Question

In: Accounting

How do I calcuate the FIT for this question? My calculations are wrong.................. Assume during the...

How do I calcuate the FIT for this question? My calculations are wrong..................

Assume during the quarter ending December 31 of the current year, Cox Security Systems had 13 weekly paydays and three monthly paydays. The names of the employees of Cox Security Systems and their regular salaries are shown in the following payroll register. Note that Hall and Short are paid monthly on the last payday, while all others are paid weekly.

Employee Name	Marital Status	No. of W/H Allowances	Regular Earnings
Hall, Michael	M	4	$5,000*
Short, Joy T.	S	1	2,750*
Abbott, Linda	S	2	520
Smith, Joseph	S	0	465
Tols, Sean M.	S	3	380
Gillespie, Michelle	S	3	350
Smart, Jennifer	S	4	575
White, Matthew J.	S	4	425

*Monthly

In addition to the regular salaries, the company pays an annual bonus based on the amount of earnings for the year. For the current year, the bonus amounts to 8% of the annual salary paid to each employee. The bonus is to be paid along with the regular salaries on December 28, but the amount of the bonus and the amount of the regular salary will be shown separately on each employee's earnings statement. Assume that all employees received their regular salary during the entire year.

The payroll register for the period ending December 28th is shown reflecting the following for each employee:

The wage-bracket method is used to withhold federal income tax from the regular salaries.

A flat 25% is withheld on the annual bonus.

Total salaries and bonuses are subject to a 2% state income tax and a 1% city income tax.

For Period Ending December 28, 20--

Employee Name		No. of	Earnings			Deductions
	Marital	W/H		(a)	(b)	(c) FICA		(d)	(e)	(f)	(g)
	Status	Allowances	Regular	Supp'l.	Total	OASDI	HI	FIT	SIT	CIT	Net Pay
Hall, Michael	M	4	$5,000.00*	$4,800.00	$9,800.00	$607.60	$142.10	$1,565.00	$196.00	$98.00	$7,191.30
Short, Joy T.	S	1	2,750.00*	2,640.00	5,390.00	334.18	78.16	953.00	107.80	53.90	3,862.96
Abbott, Linda	S	2	520.00	2,163.20	2,683.20	166.36	38.91	580.80	53.66	26.83	1,816.64
Smith, Joseph	S	0	465.00	1,934.40	2,399.40	148.76	34.79	537.60	47.99	23.99	1,606.27
Tols, Sean M.	S	3	380.00	1,580.80	1,960.80	121.57	28.43	406.20	39.22	19.61	1,345.77
Gillespie, Michelle	S	3	350.00	1,456.00	1,806.00	111.97	26.19	372.00	36.12	18.06	1,241.66
Smart, Jennifer	S	4	575.00	2,392.00	2,967.00	183.95	43.02	622.00	59.34	29.67	2,029.02
White, Matthew J.	S	4	425.00	1,768.00	2,193.00	135.97	31.80	449.00	43.86	21.93	1,510.44
Totals			$10,465.00	$18,734.40	$29,199.40	$1,810.36	$423.40	$5,485.60	$583.99	$291.99	$20,604.06

Complete the following form to show:

a. Total earnings paid during the quarter, including both the regular and the supplemental earnings.

b. Total amount of FICA taxes withheld during the quarter.

c. Total amount of federal income taxes withheld during the quarter.

d. Total amount of state income taxes withheld during the quarter.

e. Total amount of city income taxes withheld during the quarter.

f. Total net amount paid each employee during the quarter.

When computing withholding, round each amount to the nearest cent. If applicable, use rounded amount in subsequent computations. And use final rounded amount to determine the total.

My answers:

Expert Solution

			EARNINGS			DEDUCTIONS
				( a)	( b )	( C ) FICA		( d )	( e )	( f )	( g )
EMPLOYEE NAME	MARITAL STATUS	NO. OF W/H ALLOW.	REGULAR	SUPP'L.	TOTAL	OASDI	HI	FIT	SIT	CIT	NET PAY
Hall, Michael	M	4	$5,000.00	$4,800.00	$9,800.00	$607.60	$142.10	$449.25	$196.00	$98.00	$8,307.05
Short, Joy T.	S	1	$2,750.00	$2,640.00	$5,390.00	$334.18	$78.16	$855.11	$107.80	$53.90	$3,960.86
Abbott, Linda	S	2	$520.00	$2,163.20	$2,683.20	$166.36	$38.91	$745.77	$53.66	$26.83	$1,651.67
Smith, Joseph	S	0	$465.00	$1,934.40	$2,399.40	$148.76	$34.79	$537.65	$47.99	$23.99	$1,606.22
Tols, Sean M.	S	3	$380.00	$1,580.80	$1,960.80	$121.57	$28.43	$471.45	$39.22	$19.61	$1,280.52
Gillespie, Michelle	S	3	$350.00	$1,456.00	$1,806.00	$111.97	$26.19	$435.95	$36.12	$18.06	$1,177.71
Smart, Jennifer	S	4	$575.00	$2,392.00	$2,967.00	$183.95	$43.02	$715.39	$59.34	$29.67	$1,935.62
White, Matthew J.	S	4	$425.00	$1,768.00	$2,193.00	$135.97	$31.80	$536.89	$43.86	$21.93	$1,422.56
Totals			$10,465.00	$18,734.40	$29,199.40	$1,810.36	$423.39	$4,747.46	$583.99	$291.99	$21,342.21

a. Total earnings paid during the quarter, including both the regular and the supplemental earnings.			$29,199.40
b. Total amount of FICA taxes withheld during the quarter.			$2,233.75
c. Total amount of federal income taxes withheld during the quarter.			$4,747.46
d. Total amount of state income taxes withheld during the quarter.			$583.99
e. Total amount of city income taxes withheld during the quarter.			$291.99
f. Total net amount paid each employee during the quarter.			$21,342.21

(M) monthly pay.
Hall, Michael (Monthly)
Regular wage	5000
Withholding Married = 4 x $337.50	-1350
Taxable Income	3650
Tax = $155.50 + 25%x (3312.5- 2275)		449.25
Add: 25 % x 4800 Bonus		1200
FIT		2330.425

Short (Monthly)
Regular wage	2750
Withholding single = 1x $77.90	-77.9
Taxable Income	2672.1
Tax = 0% + 10% x (2075 - 721)		195.11
Add: 25 % x 2640 Bonus		660
FIT		855.11

Abbott (weekly)
Regular wage	520
Withholding single = 2x $77.90	155.8
Taxable Income	675.8
Tax = $18 + 15%x (597.9-224)		85.77
Add: 25 % x 2640 Bonus		660
FIT		745.77

Smith
Regular wage	465
Withholding single =0x $77.90	0
Taxable Income	465	224
Tax = $18 + 15%x (465-224)		54.15
Add: 25 % x 1934 Bonus		483.5
FIT		537.65

Tols
Regular wage	380
Withholding single =3x $77.90	233.7
Taxable Income	613.7
Tax = $18 + 15%x (613.7-224)		76.45
Add: 25 % x 1580 Bonus		395
FIT		471.45

Gillespie
Regular wage	350
Withholding single =3x $77.90	233.7
Taxable Income	583.7
Tax = $18 + 15%x (583.7-224)		71.95
Add: 25 % x 1456 Bonus		364
FIT		435.95

Smart
Regular wage	575
Withholding single =4x $77.90	311.6
Taxable Income	886.6
Tax = $18 + 15%x (886.6-224)		117.39
Add: 25 % x 2392 Bonus		598
FIT		715.39

White
Regular wage	425
Withholding single =4x $77.90	311.6
Taxable Income	736.6
Tax = $18 + 15%x (736.6-224)		94.89
Add: 25 % x 1768 Bonus		442
FIT		536.89

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