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
Related questions
Question
Transcribed Image Text: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
07/25/2020
Pay Date
Earnings
Deductions
Employee
Regular Regular
Regular
Overtime
Overtime
Overtime
Total
FWT
SWT
Social
Medicare
Vol. With.
Check
Net Pay
Name
Hours
Rate
Earnings
Hours
Rate
Earnings
Earnings
Security
Number
Troffa, J
40
$7.80
$312.00
1
$11.70
$11.70
$323.70
$0.00
$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
S37.96
$
Kaminski, M
40
$16.00
$640.00
15
$24.00
$360.00
$1.000.00
$66.00
$45.00
2$
$100.00
Baldwin, T
40
$17.10
$684.00
10
$25.65
$256.50
$940.50
$27.00
$41.53
2$
$110.00
2$
$
$
$
$
$
$
$
$
2$
$
$
2$
$
Totals:
$2,656.00
$885.15
$3,541.15
$163.00
$161.36
$
$314.13
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Employee Earnings Record
Name
Marital Status
Jimmy Troffa
Married
Address
81 Jackson Road
Fed. Withholding Allow.
3
Berkeley, CA 94701
State Withholding Allow.
3
SS#
787-78-7878
Earnings
Deductions
07/19/2020
40
$7.80
$312.00
$11.70
$11.70
$323.70
$29.13
MM/DD/YYYY
MM/DD/YYYY
MM/DD/YYYY
MM/DD/YYYY
MM/DD/YYYY
MM/DD/YYYY
MM/DD/YYYY
Pay Period Ending
Regular Hours Worked
8Regular Pay Rate
8 Regular Wages
Overtime Hours Worked
|Overtime Pay Rate
E Overtime Wages
Gross Pay
Federal Withholding Tax
State Withholding Tax
Social Security Tax
Medicare Tax
Retirement Contribution
Life Insurance
Charitable Contribution
Additional WVithholding
Check Number
Net Pay
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