The payroll account for Presto Manufacturing Cupcakery has been assigned to you, and you are to complete
Question:
The payroll account for Presto Manufacturing Cupcakery has been assigned to you, and you are to complete the payroll for Sam, one of their employees. Sam is married, claims 2 withholding allowances, and earns $1,650 semimonthly. In addition to Federal Income taxes, Social Security, and Medicare, he pays 5.7% in NYS income tax (based on gross income), $157.50 for a family health plan per paycheck, $13.50 for life insurance, contributes 8% of his earnings to a 401K, and has his car payment of $110 auto deducted.
Presto Manufacturing pays unemployment at a rate of 3.4%, Federal Unemployment at a rate of 0.8%, and matches their employee's Social Security and Medicare taxes.
- Using your notes and the tax tables (EX 9-1 and 9-2) in the PowerPoint and eBook, calculate Sam’s take-home pay. Show and label your calculations for each deduction in the table below.
- Using the given case information, calculate the amount that Presto Manufacturing must pay for the payroll taxes for Sam in the table on page
| ||
Tax or Deduction | Calculation | Tax or Deduction Amount |
Federal Income Tax | ||
Social Security Tax (6.2%) | ||
Medicare Tax (1.45%) | ||
NYS Income Tax | ||
Health Plan | ||
Life Insurance | ||
401K | ||
Car Payment | ||
Total Tax and Deductions: | ||
Sam’s Take Home Pay: | ||
2. Employer Payroll Tax Chart | ||
Tax | Calculation | Tax Amount |
NYS Employment Tax (3.4%) | ||
Federal Unemployment Tax (0.8%) | ||
Social Security (matched) | ||
Medicare (matched) | ||
Presto’s Total Payroll Taxes for Sam | ||
Expert Answer:
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Project Management A Systems Approach to Planning Scheduling and Controlling
ISBN: 978-0470278703
10th Edition
Authors: Harold Kerzner
