Chapter 2 Practice 1 - Alternate Payroll

Chapter 2 Practice 1 - Alternate Payroll - 2. Withholding...

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Name Number of DepHourly W Regular HouOvertime HGross Pay Taxable IncoWithholding TaSoc Sec T Barber 2 8 40 8 Grauer 2 8 40 10 Plant 2 7.2 40 8 Pons 3 10 40 4 Spitzer 1 14 40 8 Stutz 1 9 35 0 Yanez 4 9.2 40 0 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
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Unformatted text preview: 2. Withholding tax is calculated on the taxable pay 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. Net Pay...
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This note was uploaded on 08/21/2011 for the course COMP 230 taught by Professor Phil during the Spring '11 term at DeVry NY.

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Chapter 2 Practice 1 - Alternate Payroll - 2. Withholding...

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