·Prepare and use a payroll register including Social Security and Medicare withholdings.Use =IF and =ROUND to design the Social Security tax and union dues formulas.Record journal entries for payroll, employer's tax liability, and payment of payroll taxes.Identify behavior patterns among payroll taxes over time.Alter the worksheet to include an additional employee.Create a chart showing the percentage of an employee's gross pay that is withheld for taxesand other such deductions, and how much is left over as net pay.PROBLEM DATAReno Graphics has five employees, and they are paid at the end of each month. Payroll data forNovember are as follows:EmployeeJonesMillerSmithWilliamsZlotorzynskiGross Pay forNovember$9,0001,5301,21012,0004,200Federal IncomeTax Withheld$1,94813789Cumulative Gross Pay atOctober 31$?15,5706,5502,788661Other information (using 2011 rates) is as follows:a. Social security taxes are 4.2% of monthly gross pay up to a cumulative total pay of $106,800for 2011. Employers must pay 6.2% of monthly gross pay up to a cumulative total pay of$106,800 for each employee.b. Medicare taxes are 1.45% on monthly gross pay with no upper limit.c. A $25 monthly deduction is made for union dues for all union members.d.120,00055,000Unemployment taxes are paid on mónthly gross pay up to the first $7,000 earned by eachemployee each year. State and federal rates are 2.7% and .8%, respectively.REQUIREMENT1. Based on 2011 tax rates provided, use a calculator to compute how much would be withheldfrom Jones's November paycheck in the following three cases (round to the nearest penny):

Case 1: Cumulative Gross Pay at October 31 = $15,570Social Security Tax:The Social Security tax rate…

a. Social security taxes are 4.2% of monthly gross pay up to a cumulative total pay of $106,800 for 2011. Employers must pay 6.2% of monthly gross pay up to a cumulative total pay of $106,800 for each employee. b. Medicare taxes are 1.45% on monthly gross pay with no upper limit. c. A $25 monthly deduction is made for union dues for all union members. d. Unemployment taxes are paid on mónthly gross pay up to the first $7,000 earned by each employee each year. State and federal rates are 2.7% and .8 %, respectively. REQUIREMENT Based on 2011 tax rates provided, use a calculator to compute how much would be withheld from Jones's November paycheck in the following three cases (round to the nearest penny):

a. Social security taxes are 4.2% of monthly gross pay up to a cumulative total pay of $106,800 for 2011. Employers must pay 6.2% of monthly gross pay up to a cumulative total pay of $106,800 for each employee. b. Medicare taxes are 1.45% on monthly gross pay with no upper limit. c. A $25 monthly deduction is made for union dues for all union members. d. Unemployment taxes are paid on mónthly gross pay up to the first $7,000 earned by each employee each year. State and federal rates are 2.7% and .8 %, respectively. REQUIREMENT Based on 2011 tax rates provided, use a calculator to compute how much would be withheld from Jones's November paycheck in the following three cases (round to the nearest penny):

Pkg Acc Infor Systems MS VISIO CD

10th Edition

ISBN:9781133935940

Author:Ulric J. Gelinas

Publisher:Ulric J. Gelinas

Chapter14: The Human Resources (hr) Management And Payroll Processes

Section: Chapter Questions

Problem 5DQ

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