Acc499 Bachelors Capstone in Accounting: Unit 08 Assignment (Payroll Taxes)

Acc499 Bachelor Capstone in Accounting
Unit 08 Assignment:

Student Instructions:
Each Problem (1, 2, 3 & 4) is worth 10 points. (40 Points total).
Submit your answers to the Unit 8 dropbox in a properly formatted Excel Workbook file.
Use a SEPARATE sheet for each problem. Do not put all 4 problems on the same page.

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

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.
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