Computing wages answer key

AC499: Bachelors Capstone in Accounting | Unit 8 Unit 8 Assignment: Problems Instructions: Each Problem (1, 2, 3, and 4) is worth 10 points (40 Points total). Submit your answers to the Unit 8 Dropbox in a single properly formatted Excel Workbook file. ● ● ● 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. Description Amount 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. 2. 3. 4. 5. 6. 7. * FICA tax—OASDI on employees: 6.2%. FICA tax—HI on employees: 1.45%. FIT withheld from employees. FICA tax—OASDI on employers: 6.2%. FICA tax—HI on employers: 1.45%. Net FUTA tax: 0.6%. 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. Unit 8 [AC499: Bachelor’s Capstone in Accounting] Question # 2: Journalize the entry to record the payroll. AC499: Bachelors Capstone in Accounting | Unit 8 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. Note: Include your name in the filename of the assignment. Once completed, submit your assignment to the Unit 8 assignment Dropbox. The assignment is due Tuesday 11:59 p.m. ET of their assigned unit. AC499 Unit 8 Assignment: Item criteria: Points Possible Correctly solve each problem. Compute overtime premium pay. 10 Journalize entry to record payroll. 10 Journalize entry to record employer’s payroll taxes. 10 Journalize the entry to deposit the FICA and FIT taxes 10 Critical Thinking & Analysis, APA Format/Grammar/Spelling *Points may be deducted for incorrect analysis, spelling, grammar, and formatting. Late Penalty *Points may be deducted for late submission. Total Points 40 Points Earned ...