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Payroll Tax Calculations

Please see both tabs in the attached file.

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.