SFCC Corporation has 8 employees. Information about the October payroll follows:
ID: 2734008 • Letter: S
Question
SFCC Corporation has 8 employees. Information about the October payroll follows:
Complete the payroll schedule on the accompanying blank worksheet.
(a)
Deductions
Gross
Federal
Social
Medicare/
Health
Net
Name
Earnings
Income Ta x
Security Ta x
Medicaid
Charitable
Insurance
Earnings
Breschi, K
$ 1,140.00
$ 200.00
Carballo, P
3,000.00
850.00
Dangelo, J
2,520.00
625.00
Gaines, T
4,500.00
1,100.00
Goseco, M
10,100.00
3,575.00
Skolnick, J
2,160.00
480.00
Williams, R
1,548.00
140.00
Wong, O
3,240.00
800.00
Totals
$28,208.00
$7,770.00
$1,768.52
$423.12
$80.00
$2,000.00
$16,166.36
SFCC Corporation has 8 employees. Information about the October payroll follows:
Name Hours Worked Pay Rate Federal IncomeTax Withheld Breschi, K 95 $12 per hour $200 Carballo, P n/a $3,000 per month $850 Dangelo, J 180 $14 per hour $625 Gaines, T n/a $4,500 per month $1,100 Goseco, M n/a $10,100 per month $3,575 Skolnick, J 180 $12 per hour $480 Williams, R 172 $9 per hour $140 Wong, O 195 $16 per hour $800 Additional information is as follows: SFCC is in a state without an income tax. Employees' federal income tax withholdings depend on various factors, and the amounts are as indicated in the above table. No employees worked overtime, with the exception of Oscar Wong, who worked 15 hours of overtime. Overtime is paid at 150% of the normal hourly rate. Assume that gross pay is subject to social security taxes at a 6.5% rate, on an annual base of $100,000. Assume that Medicare/Medicaid taxes are 1.5% of gross earnings. These taxes are matched by the employer. Only Marcia Goseco had earned more than $90,000 during the months leading up to October. She had earned $90,900 during that time period. SFCC has 100% participation in a $10 per month employee charitable contribution program. These contributions are withheld from monthly pay. SFCC pays for workers' compensation insurance at a 2% of gross pay rate. None of this cost is paid by the employee. SFCC provides employees with a group health care plan; however, the cost is fully paid by employees. The rate is $250 per month, per employee. SFCC's payroll is subject to federal (0.5%) and state (1.5%) unemployment taxes on each employee's gross pay, up to $8,000 per year. All employees had earned in excess of $8,000 in the months leading up to October, with the exception of Karen Breschi. Karen was first employed during the month of October. SFCC contributes 5% of gross pay to an employee retirement program. Employees do not contribute to this plan. (a)
Complete the payroll schedule on the accompanying blank worksheet.
Explanation / Answer
Security tax total given in the question is not Matching after calculating with 6.5% . Please Check.. I rechecked.. But it is same.
Name Gross earnings Federal Income Tax Social Security Tax Medicare Charitable Health Insurance Net Earnings Breschi k $1140 $200 $74.1 $17.1 $10 $250 $588.8 Carbello p 3000 850 195 45 10 250 1650 Dangelo J 2520 625 163.8 378 10 250 2780 Gaines T 4500 1100 292.5 67.5 10 250 2780 Goseco M 10100 3575 656.5 151.5 10 250 5457 Skolnick J 2160 480 140.4 32.4 10 250 1247.2 Williams R 1548 140 100.62 23.22 10 250 1024.2 Wong O 3240 800 210.6 48.6 10 250 1920.8 Total $28208.00 $7770 $1833.52 $423.12 $80 $2000 $17447.96Related Questions
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