Prepare a payroll register to calculate net pay for each employee. (Prepare the register for the biweekly payroll period. Round each calculation to the nearest cent as needed. If a box is not used in the table leave the box empty; do not enter a zero. Abbreviations used: Allow. = Allowances, YTD = Year to date, FIT = Federal Income Tax, SIT = State Income Tax, Exp. = Expense, Med. Ins. = Medical Insurance. For the purposes of this problem, we will ignore the "Taxable FUTA and SUTA Earnings" as well as the "Expense Account Charged information.)

Fall Company has five salaried employees. Your task is to use the following information to prepare a payroll register to calculate net pay for each employee EE (Click the icon to view the information.) Assume the following 1. FICA OASDI is 6.2% on $117,000: FICA Medicare is 1.45% on all earnings 2. Each employee contributes $40 biweekly for medical insurance 3. State income tax is 5% of gross pay 4. FIT is calculated using the federal income tax withholding table included EEB (Click the icon to view the Single Persons-Biweekly Payroll Period federal income tax withholding table.) Prior Current Employee W-4Earmings Name Allow.(YTD) Regular Overtime Gross Earnings Salary Hours Rate Amount Hours Rate Amount Pay (YTD) Cutting, H Howell, K Richard, H Blair, B Channing, L S-333,000.00 1,010.00 S-1 40,000.001,200.00 30,000.001,100.00 S-2 58,300.00950.00 S-2 116,100.001,840.00 1,200.0041,200.00 1.100.0031,100.00 950.0059,250.00 1.840.00117,940.00 1,010.00 34,010.00 S-1 Enter any number in the edit fields and then click Check Answer. All parts showing Clear All Fall Company has five salaried employees. Your task is to use the following information to prepare a payroll register to calculate net pay for each employee EE (Click the icon to view the information.) Assume the following 1. FICA OASDI is 6.2% on $117,000: FICA Medicare is 1.45% on all earnings 2. Each employee contributes $40 biweekly for medical insurance 3. State income tax is 5% of gross pay 4. FIT is calculated using the federal income tax withholding table included EEB (Click the icon to view the Single Persons-Biweekly Payroll Period federal income tax withholding table.) Prior Current Employee W-4Earmings Name Allow.(YTD) Regular Overtime Gross Earnings Salary Hours Rate Amount Hours Rate Amount Pay (YTD) Cutting, H Howell, K Richard, H Blair, B Channing, L S-333,000.00 1,010.00 S-1 40,000.001,200.00 30,000.001,100.00 S-2 58,300.00950.00 S-2 116,100.001,840.00 1,200.0041,200.00 1.100.0031,100.00 950.0059,250.00 1.840.00117,940.00 1,010.00 34,010.00 S-1 Enter any number in the edit fields and then click Check Answer. All parts showing Clear All