Lisa Kalley-Chapter 3 ACCT106 123 Practical Pbm Template

# Lisa Kalley-Chapter 3 ACCT106 123 Practical Pbm Template -...

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Please carefully review the following; it does make a difference if you round. Setting a display to 2 is not rounding. Taxable Wages OASDI Calculated using formula & not fx round 133.000 8.25 412.000 25.54 523.000 32.43 689.000 42.72 108.93 Check carefully above; the OASDI does not really add up to 108.93 Check 8.250 inputting the 25.540 OASDI tax 32.430 from above 42.720 108.940 It really adds up to 108.94 What happen? The formulas used to calculate OASDI were correct. I am just changing the DISPLAY to 3 below Taxable Wages OASDI 133.000 8.246 412.000 25.544 523.000 32.426 689.000 42.718 108.934 Excel was adding using the actual calculated numbers in the cell which when summed totals 108.934 displayed at a setting of 2 at 108.93 The above penny would cause major problems for the payroll register, journal entries and subsequent reports of the 941 and W-2. Review on how to use fx round This is easy. The next line is an example of calculating OASDI at .062 for \$133 in wages. \$133.00 8.250 You do the same thing I did in C32 in C34 following the directions below \$133.00 8.250 Step 1 Step 2 or probably above the column B or C column indicators The Insert Function Box will be displayed Step 3 Step 4 If the box is over Row 34; click anywhere on the Box, left mouse click to move the box from on top of Row 34 Step 5 Click in the Number box Step 6 Step 7 A34 will display in the Number box Step 8 Step 9 Input .062 Step 10 ok Common reasons fx round may not work: you input = to start your formula: DO NOT input =, Excel knows you are doing a calculation due to the function box Excel automatically inputs the = when you display the final rounding formula you hit ENTER while doing the rounding calculation; you can not hit ENTER while in the Function Dialog box If you mess it up; ESC and start over where you want the answer by clicking fx and selecting round. Use fx round to take the following amounts time .062 Do not type in the formula, but use the procedure above Wages 412.000 25.540 Wages 523.000 32.430 Wages 689.000 42.720 Use fx round to take the following amounts time .0145 Do not type in the formula, but use the procedure above Wages 412.000 5.970 Wages 523.000 7.580 114.240 click on C34 where you want the answer (DO NOT HIT THE =) click on fx which is found on the top menu left side If you don't see "ROUND" in the select a function box; use select a category and select " Math & Trig " Double Click on ROUND which brings up the Function Arguments Box Click on cell A34 where you have the 133 Input * Click in the Num_digits box and input 2

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Possible Incorrect of OK 27.0000/30 2.0000 Prior to starting the Chapter 3 practical problems, complete the rounding sheet immediately before this sheet. Do not use fx round when adding or subtracting already rounded numbers. 3-2 Salary TAXABLE IS THE SEMI-MONTHLY SALARY UNLESS THE EMPLOYEE IS APPROACHING THE 113700 MAXIMUM FOR OASDI OR OVER THE 110100 ACCUMULATED WAGES a Example 6800.0000 8.0000 54400.0000 113700.0000 6800.0000 421.6000 6800.0000 98.6000 520.2000 1.0000 b 6800.0000 16.0000 108800.0000 113700.0000 4900.0000 303.8000 6800.0000 98.6000 402.4000 1.0000 c 6800.0000 23.0000 156400.0000 0.0000 0 0.0000 6800.0000 98.6000 98.6000 1021.2000 check figure for total OASDI & HI 1021.2000 3-4 1.0000 1700.0000 0.0620 105.4000 1.0000 (b) HI 1700.0000 0.0145 24.6500 Total for both 130.0500 Total for OASDI & HI check figure \$130.05 The \$40 contributed to the 401K is not taxable for federal income tax, but is taxable for OASDI & HI 3-6 Convert Norge's monthly salary to weekly on Line 29 0.5000 OASDI Rounded OASDI HI TAXABLE
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• Spring '14
• Taxation in the United States, OASDI

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