· Use a separate tab in the single Excel document for each problem.
· Do not put all 4 problems on the same tab.
· Be sure to rename each tab to indicate the question number. Your answer to this Assignment should be submitted in a single Excel Workbook document.
Question # 1:
Charles Giles worked 46 hours during this pay-week. He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. What was his overtime premium pay for this workweek?
Use the following information to answer Questions 2, 3 & 4:
The totals from the first payroll of the year are shown below.
Total Pay = $36,195.10
FICA/OASDI = $ 2,244.10
FICA/HI = $ 524.83
FIT W/H = $ 6,515.00
State Tax W/H = $ 361.95
Union Dues = $ 500.00
Net Pay = $26,049.22
Assume the following tax rates:
1. * FICA tax—OASDI on employees: 6.2%.
2. FICA tax—HI on employees: 1.45%.
3. FIT withheld from employees.
4. FICA tax—OASDI on employers: 6.2%.
5. FICA tax—HI on employers: 1.45%.
6. Net FUTA tax: 0.6%.
7. SUTA tax: 3.7%.
Note – Correction to the Textbook
- The 2% reduction on the Employee’s share of the OASDI expired on December 31, 2012. So, the correct rate to apply is 6.2% for both the employee and the employer.
Question # 2:
Journalize the entry to record the payroll.
Question # 3:
Journalize the entry to record the employer’s payroll taxes (assume a SUTA rate of 3.7%).
Question # 4:
Journalize the entry to deposit the FICA and FIT taxes.
Your answer to this Assignment should be submitted in a single Excel Workbook document.