Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax rate is 1.45 percent. Begin payroll checks with No. 1050. Employee Name Total Hours EARNINGS DEDUCTIONS PAID Regular Overtime Total Social Medicare Federal Retirement Total Net Ck. Security Tax Income Savings Pay No. Tax Tax How do I solve this problem?
Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax rate is 1.45 percent. Begin payroll checks with No. 1050. Employee Name Total Hours EARNINGS DEDUCTIONS PAID Regular Overtime Total Social Medicare Federal Retirement Total Net Ck. Security Tax Income Savings Pay No. Tax Tax How do I solve this problem?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Bart Consulting Firm has the following payroll information for the week ended March 20th:
| Name | Earnings at the end of the previous week | Sun. | Mon. | Tues. | Wed. | Thurs. | Fri. | Sat. | Pay Rate | Federal Income Tax |
| Lauren, F | 14,400 | 8 | 8 | 8 | 8 | 8 | 30.00 | 222.52 | ||
| Baylor, M | 12,000 | 8 | 8 | 8 | 8 | 8 | 25.00 | 178.55 | ||
| Lims, T | 7,200 | 8 | 8 | 8 | 8 | 8 | 15.00 | 78.00 | ||
| Tate, C | 6,000 | 8 | 8 | 8 | 8 | 8 | 15.00 | 62.00 | ||
| Musker, J | 4,320 | 8 | 8 | 8 | 15.00 | 15.00 | ||||
| Mako, W | 3,888 | 8 | 8 | 8 | 13.50 | 11.00 |
Additional Information:
- Taxable earnings for Social Security are based on the first $132,900.
- Taxable earnings for Medicare are based on all earnings.
- Taxable earnings for federal and state
unemployment are based on the first $7,000. - Employees are paid time-and-a-half for work in excess of 40 hours per week.
- Round amounts to the nearest penny.
What you must do:
Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help:
- The Social Security tax rate is 6.2 percent.
- The Medicare tax rate is 1.45 percent.
- Begin payroll checks with No. 1050.
| Employee Name | Total Hours | EARNINGS | DEDUCTIONS | PAID | |||||||
| Regular | Overtime | Total | Social | Medicare | Federal | Retirement | Total | Net | Ck. | ||
| Security | Tax | Income | Savings | Pay | No. | ||||||
| Tax | Tax | ||||||||||
How do I solve this problem?
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