Question: Eric is the president and chief executive officer of his
Eric is the president and chief executive officer of his own management consulting firm. He has five employees: Jon Jones, Lupe Bana, Austin Pei, Diane Driscoll, and Yu Chung Wright. Selected information for each employee is listed in the table below:
Employees have three kinds of taxes withheld from their wages: federal income, state income, and Social Security. Social Security is withheld from all employees at 9.75 percent of their gross pay. Single employees have federal income tax withheld at a base rate of $200 plus $50 for each withholding allowance; married employees’ federal tax withholding is $150 plus $25 for each withholding allowance. State income tax is withheld at 30 percent of the federal amount for each employee. Employees are paid every two weeks and receive 1.5 times their regular hourly wage for any hours in excessof 80. In addition, Jon and Austin contribute $50 each pay period to an employee pen-sion fund; Lupe and Diane contribute $75 each pay period for group health insurance. Using Access or Excel, prepare a payroll register based on the preceding data. Then, prepare a report for Eric that shows the average gross pay and the average hourly wage for all five employees. Finally, prepare a pie-chart graph for each employee showing the breakdown of gross pay into each amount withheld and net pay. (An example for Jon is shown below.)
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