carnings for the vear. For the current year, the bonus amounts to 8% of the annual salary paid to cach emplovee. The bonus is to be paid along with the regular salaries on December 27, 20, but the ameunt of the bonus and the amount of the regular salary will be shown separately on cach employee's earnings statement. Assume that all employees receved their regular salary during the entire vear. Prepare the payroll for the pay persod ending December 27. 20, showing the following for cach 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. FOR PERIOD ENDING 20 EARNINGS DEDUCTIONS (e) FICA EMPLOYEE NAME (b) TOTAL la NET PAY REGULAR SUPPL FIT SIT CIT OASDI HI Hall, Michael M. 350000 Short, Joy T. 275000 520 00 Abbott, Linda Smith, Joseph 465.00 Tols, Sean M. 38000 Gillespie, Michelle 35 00 Smart, Jennifer M. 2. 57500 White, Matthew J. 42500 Totals *Monthly Compute 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 MARITAL STATUS MOTN $5

4-8A LO 3 See Figure 1.9 on page 1-24, Example 4-9 on page 4-20 The names of the employees of Cox Security Systems and their regular salanes are shown in the following payroll register. Note that Hall and Short 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 carnings for the vear. For the current year, the bonus amounts to 8% of the annual salary paid to cach emplovee. The bonus is to be paid along with the regular salaries on December 27, 20, but the ameunt of the bonus and the amount of the regular salary will be shown separately on cach employee's earnings statement. Assume that all employees receved their regular salary during the entire vear. Prepare the payroll for the pay persod ending December 27. 20, showing the following for cach 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. FOR PERIOD ENDING 20 EARNINGS DEDUCTIONS (e) FICA EMPLOYEE NAME (b) TOTAL la NET PAY REGULAR SUPPL FIT SIT CIT OASDI HI Hall, Michael M. 350000 Short, Joy T. 275000 520 00 Abbott, Linda Smith, Joseph 465.00 Tols, Sean M. 38000 Gillespie, Michelle 35 00 Smart, Jennifer M. 2. 57500 White, Matthew J. 42500 Totals *Monthly Compute 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 MARITAL STATUS MOTN $5

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ach 4-8A - LO 3 The names of the employees of Cox Security Systems and their regular salanes are shown in the fellowing payroll register. Note that Hall and Short 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 carnings for the year. For the current year, the bonus amounts to 8% of the annual salary paid to cach emplovee. 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 emplovees received their regalar salary during the entire vear. Prepare the payroll for the pas period ending December 27. 20 showing the following for cach employee: Lise 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. See Figure 1.9 on page 1-24, Example 4-9 on page 4-20 FOR PERIOD ENDING 20 EARNINGS DEDUCTIONS (e) FICA EMPLOYEE NAME (a) SUPP'L (b) TOTAL (d FIT (el NET REGULAR SIT CIT PAY OASDI HI Hall, Michael M. 350000 Short, Joy T. 2. 2750 00 52000 M Abbott, Linda S. Smith, Joseph 4. 46500 Tols, Sean M. M. Gillespie, Michelle Smart, Jennifer White, Matthew J. 380 00 35000 2 57500 42500 Totals *Monthly Compute the employer's FICA taxes for the pay period ending December 27, 20--, OASDI Taxes HI Taxes OASDI taxable earnings HI taxable carnings OASDI raxes 2$ HI taxes ALLOW ON H/M J MARITAL 4-43
Transcribed Image Text:ach 4-8A - LO 3 The names of the employees of Cox Security Systems and their regular salanes are shown in the fellowing payroll register. Note that Hall and Short 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 carnings for the year. For the current year, the bonus amounts to 8% of the annual salary paid to cach emplovee. 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 emplovees received their regalar salary during the entire vear. Prepare the payroll for the pas period ending December 27. 20 showing the following for cach employee: Lise 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. See Figure 1.9 on page 1-24, Example 4-9 on page 4-20 FOR PERIOD ENDING 20 EARNINGS DEDUCTIONS (e) FICA EMPLOYEE NAME (a) SUPP'L (b) TOTAL (d FIT (el NET REGULAR SIT CIT PAY OASDI HI Hall, Michael M. 350000 Short, Joy T. 2. 2750 00 52000 M Abbott, Linda S. Smith, Joseph 4. 46500 Tols, Sean M. M. Gillespie, Michelle Smart, Jennifer White, Matthew J. 380 00 35000 2 57500 42500 Totals *Monthly Compute the employer's FICA taxes for the pay period ending December 27, 20--, OASDI Taxes HI Taxes OASDI taxable earnings HI taxable carnings OASDI raxes 2$ HI taxes ALLOW ON H/M J MARITAL 4-43
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