Payroll Project

Due in $2$ segments $-$ Please see instruction item $=9$ on the final page for more details.

Your accounting company has been hired to prepare the payroll and everything that goes along with it for $Ol\text{'}$ Fashion Industries which has $4$ employees. The necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly $($last day of the current month$)$ and were last paid Sept. ${30}^{th}.$ Assume this is an Indiana company and use the Indiana withholding rates. Their SUTA rate is $3\mathrm{.}5\%.$ The company utilizes the "Quick Chart" for all eligible employees, otherwise the longer method must be used to calculate Federal withholding tax.

$\backslash$table$[[$Employee$,\backslash$table$[[$Gross Wages$],[$per check$]],$Marital Status,Hire date,Termination$],[$Denise$,15,800,$Married Joint,$7$ years ago,$],[$Erin$,7,200,$Single,$7$ years ago,$],[$Frank$,3,400,$Single,Aug. $1^{st},$Nov. $30],[$Grant$,3,300,$Married Joint,Sept $1$st$,]]$

$*$All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan

Denise $-$ Has $$450/$ pay deducted for $401K,$$$500$ pay deducted for Medical Premium insurance, and $$400$ withheld for Flexible Spending $($FSA$).$ Step $3$ of $T4=$$$2,500.$ Spouse does not work.

Erin $-$ Has $$300/$ pay deducted for $401K,$$$250$ pay deducted for Medical Premium insurance, and $$150$ withheld for FSA. Step $3$ of $W4=$$$500$

Frank$-$ Has $$50/$ pay deducted for $401K,$$$200$ pay deducted for Medical Premium insurance, and $$150$ withheld for FSA. Nothing for Step $3$ or $4$

Grant$-$Has $$50/$ pay deducted for $401K,$$$350$ pay deducted for Medical Premium insurance, and $$400$ withheld for FSA. Spouse makes the same and checked step $2$ on W$4.$

$**$Employer will match $401K$ contributions up to $$500.$ Employer's portion of the Medical Premiums is twice what the employee pays. ${?}^{****}$

Instructions:

Using the attached Excel Spreadsheet as a guide to the proper layout, adapt your own preformatted payroll template. Add a new sheet for Nov. and Dec. and copy and paste your template. Copy and paste the trial balances given for each month in $3$ separate new sheets $($copy the opening trial balance as well to reference$).$ Make sure your sheets contain all the answers requested in the nonformatted attachment $($ie$.$

Payroll Project

Due in $2$ segments $-$ Please see instruction item #$9$ on the final page for more details.

Your accounting company has been hired to prepare the payroll and everything that goes along with it for Ol'Fashion Industries which has $4$ employees. The necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly $($last day of the current month$)$ and were last paid Sept. ${30}^{th}.$ Assume this is an Indiana company and use the Indiana withholding rates. Their SUTA rate is $3\mathrm{.}5\%.$ The company utilizes the "Quick Chart" for all eligible employees, otherwise the longer method must be used to calculate Federal withholding tax.

$\backslash$table$[[$Employee$,\backslash$table$[[$Gross Wages$],[$per check$]],$Marital Status,Hire date,Termination$],[$Denise$,15,800,$Married$/$Joint$,7$ years ago,$],[$Erin$,7,200,$Single,$7$ years ago,$],[$Frank$,3,400,$Single,Aug. $1^{st},$Nov. $30$ th ${?}^{th}$