PSb 3-11 Populate Employee Earnings Records (#3) 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. • Ryan Brown (SSN 100-00-0000) lives at 3 Fireside Avenue, Bentonville, AR 72716, is single, and claims withholding allowances for both federal and state. He earns $14.60/hour, and worked 48 hours during the most recent week. Ryan does not make any voluntary deductions 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 $22.14 2$ $75.00 $ Brown, R 40 $14.60 $584.00 $21.90 $175.20 $759.20 $58.00 $37.96 24 Kaminski, M 40 $16.00 $640.00 15 $24.00 $360.00 $1,000.00 $66.00 $45.00 2$ $100.00 2$ Baldwin. T 40 $17.10 $684.00 10 $25.65 $256.50 $940.50 $27.00 $41.53 $110.00 2$ 24 $ 2$ $ %2$ %24 Totals $2,656.00 $885.15 $3,541.15 $163.00 $161.36 $314.13 Open Directions in Popup Window A Send Email with Screen Capture M Employee Earnings Record Name Ryan Brown Marital Status Single Address 3 Fireside Avenue Fed. Withholding Allow. 2 Bentonville, AR 72716 State Withholding Allow. 2 S# 100-00-0000 Earnings Deductions 07/19/2020 40 $14.60 $584.00 8 $21.90 $175.20 S759.20 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 8 Regular Pay Rate 8 Regular Wages Overtime Hours Worked 8|Overtime Pay Rate Overtime Wages 8 Gross Pay Federal Withholding Tax State Withholding Tax Social Security Tax Medicare Tax Retirement Contribution Life Insurance Charitable Contribution Additional Withholding Check Number Net Pay

PSb 3-11 Populate Employee Earnings Records (#3) 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. • Ryan Brown (SSN 100-00-0000) lives at 3 Fireside Avenue, Bentonville, AR 72716, is single, and claims withholding allowances for both federal and state. He earns $14.60/hour, and worked 48 hours during the most recent week. Ryan does not make any voluntary deductions 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 $22.14 2$ $75.00 $ Brown, R 40 $14.60 $584.00 $21.90 $175.20 $759.20 $58.00 $37.96 24 Kaminski, M 40 $16.00 $640.00 15 $24.00 $360.00 $1,000.00 $66.00 $45.00 2$ $100.00 2$ Baldwin. T 40 $17.10 $684.00 10 $25.65 $256.50 $940.50 $27.00 $41.53 $110.00 2$ 24 $ 2$ $ %2$ %24 Totals $2,656.00 $885.15 $3,541.15 $163.00 $161.36 $314.13 Open Directions in Popup Window A Send Email with Screen Capture M Employee Earnings Record Name Ryan Brown Marital Status Single Address 3 Fireside Avenue Fed. Withholding Allow. 2 Bentonville, AR 72716 State Withholding Allow. 2 S# 100-00-0000 Earnings Deductions 07/19/2020 40 $14.60 $584.00 8 $21.90 $175.20 S759.20 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 8 Regular Pay Rate 8 Regular Wages Overtime Hours Worked 8|Overtime Pay Rate Overtime Wages 8 Gross Pay Federal Withholding Tax State Withholding Tax Social Security Tax Medicare Tax Retirement Contribution Life Insurance Charitable Contribution Additional Withholding Check Number Net Pay

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4E

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