PSb 3-11 Populate Employee Earnings Records (#2) Complete the federal withholding tax (wage-bracket method) and state withholding 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. Tyler Thomas (SSN 898-89-8989) lives at 4004 Dartmouth Court, Reno, NV 89501, is single, claims 3 federal withholding allowances, and 2 state withholding allowance. He earns $10.90/hour, and worked 45 hours during the most recent week. Tyler participates in a cafeteria plan, to which he pays $75 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 %24 $ $75.00 %24 Brown, R 40 $14.60 $584.00 $21.90 $175.20 $759.20 $58.00 $37.96 %24 $ Kaminski, M 40 $640.00 $16.00 15 $24.00 $360.00 $1,000.00 $66.00 $45.00 $ $100.00 Baldwin, T 40 $17.10 $684.00 10 $25.65 $256.50 $940 50 $27.00 $41.53 $110.00 $ 2$ 2$ $ %24 %24 %2$ 2$ 2$ 2$ Totals: $2,656.00 $885.15 $3,541.15 $163.00 $161.36 2$ $314.13 2$ Open Directions in Popup Window A Send Email with Screen Capture M Employee Earnings Record Name Tyler Thomas Marital Status Single Address 4004 Dartmouth Court Fed. Withholding Allow. 3 Reno, NV 89501 State Withholding Allow. 2 SS# 898-89-8989 Earnings Deductions 07/19/2020 40 $10.90 $436.00 $16.35 $81.75 $517.75 75.00 MM/DD/YYYY MM/DD/YYYY MM/DD/YYYY MM/DD/YYYY IS MM/DD/YYYY MM/DD/YYYY 2$ MM/DD/YYYY Pay Period Ending Regular Hours Worked Regular Pay Rate Regular Wages Overtime Hours Worked EOvertime Pay Rate Overtime Wages Gross Pay rederal Withnolding lax State Wihholding Tax Soaal Security lax Medicare Tax Retirement Contribution Life Insurance Charitable Contribution Additional Withholding Check Number Net Pay
PSb 3-11 Populate Employee Earnings Records (#2) Complete the federal withholding tax (wage-bracket method) and state withholding 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. Tyler Thomas (SSN 898-89-8989) lives at 4004 Dartmouth Court, Reno, NV 89501, is single, claims 3 federal withholding allowances, and 2 state withholding allowance. He earns $10.90/hour, and worked 45 hours during the most recent week. Tyler participates in a cafeteria plan, to which he pays $75 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 %24 $ $75.00 %24 Brown, R 40 $14.60 $584.00 $21.90 $175.20 $759.20 $58.00 $37.96 %24 $ Kaminski, M 40 $640.00 $16.00 15 $24.00 $360.00 $1,000.00 $66.00 $45.00 $ $100.00 Baldwin, T 40 $17.10 $684.00 10 $25.65 $256.50 $940 50 $27.00 $41.53 $110.00 $ 2$ 2$ $ %24 %24 %2$ 2$ 2$ 2$ Totals: $2,656.00 $885.15 $3,541.15 $163.00 $161.36 2$ $314.13 2$ Open Directions in Popup Window A Send Email with Screen Capture M Employee Earnings Record Name Tyler Thomas Marital Status Single Address 4004 Dartmouth Court Fed. Withholding Allow. 3 Reno, NV 89501 State Withholding Allow. 2 SS# 898-89-8989 Earnings Deductions 07/19/2020 40 $10.90 $436.00 $16.35 $81.75 $517.75 75.00 MM/DD/YYYY MM/DD/YYYY MM/DD/YYYY MM/DD/YYYY IS MM/DD/YYYY MM/DD/YYYY 2$ MM/DD/YYYY Pay Period Ending Regular Hours Worked Regular Pay Rate Regular Wages Overtime Hours Worked EOvertime Pay Rate Overtime Wages Gross Pay rederal Withnolding lax State Wihholding Tax Soaal Security lax Medicare Tax Retirement Contribution Life Insurance Charitable Contribution Additional Withholding Check Number Net Pay
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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