PSb 3-11 Populate Employee Earnings Records (#1) Complete the federal withholding tax (wage-bracket method) and state withholding tax columns of the employee earnings record for the employee listed below. The state income tax withholding rate is 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding. The associated pay period ends on 07/19/2020 (enter the year using four digits). Every employee earns hourly overtime wages 1.5 times greater than their regular wage rate. Note that the Retirement Contribution and Additional Withholding columns, for which partial information is provided below, has been populated based on the partial information shown here. • Jimmy Troffa (SSN 787-78-7878) lives at 81 Jackson Road, Berkeley, CA, 94701, is married, and claims 3 withholding allowances for both the federal and state. He earns $7.80/hour and worked 41 hours during the most recent week. Jimmy makes a 401(k) retirement plan contribution of 9.0% of gross pay each period. Notes: • For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Payroll Register 07/19/2020 Pay Period Pay Date 07/25/2020 Earnings Deductions Employee Regular Regular Regular Overtime Overtime Overtime Medicare Vol. With. Check Net Pay Total FWT SWT Social Name Hours Rate Earnings Hours Rate Earnings Earnings Security Number Troffa, J 40 $7.80 $312.00 $11.70 $11.70 $323.70 $o.00 $14.73 $29.13 Thomas, T 40 $10.90 $436.00 5 $16.35 $81.75 $517.75 $12.00 $22.14 $ $75.00 Brown, R 40 $14.60 $584.00 8 $21.90 $175.20 $759.20 $58.00 $37.96 %2$ Kaminski, M 40 $16.00 $640.00 15 $24.00 $360.00 $1,000.00 $66.00 $45.00 24 $100.00 Baldwin, T 40 $17,10 $684.00 10 $25.65 $256.50 $940.50 $27.00 $41.53 $110.00 %24 %24 $ 24 2$ $ %24 Totals: $2,656.00 $885.15 $3,541.15 $163.00 $161.36 $314.13 2$
PSb 3-11 Populate Employee Earnings Records (#1) Complete the federal withholding tax (wage-bracket method) and state withholding tax columns of the employee earnings record for the employee listed below. The state income tax withholding rate is 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding. The associated pay period ends on 07/19/2020 (enter the year using four digits). Every employee earns hourly overtime wages 1.5 times greater than their regular wage rate. Note that the Retirement Contribution and Additional Withholding columns, for which partial information is provided below, has been populated based on the partial information shown here. • Jimmy Troffa (SSN 787-78-7878) lives at 81 Jackson Road, Berkeley, CA, 94701, is married, and claims 3 withholding allowances for both the federal and state. He earns $7.80/hour and worked 41 hours during the most recent week. Jimmy makes a 401(k) retirement plan contribution of 9.0% of gross pay each period. Notes: • For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Payroll Register 07/19/2020 Pay Period Pay Date 07/25/2020 Earnings Deductions Employee Regular Regular Regular Overtime Overtime Overtime Medicare Vol. With. Check Net Pay Total FWT SWT Social Name Hours Rate Earnings Hours Rate Earnings Earnings Security Number Troffa, J 40 $7.80 $312.00 $11.70 $11.70 $323.70 $o.00 $14.73 $29.13 Thomas, T 40 $10.90 $436.00 5 $16.35 $81.75 $517.75 $12.00 $22.14 $ $75.00 Brown, R 40 $14.60 $584.00 8 $21.90 $175.20 $759.20 $58.00 $37.96 %2$ Kaminski, M 40 $16.00 $640.00 15 $24.00 $360.00 $1,000.00 $66.00 $45.00 24 $100.00 Baldwin, T 40 $17,10 $684.00 10 $25.65 $256.50 $940.50 $27.00 $41.53 $110.00 %24 %24 $ 24 2$ $ %24 Totals: $2,656.00 $885.15 $3,541.15 $163.00 $161.36 $314.13 2$
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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