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Your accounting company has been hired to prepare the payroll and everything that goes along with it for Ol'Fashion Industries which has 4 employees. The necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly (last day of the current month) and were last paid Sept. 30th. Assume this is an Indiana company and use the Indiana withholding rates. Their SUTA rate is 3.5%. The company utilizes the "Quick Chart" for all eligible employees, otherwise the longer method must be used to calculate Federal withholding tax. Employee Gross Wages per check Marital Status Hire date Termination Denise 15,800 Married/Joint 7 years ago Erin 7,200 Single 7 years ago Frank 3,400 Single Aug. 1st Nov. 30th Grant 3,300 Married/Joint Sept. 1st *All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan Denise - Has $450/ pay deducted for 401K, $500/pay deducted for Medical Premium insurance and $400 withheld for Flexible Spending (FSA). Step 3 of W4 = $2,500. Spouse does not work. Erin - Has $300/ pay deducted for 401K, $250/pay deducted for Medical Premium insurance and $150 withheld for FSA. Step 3 of W4 = $500 Frank- Has $50/ pay deducted for 401K, $200/pay deducted for Medical Premium insurance and $150 withheld for FSA. Nothing for Step 3 or 4 Grant- Has $50/ pay deducted for 401K, $350/pay deducted for Medical Premium insurance and $400 withheld for FSA. Spouse makes the same and checked step 2 on W4. **Employer will match 401K contributions up to $500. Employer's portion of the Medical Premiums is twice what the employee pays.** Instructions: 1. Using the attached Excel Spreadsheet as a guide to the proper layout, adapt your own preformatted payroll template. Add a new sheet for Nov. and Dec. and copy and paste your template. Copy and paste the trial balances given for each month in 3 separate new sheets (copy the opening trial balance as well to reference). Make sure your sheets contain all the answers requested in the nonformatted attachment (ie. 5 Your accounting company has been hired to prepare the payroll and everything that goes along with it for Ol'Fashion Industries which has 4 employees. The necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly (last day of the current month) and were last paid Sept. 30th. Assume this is an Indiana company and use the Indiana withholding rates. Their SUTA rate is 3.5%. The company utilizes the "Quick Chart" for all eligible employees, otherwise the longer method must be used to calculate Federal withholding tax. Employee Gross Wages per check Marital Status Hire date Termination Denise 15,800 Married/Joint 7 years ago Erin 7,200 Single 7 years ago Frank 3,400 Single Aug. 1st Nov. 30th Grant 3,300 Married/Joint Sept. 1st *All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan Denise - Has $450/ pay deducted for 401K, $500/pay deducted for Medical Premium insurance and $400 withheld for Flexible Spending (FSA). Step 3 of W4 = $2,500. Spouse does not work. Erin - Has $300/ pay deducted for 401K, $250/pay deducted for Medical Premium insurance and $150 withheld for FSA. Step 3 of W4 = $500 Frank- Has $50/ pay deducted for 401K, $200/pay deducted for Medical Premium insurance and $150 withheld for FSA. Nothing for Step 3 or 4 Grant- Has $50/ pay deducted for 401K, $350/pay deducted for Medical Premium insurance and $400 withheld for FSA. Spouse makes the same and checked step 2 on W4. **Employer will match 401K contributions up to $500. Employer's portion of the Medical Premiums is twice what the employee pays.** Instructions: 1. Using the attached Excel Spreadsheet as a guide to the proper layout, adapt your own preformatted payroll template. Add a new sheet for Nov. and Dec. and copy and paste your template. Copy and paste the trial balances given for each month in 3 separate new sheets (copy the opening trial balance as well to reference). Make sure your sheets contain all the answers requested in the nonformatted attachment (ie. 5

Your accounting company has been hired to prepare the payroll and everything that goes along with it for Ol'Fashion Industries which has 4 employees. The necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly (last day of the current month) and were last paid Sept. 30th. Assume this is an Indiana company and use the Indiana withholding rates. Their SUTA rate is 3.5%. The company utilizes the "Quick Chart" for all eligible employees, otherwise the longer method must be used to calculate Federal withholding tax. Employee Gross Wages per check Marital Status Hire date Termination Denise 15,800 Married/Joint 7 years ago Erin 7,200 Single 7 years ago Frank 3,400 Single Aug. 1st Nov. 30th Grant 3,300 Married/Joint Sept. 1st *All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan Denise - Has $450/ pay deducted for 401K, $500/pay deducted for Medical Premium insurance and $400 withheld for Flexible Spending (FSA). Step 3 of W4 = $2,500. Spouse does not work. Erin - Has $300/ pay deducted for 401K, $250/pay deducted for Medical Premium insurance and $150 withheld for FSA. Step 3 of W4 = $500 Frank- Has $50/ pay deducted for 401K, $200/pay deducted for Medical Premium insurance and $150 withheld for FSA. Nothing for Step 3 or 4 Grant- Has $50/ pay deducted for 401K, $350/pay deducted for Medical Premium insurance and $400 withheld for FSA. Spouse makes the same and checked step 2 on W4. **Employer will match 401K contributions up to $500. Employer's portion of the Medical Premiums is twice what the employee pays.** Instructions: 1. Using the attached Excel Spreadsheet as a guide to the proper layout, adapt your own preformatted payroll template. Add a new sheet for Nov. and Dec. and copy and paste your template. Copy and paste the trial balances given for each month in 3 separate new sheets (copy the opening trial balance as well to reference). Make sure your sheets contain all the answers requested in the nonformatted attachment (ie. 5 Your accounting company has been hired to prepare the payroll and everything that goes along with it for Ol'Fashion Industries which has 4 employees. The necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly (last day of the current month) and were last paid Sept. 30th. Assume this is an Indiana company and use the Indiana withholding rates. Their SUTA rate is 3.5%. The company utilizes the "Quick Chart" for all eligible employees, otherwise the longer method must be used to calculate Federal withholding tax. Employee Gross Wages per check Marital Status Hire date Termination Denise 15,800 Married/Joint 7 years ago Erin 7,200 Single 7 years ago Frank 3,400 Single Aug. 1st Nov. 30th Grant 3,300 Married/Joint Sept. 1st *All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan Denise - Has $450/ pay deducted for 401K, $500/pay deducted for Medical Premium insurance and $400 withheld for Flexible Spending (FSA). Step 3 of W4 = $2,500. Spouse does not work. Erin - Has $300/ pay deducted for 401K, $250/pay deducted for Medical Premium insurance and $150 withheld for FSA. Step 3 of W4 = $500 Frank- Has $50/ pay deducted for 401K, $200/pay deducted for Medical Premium insurance and $150 withheld for FSA. Nothing for Step 3 or 4 Grant- Has $50/ pay deducted for 401K, $350/pay deducted for Medical Premium insurance and $400 withheld for FSA. Spouse makes the same and checked step 2 on W4. **Employer will match 401K contributions up to $500. Employer's portion of the Medical Premiums is twice what the employee pays.** Instructions: 1. Using the attached Excel Spreadsheet as a guide to the proper layout, adapt your own preformatted payroll template. Add a new sheet for Nov. and Dec. and copy and paste your template. Copy and paste the trial balances given for each month in 3 separate new sheets (copy the opening trial balance as well to reference). Make sure your sheets contain all the answers requested in the nonformatted attachment (ie. 5

PAYROLL ACCT.,2019 ED.(LL)-TEXT
PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN:9781337619783
Author:BIEG
Publisher:BIEG
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 8PB
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Just need the october payroll and journal entry completed 

Your accounting company has been hired to prepare the payroll and everything that goes along with it for Ol'Fashion Industries which has 4 employees. The necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly (last day of the current month) and were last paid Sept. 30th. Assume this is an Indiana company and use the Indiana withholding rates. Their SUTA rate is 3.5%. The company utilizes the "Quick Chart" for all eligible employees, otherwise the longer method must be used to calculate Federal withholding tax. Employee Gross Wages per check Marital Status Hire date Termination Denise 15,800 Married/Joint 7 years ago Erin 7,200 Single 7 years ago Frank 3,400 Single Aug. 1st Nov. 30th Grant 3,300 Married/Joint Sept. 1st *All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan Denise - Has $450/ pay deducted for 401K, $500/pay deducted for Medical Premium insurance and $400 withheld for Flexible Spending (FSA). Step 3 of W4 = $2,500. Spouse does not work. Erin - Has $300/ pay deducted for 401K, $250/pay deducted for Medical Premium insurance and $150 withheld for FSA. Step 3 of W4 = $500 Frank- Has $50/ pay deducted for 401K, $200/pay deducted for Medical Premium insurance and $150 withheld for FSA. Nothing for Step 3 or 4 Grant- Has $50/ pay deducted for 401K, $350/pay deducted for Medical Premium insurance and $400 withheld for FSA. Spouse makes the same and checked step 2 on W4. **Employer will match 401K contributions up to $500. Employer's portion of the Medical Premiums is twice what the employee pays.** Instructions: 1. Using the attached Excel Spreadsheet as a guide to the proper layout, adapt your own preformatted payroll template. Add a new sheet for Nov. and Dec. and copy and paste your template. Copy and paste the trial balances given for each month in 3 separate new sheets (copy the opening trial balance as well to reference). Make sure your sheets contain all the answers requested in the nonformatted attachment (ie. 5
Transcribed Image Text:Your accounting company has been hired to prepare the payroll and everything that goes along with it for Ol'Fashion Industries which has 4 employees. The necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly (last day of the current month) and were last paid Sept. 30th. Assume this is an Indiana company and use the Indiana withholding rates. Their SUTA rate is 3.5%. The company utilizes the "Quick Chart" for all eligible employees, otherwise the longer method must be used to calculate Federal withholding tax. Employee Gross Wages per check Marital Status Hire date Termination Denise 15,800 Married/Joint 7 years ago Erin 7,200 Single 7 years ago Frank 3,400 Single Aug. 1st Nov. 30th Grant 3,300 Married/Joint Sept. 1st *All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan Denise - Has $450/ pay deducted for 401K, $500/pay deducted for Medical Premium insurance and $400 withheld for Flexible Spending (FSA). Step 3 of W4 = $2,500. Spouse does not work. Erin - Has $300/ pay deducted for 401K, $250/pay deducted for Medical Premium insurance and $150 withheld for FSA. Step 3 of W4 = $500 Frank- Has $50/ pay deducted for 401K, $200/pay deducted for Medical Premium insurance and $150 withheld for FSA. Nothing for Step 3 or 4 Grant- Has $50/ pay deducted for 401K, $350/pay deducted for Medical Premium insurance and $400 withheld for FSA. Spouse makes the same and checked step 2 on W4. **Employer will match 401K contributions up to $500. Employer's portion of the Medical Premiums is twice what the employee pays.** Instructions: 1. Using the attached Excel Spreadsheet as a guide to the proper layout, adapt your own preformatted payroll template. Add a new sheet for Nov. and Dec. and copy and paste your template. Copy and paste the trial balances given for each month in 3 separate new sheets (copy the opening trial balance as well to reference). Make sure your sheets contain all the answers requested in the nonformatted attachment (ie. 5
Your accounting company has been hired to prepare the payroll and everything that goes along with it for Ol'Fashion Industries which has 4 employees. The necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly (last day of the current month) and were last paid Sept. 30th. Assume this is an Indiana company and use the Indiana withholding rates. Their SUTA rate is 3.5%. The company utilizes the "Quick Chart" for all eligible employees, otherwise the longer method must be used to calculate Federal withholding tax. Employee Gross Wages per check Marital Status Hire date Termination Denise 15,800 Married/Joint 7 years ago Erin 7,200 Single 7 years ago Frank 3,400 Single Aug. 1st Nov. 30th Grant 3,300 Married/Joint Sept. 1st *All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan Denise - Has $450/ pay deducted for 401K, $500/pay deducted for Medical Premium insurance and $400 withheld for Flexible Spending (FSA). Step 3 of W4 = $2,500. Spouse does not work. Erin - Has $300/ pay deducted for 401K, $250/pay deducted for Medical Premium insurance and $150 withheld for FSA. Step 3 of W4 = $500 Frank- Has $50/ pay deducted for 401K, $200/pay deducted for Medical Premium insurance and $150 withheld for FSA. Nothing for Step 3 or 4 Grant- Has $50/ pay deducted for 401K, $350/pay deducted for Medical Premium insurance and $400 withheld for FSA. Spouse makes the same and checked step 2 on W4. **Employer will match 401K contributions up to $500. Employer's portion of the Medical Premiums is twice what the employee pays.** Instructions: 1. Using the attached Excel Spreadsheet as a guide to the proper layout, adapt your own preformatted payroll template. Add a new sheet for Nov. and Dec. and copy and paste your template. Copy and paste the trial balances given for each month in 3 separate new sheets (copy the opening trial balance as well to reference). Make sure your sheets contain all the answers requested in the nonformatted attachment (ie. 5
Transcribed Image Text:Your accounting company has been hired to prepare the payroll and everything that goes along with it for Ol'Fashion Industries which has 4 employees. The necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly (last day of the current month) and were last paid Sept. 30th. Assume this is an Indiana company and use the Indiana withholding rates. Their SUTA rate is 3.5%. The company utilizes the "Quick Chart" for all eligible employees, otherwise the longer method must be used to calculate Federal withholding tax. Employee Gross Wages per check Marital Status Hire date Termination Denise 15,800 Married/Joint 7 years ago Erin 7,200 Single 7 years ago Frank 3,400 Single Aug. 1st Nov. 30th Grant 3,300 Married/Joint Sept. 1st *All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan Denise - Has $450/ pay deducted for 401K, $500/pay deducted for Medical Premium insurance and $400 withheld for Flexible Spending (FSA). Step 3 of W4 = $2,500. Spouse does not work. Erin - Has $300/ pay deducted for 401K, $250/pay deducted for Medical Premium insurance and $150 withheld for FSA. Step 3 of W4 = $500 Frank- Has $50/ pay deducted for 401K, $200/pay deducted for Medical Premium insurance and $150 withheld for FSA. Nothing for Step 3 or 4 Grant- Has $50/ pay deducted for 401K, $350/pay deducted for Medical Premium insurance and $400 withheld for FSA. Spouse makes the same and checked step 2 on W4. **Employer will match 401K contributions up to $500. Employer's portion of the Medical Premiums is twice what the employee pays.** Instructions: 1. Using the attached Excel Spreadsheet as a guide to the proper layout, adapt your own preformatted payroll template. Add a new sheet for Nov. and Dec. and copy and paste your template. Copy and paste the trial balances given for each month in 3 separate new sheets (copy the opening trial balance as well to reference). Make sure your sheets contain all the answers requested in the nonformatted attachment (ie. 5
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