CPP 6-1 Complete 4th Quarter and Year-End Payroll Reporting (#1)

Calculate 4th quarter total federal income tax, Social Security tax, and Medicare tax for TCLH Industries. Assume that Zachary Fox earns the same amount for each of the final three weeks of the year (the only weeks in 2021 during which he worked) and that Calvin Bell earned the same amount during each of the 52 weeks of the year. Further assume that no changes to voluntary deductions were requested by any employee during 2021. Note that the final week of the year (beginning on December 20) is a full workweek (the 52nd workweek of the year).

Notes: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Remember, the Additional Withholding amount for Michael Sierra is comprised of flexible spending account contributions. Consider whether these are taxable when completing the necessary forms and calculations.

Payroll Register These employee eamings records display year-to-date earnings prior to the current pay period. Therefore the "4th Quarter" row excludes the final three weeks of the year (the current pay period, and the subsequent two pay periods). Note that the current pay period is the first pay period for Zachary Fox \begin{tabular}{|l|ll|ll|ll|} \hline \multirow{2}{*}{} & \multicolumn{2}{|c|}{ FWT } & \multicolumn{2}{|c|}{ Social Security } & \multicolumn{2}{|c|}{ Medicare } \\ \hline Fox & $784.00 & x & $ & x & $ & x \\ \hline Bell & $16.00 & x & $ & x & $ & x \\ \hline Alexander & $720.90 & x & $ & & $ & x \\ \hline Sierra & $239.82 & x & $ & x & $ & x \\ \hline & $ & x & $ & x & $ & x \\ \hline \end{tabular} NEXT SUBMIT ASSIGNMENT Payroll Register These employee eamings records display year-to-date earnings prior to the current pay period. Therefore the "4th Quarter" row excludes the final three weeks of the year (the current pay period, and the subsequent two pay periods). Note that the current pay period is the first pay period for Zachary Fox \begin{tabular}{|l|ll|ll|ll|} \hline \multirow{2}{*}{} & \multicolumn{2}{|c|}{ FWT } & \multicolumn{2}{|c|}{ Social Security } & \multicolumn{2}{|c|}{ Medicare } \\ \hline Fox & $784.00 & x & $ & x & $ & x \\ \hline Bell & $16.00 & x & $ & x & $ & x \\ \hline Alexander & $720.90 & x & $ & & $ & x \\ \hline Sierra & $239.82 & x & $ & x & $ & x \\ \hline & $ & x & $ & x & $ & x \\ \hline \end{tabular} NEXT SUBMIT ASSIGNMENT