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Payroll Tax Calculations

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Given Data P11-04A:


Tax Rate Applied to
FICA-Social Security 6.20% First $94,200
FICA-Medicare 1.45% Gross pay
FUTA 0.80% First 7,000
SUTA 2.15% First 7,000

Pay Current Week
through Gross WH
Name 8/18 Pay Tax
Dahlia $93,400 $2,800 $284
Trey 31,700 1,000 145
Kiesha 6,850 550 39
Chee 1,250 500 30

Weekly health insurance premium $34
Percentage of gross earnings contributed
by employer to pension fund 8%

Check figures:
(3) $176.70
(4) 70.33
(5) 5.20
(7) Total net pay 4,036.97

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Solution Preview

Attached is the spreadsheet in complete form. The difficulty is that there is some sort of discrepancy between the amount shown as the weekly deduction for health insurance and the amount deducted according to the set up of the problem. If the problem set up is correct the weekly deduction for health insurance is $17 and not $34. That sort of discrepancy can be time consuming.

As for the rest of the problem the excel worksheet is set up so that the student merely inputs the data where it belongs.

The first key piece of information needed to transition from ...

Solution Summary

This solution is an Excel Spreadsheet with calculations of payroll taxes and deductions to net pay.

See Also This Related BrainMass Solution

How do you do the payroll calculations for Betty's wages: groww earnings, FICA taxes, federal and state income taxes withheld and net pay.

ED-1 Betty Williams' regular hourly wage rate is $14.00, and she receives a wage of 11⁄2 times the regular hourly rate for work in excess of 40 hours. During a March weekly pay period Betty worked 42 hours. Her gross earnings prior to the current week were $6,000. Betty is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $15.00 per week.

(a) Compute the following amounts for Betty's wages for the current week.
(1) Gross earnings.
(2) FICA taxes. (Assume an 8% rate on maximum of $87,900.)
(3) Federal income taxes withheld. (Use the withholding table in the text, page D6.)
(4) State income taxes withheld. (Assume a 2.0% rate.)
(5) Net pay.
(b) Record Betty's pay, assuming she is an office computer operator.

Attached is the with Holding table.

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