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In: Accounting

Lake Community College gives its faculty the option of receiving the balance of their contract at...

  1. Lake Community College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17, 20--. The faculty can receive one lump-sum payment instead of receiving the remaining seven biweekly pays over the summer. Use the data given below to complete the Payroll Register on May 17. No employee has reached the OASDI ceiling, and all employees are taking the lump-sum payment. The state withholding rate is 2.0% of total earnings; the city withholding rate is 1.0% of total earnings. The biweekly wage bracket is used for federal income taxes.

    To calculate the tax withholdings, you must calculate the rounded tax for each pay and multiply by the number of pays in the lump-sum payment.

    Round all values to the nearest cent.

    Click here to access the Wage-Bracket Method Tables.

    For Period Ending May 17




    Employee Name    		 Marital
    Status    		 No. of
    W/H
    Allow.    		 Biweekly
    Earnings    		 (a) Deductions (f)
    Total Lump-Sum
    Payment    		 (b) FICA (c) (d) (e) Net
    OASDI HI FIT SIT CIT Pay
    Kinnery, Thomas S 1 $2,000.00 $ $ $ $ $ $ $
    Matthews, Mary M 2 2,600.00
    Grace, Catherine S 0 2,200.00
    Michael, Sean S 1 2,060.00
        Totals $8,860.00 $ $ $ $ $ $ $

    Compute the employer's FICA taxes for the pay period ending May 17.

    OASDI Taxes HI Taxes
    OASDI taxable earnings $ HI taxable earnings $
    OASDI taxes $ HI taxes $

Solutions

Expert Solution

Employee Name Marital Status No. of W/H
Allow.		 Biweekly Earnings (a) Deductions (f)
Total Lump-Sum Payment (b) FICA (c) (d) (e) Net Pay
OASDI HI FIT SIT CIT
Kinnery, Thomas S 1 $ 2,000.00 $ 16,000.00 $ 992.00 $ 232.00 1760 $ 320.00 $ 160.00 $ 12,536.00
Matthews, Mary M 2 2,600.00 $ 20,800.00 $ 1,289.60 $ 301.60 1664 $ 416.00 $ 208.00 $ 16,920.80
Grace, Catherine S 0 2,200.00 $ 17,600.00 $ 1,091.20 $ 255.20 2392 $ 352.00 $ 176.00 $ 13,333.60
Michael, Sean S 1 2,060.00 $ 16,480.00 $ 1,021.76 $ 238.96 1864 $ 329.60 $ 164.80 $ 12,860.88
    Totals $ 8,860.00 $ 70,880.00 $ 4,394.56 $ 1,027.76 $ 7,680.00 $ 1,417.60 $ 708.80 $ 55,651.28
Compute the employer's FICA taxes for the pay period ending May 17.
OASDI Taxes HI Taxes
OASDI taxable earnings $ 70,880.00 HI taxable earnings $ 70,880.00
OASDI taxes $ 4,394.56 HI taxes $ 1,027.76

ekkarill92 answered 1 year ago
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