Jordan Enterprises is preparing its biweekly payroll. The company has 10 employees. Each employee earns $ 10 per hour but Jordan pays an overtime premium of 50 percent of the hourly wage for any hours exceeding 80 in a pay period. The company would like you to set up a spreadsheet that it can use to prepare payroll in the future. The following rates apply:
Federal income tax ................................................... 15%
State income tax .............................. 10% of the federal withholding
Social security ......................................................................... 6.2%
Medicare ................................................................................. 1.45%
Federal unemployment tax ..................................................... 0.8%
State unemployment tax ............................................................... 5.4%
Hours worked:
Scott .................................................. 85
David ................................................. 90
Stan .................................................... 80
Sandy ................................................. 70
Janice ................................................. 100
Suzanne ................................................. 83
Ryan ................................................... 84
Laverne ............................................... 89.5
Laura ................................................... 75.5
Ema ..................................................... 80