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File Edit View History Bookmarks People Window Help Sun Do Homework- Kat Luna Secure https://www.mathxl.com/Student/PlayerHomework.aspx?homeworkid 4695817268questionid 1&flushed; aUpgrade to mact Enjoy the latest te ACCT 2301-321 (1) Kat Homework: Chapter 11 Homework Score: 0 of 1 pt E11-20 (similar to) Town Company had the folowing partialy completed payrol register 8 of 10 (8 complete) Hw Score: 80%, 8 Question He. (Click the icon to view payroll tax rate information.) nd Read the requirements Requirement 1.Complete the payroll register. Round to two decimals. (Round all amounts to the nearest cent. Abbreviations used: Beg. - Beginning: Cum Cumulative; Eam Earnings; Exp Expense; Med. Medicane Ins.-Insurance With Withhoildings; Chk Check.) Earnings Withholdings Salaries Beg. Current Ending Cum. PeriodCum. Earn. Earn. Earn. OASDI Med. T 82,000 $ 4,200 111.600 8.000 40,000 3,500 Income Health United Tot Net Ck Wages . Pay No. Exp. Tax Ins. Way With 420 $ 84 25 2,000 JL 801 802 803 804 160 350 70 62,000 4,400?????????1,100 88 20[ Enter any number in the edit fields and then click Check Answer Clear A Check Answer

Explanation / Answer

Answer :-

Town Company Payroll Register

Calculations:-

Ending Cummulative Earnings = Beginning Cummulative Earning + Current Period Earning

Total Withholdings = OASDI + Medicare + Income Tax + Health Insurance + United Way

Net Pay = Current Period Earning - Total Withholding

Now,

Given,

OASDI is 6.2% on first $118,500 earned

Medicare is 1.5% up to $200,000 & 2.35% on earnings above $200,000

OASDI & Medicare is calculated on Current Period Earnings

Hence

= $4,200 x 6.2%

= $260

= $4,200 x 1.45%

= $61

= $8,000 x 6.2%

= $496

= $8,000 x 1.45%

= $116

= $3,500 x 6.2%

= $217

= $3,500 x 1.45%

= $51

= $4,400 x 6.2%

= $273

= $4,400 x 1.45%

= $64

= $3,000 x 6.2%

= $186

= $3,000 x 1.45%

= $44

TOWN COMPANY PAYROLL REGISTER Earnings Withholdings Beginning Cumulative Earnings Current Period Earnings Ending Cummulative Earnings OASDI Medicare Income Tax Health Insurance United Way Total Withholdings Net Pay Check No. Salaries & Wages Expense $82,000 $4,200 $86,200 $260 $61 $420 $84 $25 $850 $3,350 801 $4,200 $111,600 $8,000 $119,600 $496 $116 $2,000 $160 $15 $2,787 $5,213 802 $8,000 $40,000 $3,500 $43,500 $217 $51 $350 $70 $0 $688 $2,812 803 $3,500 $62,000 $4,400 $66,400 $273 $64 $1,100 $88 $20 $1,545 $2,855 804 $4,400 $0 $3,000 $3,000 $186 $44 $750 $60 $0 $1,040 $1,961 805 $3,000 $295,600 $23,100 $318,700 $1,432 $335 $4,620 $462 $60 $6,909 $16,191 $23,100

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