1. (40) Sydney's Spokes is a local bike shop. Sydney has 5 employees. Thebusiness does quite well; a favorite in the community. Using the informationprovided below, prepare the weekly payroll for Sydney's Spokes.NameBonnieAbbieRosieGracieLolaHourlyWage$8$8$8$9$12#Hours4042 40 45 48IRAAmountNoneNoneNoneNone$100HealthInsNoneNoneNone$50$50TaxW'held$40$42$40$60$80Sydney pays 150% for hours worked beyond 40 in a weekSydney matches any IRA and Health Insurance payments made by her employees.The Social Security/Medicare rate is 7.65%.The State Unemployment Tax rate is 1.5%.The Federal Unemployment Tax rate is 0.5%She withholds amounts for federal income tax, as shown above.a. What is the total amount earned by the employees (gross pay)?b. How much will she pay to her employees (net pay)?c. What is the total cost of the payroll to her business?

Payroll Calculation: It requires determining gross earnings, deductions, and employer costs for…

Answered: provided below, prepare the weekly…

Business

Accounting

provided below, prepare the weekly payroll for Sydney's Spokes. Hourly # IRA Health Tax

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter10: Short-term Decision Making

Section: Chapter Questions

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Question

1. (40) Sydney's Spokes is a local bike shop. Sydney has 5 employees. The
business does quite well; a favorite in the community. Using the information
provided below, prepare the weekly payroll for Sydney's Spokes.
Name
Bonnie
Abbie
Rosie
Gracie
Lola
Hourly
Wage
$8
$8
$8
$9
$12
#
Hours
40
42 40 45 48
IRA
Amount
None
None
None
None
$100
Health
Ins
None
None
None
$50
$50
Tax
W'held
$40
$42
$40
$60
$80
Sydney pays 150% for hours worked beyond 40 in a week
Sydney matches any IRA and Health Insurance payments made by her employees.
The Social Security/Medicare rate is 7.65%.
The State Unemployment Tax rate is 1.5%.
The Federal Unemployment Tax rate is 0.5%
She withholds amounts for federal income tax, as shown above.
a. What is the total amount earned by the employees (gross pay)?
b. How much will she pay to her employees (net pay)?
c. What is the total cost of the payroll to her business?

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