3. Complete the payroll register on the next page using the data below. (34 points) Complete...

Transcribed Image Text:

3. Complete the payroll register on the next page using the data below. (34 points) Complete the following payroll register for employees of Gray Company for the week ended March 15. Taxable earnings should be computed on the basis of a 40-hour workweek with overtime earnings being paid at time and one-half for all hours over 40 each workweek (no overtime paid for salaried employees). All employees have a 2020 W-4 on file. Note: Carry each overtime-hourly rate out to 3 decimal places and then round off to 2 decimal places. All employees' wages are subject to the OASDI tax of 6.2% and HI tax of 1.45%. Use the 2020 wage-bracket Itables with Forms W-4 from 2020 in your text to determine the amount of federal income tax to be withheld. For salaried employees, use the percentage method. All workers are employed in a state that imposes a 24 income tax on the gross wages earned by each worker. 3. Complete the payroll register on the next page using the data below. (34 points) Complete the following payroll register for employees of Gray Company for the week ended March 15. Taxable earnings should be computed on the basis of a 40-hour workweek with overtime earnings being paid at time and one-half for all hours over 40 each workweek (no overtime paid for salaried employees). All employees have a 2020 W-4 on file. Note: Carry each overtime-hourly rate out to 3 decimal places and then round off to 2 decimal places. All employees' wages are subject to the OASDI tax of 6.2% and HI tax of 1.45%. Use the 2020 wage-bracket Itables with Forms W-4 from 2020 in your text to determine the amount of federal income tax to be withheld. For salaried employees, use the percentage method. All workers are employed in a state that imposes a 24 income tax on the gross wages earned by each worker.