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Kaplan AC499 unit 8 assignment




Question;Instructions:Each Problem (1, 2, 3, and 4) is worth 10 points (40 Points total).Submit your answers to the Unit 8 Dropbox in a single properly formatted Excel Workbook file.? Use a separate tab in the single Excel document for each problem.? Do not put all 4 problems on the same tab.? Be sure to rename each tab to indicate the question number. Your answer to this Assignment should be submitted in a single Excel Workbook document.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 = $36,195.10FICA/OASDI = $ 2,244.10FICA/HI = $ 524.83FIT W/H = $ 6,515.00State Tax W/H = $ 361.95Union Dues = $ 500.00Net Pay = $26,049.22Assume the following tax rates:1. * FICA tax?OASDI on employees: 6.2%.2. FICA tax?HI on employees: 1.45%.3. FIT withheld from employees.4. FICA tax?OASDI on employers: 6.2%.5. FICA tax?HI on employers: 1.45%.6. Net FUTA tax: 0.6%.7. SUTA tax: 3.7%.Note ? Correction to the Textbook - The 2% reduction on the Employee?s share of the OASDI expired on December 31, 2012. So, the correct rate to apply is 6.2% for both the employee and the employer.Unit 8 [AC499: Bachelor?s Capstone in Accounting]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.Your answer to this Assignment should be submitted in a single Excel Workbook document.When you are ready, you may submit your paper to the Unit 8 Dropbox. Note: Include your name in the filename of the Assignment. Unit 8 Assignment Grading Rubric: Category/Description Points PossiblePoints EarnedInstructor Additional Comments (If necessary)Questions:Correctly solve each problem. Worth 10 points each.1- Compute overtime premium pay.2- Journalize entry to record payroll.3- Journalize entry to record employer?s payroll taxes4- Journalize the entry to deposit the FICA and FIT taxes10101010Critical Thinking & Analysis, APA Format/Grammar/Spelling* Points may be deducted for incorrect analysis, spelling, grammar, andformatting.Late Penalty * Points may be deducted for late submission.


Paper#39345 | Written in 18-Jul-2015

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