Chapter 6 Practice 1 - Erroneous Payroll

Chapter 6 Practice 1 - Erroneous Payroll - 2. Withholding...

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Erroneous Payroll - Can You Spot the Errors? Name Gross Pay Barber 2 $10.00 40 8 $520.00 $470.00 $145.60 $39.78 Grauer 2 $8.00 40 10 $440.00 $390.00 $123.20 $29.84 Plant 2 $7.20 40 8 $374.40 $324.40 $104.83 $24.82 Pons 3 $10.00 40 4 $460.00 $410.00 $128.80 $31.37 Stutz 1 $9.00 35 0 $315.00 $265.00 $88.20 $20.27 Yanez 4 $9.20 40 0 $368.00 $318.00 $103.04 $24.33 Totals $2,109.40 $1,859.40 $590.63 $146.07 Assumptions Overtime rate 2.00 Withholding tax 28.0% Deduction per dependent $50.00 Social Security tax 7.65% Notes: 1. The taxable pay is the gross pay minus the deduction per dependent times the number of depende
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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. Number of Dependents Hourly Wage Regular Hours Overtime Hours Taxable Income Withholding Tax Soc Sec Tax Net Pay $374.40 $316.80 $269.57 $331.20 $226.80 $264.96 $1,518.77 ents...
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Chapter 6 Practice 1 - Erroneous Payroll - 2. Withholding...

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