Question: Multiple Choice 10-2 Excel Spreadsheets: SA 10-1, SA 10-2, SA 10-3 Excel Tutorials: Current Liabilities and Payroll, Absolute and Relative Cell References SA 10-1: Computing
Multiple Choice 10-2
Excel Spreadsheets: SA 10-1, SA 10-2, SA 10-3
Excel Tutorials: Current Liabilities and Payroll, Absolute and Relative Cell References
SA 10-1: Computing employee net pay
JK Flowers Corporation has a single employee, S. Singh. Singh worked for 47 hours during the week, of which seven hours were overtime. Singh is paid $19.40 per hour. Overtime hours are paid at a rate of 150% of straight time. Additional information for Singh is as follows:
| Federal income tax (weekly withholding) | $201.30 |
| Retirement savings (weekly) | 75.00 |
| Earnings prior to payroll period | 27,950 |
The social security tax rate is assumed to be 6% on all employee earnings. The Medicare rate is assumed to be 1.5% on all employee earnings.
Open the Excel file SA10-1.
Prepare a spreadsheet to compute the weekly gross pay, deductions, and net pay for S. Singh.
When you have completed the pay calculations, perform a save as, replacing the entire file name with the following: SA10-1_[your first name initial]_[your last name]
SA 10-2: Computing employee net pay, multiple employees
The Myatt Companies prepared the following weekly schedule for its three employees:
| A | B | C | D | |
| 1 | Inputs: | M. Todd | J. Kress | V. Johns |
| 2 | Hours worked straight-time | 40 | 40 | 40 |
| 3 | Hours worked overtime | 6 | 12 | 0 |
| 4 | Hourly rate | $24.00 | $30.00 | $16.50 |
| 5 | Overtime premium | 200% | 150% | 150% |
| 6 | Weekly withholding | $218.42 | $278.32 | $186.45 |
| 7 | Earnings prior to payroll period | $68,915 | $71,725 | $32,710 |
| 8 | Retirement savings | $60.00 | $150.00 | $50.00 |
| 9 |
The social security rate is assumed to be 6% on all employee annual earnings. The Medicare rate is assumed to be 1.5%.
Open the Excel file SA10-2.
Prepare a spreadsheet to compute the weekly gross pay, deductions, and net pay for each employee.
When you have completed the pay calculations, perform a save as, replacing the entire file name with the following: SA10-2_[your first name initial]_[your last name]
SA 10-3: Computing employee net pay, multiple time periods
Repair-It-for-U has a single employee, Josh Reed, who has the following weekly payroll information for four weeks:
| A | B | C | D | E | |
| 1 | Week 1 | Week 2 | Week 3 | Week 4 | |
| 2 | Hours worked straight-time | 40 | 39 | 40 | 36 |
| 3 | Hours worked overtime | 5 | 0 | 3 | 0 |
| 4 | Weekly withholding | $145.00 | $121.00 | $138.00 | $109.00 |
| 5 |
Reed had a pay rate of $16 per hour and an overtime premium of 150%. The social security tax rate is assumed to be 6% of employee earnings. The Medicare tax rate is assumed to be 1.5% of employee earnings.
Open the Excel file SA10-3.
Prepare a spreadsheet to compute the weekly gross pay, deductions, and net pay for each week.
When you have completed the pay calculations, perform a save as, replacing the entire file name with the following: SA10-3_[your first name initial]_[your last name]
When calculating Gross Earnings, what values are necessary?
a.Total hours worked times hourly rate plus overtime hours worked times hourly rate times overtime premium
b.Hours worked (straight time) plus overtime hours worked times hourly rate times overtime premium
c.Total hours worked times hourly rate times overtime premium times overtime hours
d.(Hours worked (straight time) times hourly rate) plus (overtime hours worked times hourly rate times overtime premium)
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