All employees of Ellipses Corp. work a regular 40-hour workweek (thus all hours worked over 40 in a given week are overtime hours), receive overtime pay at a rate of 1.5 times the regular wage rate, and are paid weekly on Friday for the current week (which runs from Saturday through Friday, although employees never work on weekends). The SUTA tax rate applicable to Ellipses Corp. is 3.1%, while the SUTA wage base in Virginia is$8,000. Note that QuickBooks defaults to a Social Security wage base of $137,700 in the Ellipses Corp. company file. Although this amount differs from the 2021 wage base, please utilize this amount when completing the payroll cycle?

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To complete the payroll cycle for Ellipses Corp well need to calculate the gross pay deductions and ... View the full answer