Assignment
Question 1:
Charles Giles worked 46 hours during this pay-week. He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. What was his overtime premium pay for this workweek?
Use the following information to answer Questions 2, 3 & 4:
The totals from the first payroll of the year are shown below.
Total Pay = $36,195.10
FICA/OASDI = $ 2,244.10
FICA/HI = $ 524.83
FIT W/H = $ 6,515.00
State Tax W/H = $ 361.95
Union Dues = $ 500.00
Net Pay = $26,049.22
Assume the following tax rates:
1. * FICA tax-OASDI on employees: 6.2%.
2. FICA tax-HI on employees: 1.45%.
3. FIT withheld from employees.
4. FICA tax-OASDI on employers: 6.2%.
5. FICA tax-HI on employers: 1.45%.
6. Net FUTA tax: 0.6%.
7. SUTA tax: 3.7%.
Note - Correction to the Textbook - The 2% reduction on the Employee's share of the OASDI expired on December 31, 2012. So, the correct rate to apply is 6.2% for both the employee and the employer.
Question 2: Journalize the entry to record the payroll.
Question 3: Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).
Question 4: Journalize the entry to deposit the FICA and FIT taxes.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.