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# · 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...

· 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.

Answered Same Day May 14, 2020

## Solution

Pulkit answered on May 15 2020
Sheet1
Overtime Premium pay for Charles Giles-
Number of Hours worked    46    hours
Normal Hours    40    hours
Pay Rate    \$17.90    per hou
Overtime Worked    6    hours
Overtime Pay    \$26.85    per hou