Olney Company is a small manufacturing firm located in Allentown, Pennsylvania. The company has a workforce of
Question:
Olney Company is a small manufacturing firm located in Allentown, Pennsylvania. The company has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter-hour increments. The standard workweek consists of 40 hours, with all employees being paid time and one-half for any hours worked beyond the 40 regular hours.
Wages are paid every Friday, with one week’s pay being held back by the company. Thus, the first payday for Olney Company is January 14 for the workweek ending January 8 (Saturday).
The information below will be used in preparing the payroll for the pay period ending January 8, 20--.
Time Card No. | Employee Name | Hourly Wage or Salary | ||
---|---|---|---|---|
11 | Rob A. Mangino | $18.50 | per hour | |
12 | Inga C. Flores | 19.25 | per hour | |
13 | Carson S. Palmetto | 17.80 | per hour | |
21 | Randy F. Waters | 20.70 | per hour | |
22 | Cathy T. Kroll | 23.80 | per hour | |
31 | Carmen V. Ruppert | 800 | per week | |
32 | William M. Scott | 780 | per week | |
33 | Sarah A. Wickman | 3,500 | per month | |
51 | Lucas T. Foley | 4,500 | per month | |
99 | Marshal W. Olney | 78,000 | per year |
The following instructions are provided:
In the Earnings columns, the wages used to compute FICA have been provided.
In the applicable column, compute each employees OASDI and HI.
For other deductions and net pay, leave entry cells blank.
Below the Payroll Register, complete the Kipley Company register for their OASDI and HI contributions.
Note: Round your final answers to nearest cent.
ONLEY COMPANY Payroll Register | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
EARNINGS | DEDUCTIONS | NET PAY | ||||||||||
Name | Status / Allow. | Gross | OASDI | HI | SIMPLE | FIT | SIT | SUTA | CIT | Grp. Health | Net Pay | |
Mangino, R. | S / 1 | $740.00 | $ | $ | $ | $ | $ | $ | $ | $ | $ | |
Wilson, W. | S / 0 | $1,058.80 | $ | $ | $ | $ | $ | $ | $ | $ | $ | |
Totals | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||
KIPLEY COMPANY, INC. Employer Register | ||||||||
---|---|---|---|---|---|---|---|---|
OASDI | HI | SIMPLE | FIT | SIT | SUTA | CIT | Grp. Health | |
Totals | $ |
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann