View the step-by-step solution to:

Excel Instructions using Excel 2010: Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appear to the right of...

1. In the taxable earnings columns, record the amount of each employees weekly earnings that is subject to FICA taxes.
2.Using the amount recorded in step 1, compute the taxes for each employee and record in the appropriate column.
Excel Instructions using Excel 2010: 1.  Enter the appropriate numbers/formulas in the shaded (gray) cells.  An asterisk (*) will appear to the right of an incorrect answer. 2.  A formula begins with an equals sign (=) and can consist of any of the following elements:       Operators such as + (for addition), - (for subtraction), * (for multiplication), and / (for division).       Cell references, including cell addresses such as B52, as well as named cells and ranges       Values and text       Worksheet functions (such as SUM) 3.  You can enter a formula into a cell manually (typing it in) or by pointing to the cells.      To enter a formula manually, follow these steps:            Move the cell pointer to the cell that you want to hold the formula.           Type an equals sign (=) to signal the fact that the cell contains a formula.           Type the formula, then press Enter. 17.65 x 1.5=26.475.  The template will display and hold 26.48, not 26.475. There is no need to use Excel's rounding function.          EXCEPTION: Continuing Payroll Problems A & B: CHAPTER 2              When calculating over-time rate for weekly salary,  round regular rate to TWO decimals BEFORE calculating overtime rate.              Rounding can be accomplished by using Number function (using arrows) on Excel Home menu or by entering the formula               =(Round(Weekly/40,2))*1.5  (where "Weekly" entered as either the weekly pay or cell reference.)                Failure to use the ROUND function will cause the OT rate to be incorrect. 5. Remember to save your work.  When saving your workbook, Excel overwrites the previous copy of your file.   You can save your work at any time.  You can save the file to the current name, or you may want to keep multiple versions of your work by saving each successive version under a different name. To save to the current name, you can select File, Save from the menu bar or click on the disk icon in the standard toolbar.   It is recommended that you save the file to a new name that identifies the file as yours, such as Excel_End_of_Chapter_Problems_2012_Your_Name.xlsx To save under a different name, follow these steps:        Select File, Save As to display the Save As Type drop-box, chose Excel Workbook (*.xlsx)        Select the folder in which to store the workbook.        Enter the new filename in the File name box.        Click Save. 4.   Rounding :  These templates have been formatted to round numbers to either the nearest whole number or the nearest cent.  For example, 
Background image of page 1
Name: CAUTION: See "round" rules in Excel Instructions before calculating OT for salaried employees. Enter the appropriate numbers/formulas in the shaded (gray) cel s. An asterisk (*) wil appear to the right of an incorrect answer. Continuing Payroll Problem-A KIPLEY COMPANY, INC. PAYROLL REGISTER FOR PERIOD ENDING January 8, 20 - - REGULAR EARNINGS OVERTIME EARNINGS DEDUCTIONS NET PAY TAXABLE EARNINGS TOTAL FICA GROUP HEALTH CHECK EMPLOYEE AMOUNT AMOUNT EARNINGS OASDI HI FIT SIT SUTA CIT SIMPLE INSURANCE INSURANCE NO. AMOUNT OASDI HI FUTA SUTA 11 Carson, Fran M. S 1 40 $7.50 313 12 Wilson, Wil iam A. S 0 40 $7.25 314 13 Utley, Harry T. M 2 37.5 $8.10 315 21 Fife, Lawrence R. M 4 40 $7.90 316 22 Smith, Lucy K. S 2 40 $9.75 317 31 Fay, Gretchen R. M 3 40 318 32 Robey, Glenda B. M 6 40 319 33 Schork, Thomas K. S 1 40 320 51 Hardy, Barbara T. M 5 40 321 99 Kipley, Carson C. M 7 40 322 Totals JOURNAL DATE DESCRIPTION DEBIT CREDIT Taxable Net 20-- Earnings Rate FUTA Tax Jan. 12 Wages and Salaries Net FUTA FICA Taxes Payable - OASDI SUTA Tax FICA Taxes Payable - HI SUTA Employees FIT Payable Employees SIT Payable Employees SUTA Payable Employees CIT Payable SIMPLE Deductions Payable Group Insurance Premiums Col ected Health Insurance Premiums Col ected Salaries Payable Payrol Taxes FICA Taxes Payable - OASDI FICA Taxes Payable - HI FUTA Taxes Payable SUTA Taxes Payable Salaries Payable Cash MARITAL STATUS NO. OF W/H ALLOW. HOURS WORKED RATE PER HOUR HOURS WORKED RATE PER HOUR Jan. 12 Jan. 14
Background image of page 2
Sign up to view the entire interaction

Top Answer

Hi Please find the... View the full answer


Name: Twila Dugger Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appear to the right of an incorrect answer. Continuing Problem

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.


Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online