PSa 3-11 Populate Employee Earnings Records (#2) Complete the federal withholding tax (wage-bracket...

80.2K

Verified Solution

Question

Accounting

PSa 3-11 Populate Employee Earnings Records (#2)

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 09/05/2021 (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.

  • Jonathan Olsen (SSN 123-45-6789) lives at 25 Harvard Path, Winston-Salem, NC 27101, is single, claims two federal withholding allowances, and one state withholding allowance. He earns $9.10/hour, and worked 47 hours during the most recent week. Jonathan participates in a cafeteria plan, to which he pays $100 each period.

Notes:

  • For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
  • Note that "n/a" (not applicable) should be entered for any lines within the employee earnings record that do not apply to this employee.

image

image

Payroll Register \begin{tabular}{ll} Pay Period & 09/05/2021 \\ Pay Date & 09/11/2021 \\ \hline \end{tabular} Employee Earnings Record \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline Name & Jon & than Ol & & & & & & Marital St & & S & & & & & & & \\ \hline Address & 25H & arvard & & & & & & Fed. With & olding Allow & 2 & & & & & & & \\ \hline & Win & ton-Sal & m,NC27 & & & & & State With & olding Allov & 1 & & & & & & & \\ \hline SS\# & 123 & 456789 & & & & & & & & & & & & & & & \\ \hline & & & & Earnir & & & & & & & & De & ictions & & & & \\ \hline & & & & & & & & & & & & & & & & & \\ \hline 09/05/2021 & 40 & $9.10 & $364.00 & 7 & $13.65 & $95.55 & $459.55 & s & s & s & $ & - & $ & $ & $100.00 & & $ \\ \hline MMDDR/YYY & & $ & s & & $ & $ & s & & s & s & $ & $ & $ & $ & $ & & $ \\ \hline MMIDD/YYYY & & $ & s & & $ & $ & s & $ & s & s & $ & $ & $ & $ & $ & & $ \\ \hline MMIDD/MYY & & $ & s & & $ & $ & s & s & s & s & $ & $ & $ & $ & $ & & $ \\ \hline MMIDD/YYYY & & $ & s & & $ & $ & s & $ & s & s & $ & $ & $ & $ & $ & & $ \\ \hline MMDD/MYYY & & $ & s & & $ & $ & s & $ & s & s & $ & $ & $ & $ & $ & & $ \\ \hline MMDD/MYYY & & $ & s & & $ & $ & s & $ & s & s & $ & $ & $ & $ & $ & & $ \\ \hline MMIDD/MYY & & $ & s & & $ & $ & s & s & s & s & $ & $ & $ & $ & $ & & $ \\ \hline \end{tabular}
Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students