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2020 State of Nebraska Payroll Project Bugeater's Corporation Federal EIN: 47-9876543 Nebraska ID: 20-658790 Nebraska Unemployment Account #97531 (Rate 4.5%) 2025 National Championship Drive Lincoln Nebraska, 68501 Phone: (402)444-2018 Fax: (402)444-2000 bugeatercorp@red.com The following data for the Bugeaters Corporation relates to the payroll for the week ended December 31, 2020. Pay date is also December 31, 2020. Employee Hours Status Rate Group Weekly Salary Lue, T Green, A. Hipp. I.M. Sweet, Redwine, Copeland, Burkhead, R. Shields, S. Larson, J. 48 42 44 36 45 MS SO M2 S2 SO M3 MI S1 M4 22.00 19.00 23.00 18.00 20.00 Federal State Income Income Simple Tax Tax IRA TBD TBD 4.0% TBD TBD 2.5% TBD TBD 3.5% TBD TBD NA TBD 3.0% TBD TBD 6.0% TBD TBD NA TBD TBD 7.0% TBD TBD NA YTD Life (12/24/20) Insurance Wages 21.00 39,490.00 19.50 52,450.00 21.50 45,680.00 18.00 3,280.00 20.00 53,200.00 27.50 142,800.00 17.25 5,200.00 31.50 175,950.00 19.50 8,300.00 TBD 2,800.00 35 23.00 3,450.00 41 20.00 Nebraska Payroll Project 1 Handout Page 1 The Payroll Register is divided into 3 sections: Earnings - Using the information provided here, complete the earnings section first. The 2 salaried people just put then salary in the Total Regular Earnings column, they will have 40 regular hours. Only 40 hours goes in the Regular Hours column. Don't forget to complete the Totals row. Deductions - you need to complete all deduction columns (information is found below) OASDI and Hl are withheld at their respective rates of 6.2% and 1.45%. The OASDI wage cap is $137,700. There is no wage cap for HI. YTD Wages are given. (Chapter 3) o Federal Income Tax and State Income Tax will be affected by the SIMPLE contribution. (Subtract SIMPLE before calculating the tax withheld. (Chapter 4) . You will use the Wage Bracket Method for most employees, the Percentage Method has to be used for 2 employees. A checklist of steps for both methods are included in the Federal Withholding file in Canvas. FIT: Use the Federal Tax Table available in Canvas. . SIT: Use the Nebraska Tax Table available in Canvas. o The Simple IRA amounts are listed. This is the % of gross income to be withheld. o Group Insurance amounts are given (this deduction does not affect any tax calculations). o Start with Check # 1954. Taxable Earnings: Only list the wages that are taxable, calculate the tax on THE ER Taxes row. O OASDI O HI FUTA ($7,000 limit, .6%) (Chapter 5) SUTA ($9,000 limit, 4.5%) (Chapter 5) Nebraska Payroll Project 1 Handout Page 2 BUGEATER'S CORPORATION PAYROLL REGISTER FOR PAY PERIOD ENDING: December 31st, 2020 OVERTIME EARNINGS W-4 Status REGULAR EARNINGS Regular Hourly Total Hours Rate Regular Total Earnings OT Hours OT Rate OT Amount Name Lue, T Green, A. Hipp. I.M. Sweet. J Redwine, J. Copeland, I Burkhead, R. Shields, S Larson, J. TOTALS Net Pay Check # BUGEATER'S CORPORATION PAYROLL REGISTER FOR PAY PERIOD ENDING: December 31st, 2020 DEDUCTIONS OASDI Simple Total Nane Tax HI Tax FIT SIT IRA Group Ins Deductions Lue, T Green, A. Hipp, IM Sweet, J Redwine, J. Copeland, 1 Burkhead, R. Shields, S Larson, J. TOTALS TAXABLE EARNINGS HI FUTA SUTA OASDI Name Lue, T Green, A. Hipp, L.M. Sweet, J Redwine, J. Copeland, I Burkhead, R. Shields, S Larson, J. TOTALS Tax Rates: ER Taxes: PR Nebraska Payroll Project 2020 State of Nebraska Payroll Project Bugeater's Corporation Federal EIN: 47-9876543 Nebraska ID: 20-658790 Nebraska Unemployment Account #97531 (Rate 4.5%) 2025 National Championship Drive Lincoln Nebraska, 68501 Phone: (402)444-2018 Fax: (402)444-2000 bugeatercorp@red.com The following data for the Bugeaters Corporation relates to the payroll for the week ended December 31, 2020. Pay date is also December 31, 2020. Employee Hours Status Rate Group Weekly Salary Lue, T Green, A. Hipp. I.M. Sweet, Redwine, Copeland, Burkhead, R. Shields, S. Larson, J. 48 42 44 36 45 MS SO M2 S2 SO M3 MI S1 M4 22.00 19.00 23.00 18.00 20.00 Federal State Income Income Simple Tax Tax IRA TBD TBD 4.0% TBD TBD 2.5% TBD TBD 3.5% TBD TBD NA TBD 3.0% TBD TBD 6.0% TBD TBD NA TBD TBD 7.0% TBD TBD NA YTD Life (12/24/20) Insurance Wages 21.00 39,490.00 19.50 52,450.00 21.50 45,680.00 18.00 3,280.00 20.00 53,200.00 27.50 142,800.00 17.25 5,200.00 31.50 175,950.00 19.50 8,300.00 TBD 2,800.00 35 23.00 3,450.00 41 20.00 Nebraska Payroll Project 1 Handout Page 1 The Payroll Register is divided into 3 sections: Earnings - Using the information provided here, complete the earnings section first. The 2 salaried people just put then salary in the Total Regular Earnings column, they will have 40 regular hours. Only 40 hours goes in the Regular Hours column. Don't forget to complete the Totals row. Deductions - you need to complete all deduction columns (information is found below) OASDI and Hl are withheld at their respective rates of 6.2% and 1.45%. The OASDI wage cap is $137,700. There is no wage cap for HI. YTD Wages are given. (Chapter 3) o Federal Income Tax and State Income Tax will be affected by the SIMPLE contribution. (Subtract SIMPLE before calculating the tax withheld. (Chapter 4) . You will use the Wage Bracket Method for most employees, the Percentage Method has to be used for 2 employees. A checklist of steps for both methods are included in the Federal Withholding file in Canvas. FIT: Use the Federal Tax Table available in Canvas. . SIT: Use the Nebraska Tax Table available in Canvas. o The Simple IRA amounts are listed. This is the % of gross income to be withheld. o Group Insurance amounts are given (this deduction does not affect any tax calculations). o Start with Check # 1954. Taxable Earnings: Only list the wages that are taxable, calculate the tax on THE ER Taxes row. O OASDI O HI FUTA ($7,000 limit, .6%) (Chapter 5) SUTA ($9,000 limit, 4.5%) (Chapter 5) Nebraska Payroll Project 1 Handout Page 2 BUGEATER'S CORPORATION PAYROLL REGISTER FOR PAY PERIOD ENDING: December 31st, 2020 OVERTIME EARNINGS W-4 Status REGULAR EARNINGS Regular Hourly Total Hours Rate Regular Total Earnings OT Hours OT Rate OT Amount Name Lue, T Green, A. Hipp. I.M. Sweet. J Redwine, J. Copeland, I Burkhead, R. Shields, S Larson, J. TOTALS Net Pay Check # BUGEATER'S CORPORATION PAYROLL REGISTER FOR PAY PERIOD ENDING: December 31st, 2020 DEDUCTIONS OASDI Simple Total Nane Tax HI Tax FIT SIT IRA Group Ins Deductions Lue, T Green, A. Hipp, IM Sweet, J Redwine, J. Copeland, 1 Burkhead, R. Shields, S Larson, J. TOTALS TAXABLE EARNINGS HI FUTA SUTA OASDI Name Lue, T Green, A. Hipp, L.M. Sweet, J Redwine, J. Copeland, I Burkhead, R. Shields, S Larson, J. TOTALS Tax Rates: ER Taxes: PR Nebraska Payroll Project