Chapter 3 Practice 3 - Expanded Payroll

Chapter 3 Practice 3 - Expanded Payroll - 2 The taxable pay...

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Name Number of DepHourly WHours WoRegular PaOvertime PGross Pay Taxable PayWithholding Ta Barber 2 8 48 Grauer 2 8 50 Plant 2 7.2 48 Pons 3 10 44 Spitzer 1 14 48 Stutz 1 9 35 Yanez 4 9.2 40 Totals Assumptions Taxable PayTax Rate Overtime threshold (hours) 40 0 0.15 Overtime rate 1.5 200 0.22 Deduction per dependent 50 300 0.25 Social Security tax 0.08 400 0.28 500 0.31 Notes: 1. The employee receives the bonus for overtime once the overtime threshold in hours is reached
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Unformatted text preview: 2. The taxable pay is the gross pay minus the deduction per dependent times the number of dependents 3. Withholding tax is calculated on the taxable pay according to the table in cells G12 through H16 4. Social Security/Medicate tax is calculated on the employee's gross pay 5. The overtime bonus is a variable rate and is found in cell D14 Soc Sec TNet 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 3 Practice 3 - Expanded Payroll - 2 The taxable pay...

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