Alternate Payroll PROBLEM

Alternate Payroll PROBLEM - 3. Social Security tax is...

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Name Gross Pay Barber 2 8 40 8 416 316 88.48 31.82 Grauer 2 8 40 10 440 340 95.2 33.66 Plant 2 7.2 40 8 374.4 274.4 76.83 28.64 Pons 3 10 40 4 460 310 86.8 35.19 Spitzer 1 14 40 8 728 678 189.84 55.69 Stutz 1 9 35 0 315 265 74.2 24.1 Yanez 4 9.2 40 0 368 168 47.04 28.15 Totals Assumptions Overtime rate 1.5 Deduction per dependent 50 Withholding tax 0.28 Social Security/Mediare tax 0.08 Notes: 1. The taxable pay is the gross pay minus the deduction per dependent times the number of dependents 2. Withholding tax is calculated on the taxable pay
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Unformatted text preview: 3. Social Security tax is calculated on the employee's gross pay 4. The overtime bonus is a variable rate and is found in cell E12. Number of Dependents Hourly Wage Regular Hours Overtime Hours Taxable Income Withholding Tax Soc Sec Tax Net Pay 295.7 311.14 268.93 338.01 482.47 216.7 292.81 s...
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This note was uploaded on 04/11/2008 for the course CMIT 241 taught by Professor Green during the Spring '08 term at Guilford.

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Alternate Payroll PROBLEM - 3. Social Security tax is...

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