Excel Work Book Files

Unit 8 [AC499: Bachelor’s Capstone in Accounting]

 

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Unit 8 Assignment Instructions:

 

Each Problem (1, 2, 3, and 4) is worth 10 points (40 Points total).

Submit your answers to the Unit 8 Dropbox in a single properly formatted Excel Workbook file.

 Use a separate tab in the single Excel document for each problem.

 Do not put all 4 problems on the same tab.

 Be sure to rename each tab to indicate the question number.

Your answer to this Assignment should be submitted in a single Excel Workbook document.

Question # 1:

 

Charles Giles worked 46 hours during this pay-week. He is paid time-and-a-half for hours over

40 and his pay rate is $17.90/hour. What was his overtime premium pay for this workweek?

Use the following information to answer Questions 2, 3 & 4:

The totals from the first payroll of the year are shown below.

Total Pay = $36,195.10 FICA/OASDI = $ 2,244.10 FICA/HI = $ 524.83 FIT W/H = $ 6,515.00 State Tax W/H = $ 361.95 Union Dues = $ 500.00 Net Pay = $26,049.22

 

Assume the following tax rates:

1. * FICA tax—OASDI on employees: 6.2%. 2. FICA tax—HI on employees: 1.45%. 3. FIT withheld from employees. 4. FICA tax—OASDI on employers: 6.2%. 5. FICA tax—HI on employers: 1.45%. 6. Net FUTA tax: 0.6%. 7. SUTA tax: 3.7%.

Note – Correction to the Textbook – The 2% reduction on the Employee’s share of the OASDI expired on December 31, 2012. So, the correct rate to apply is 6.2% for both the employee and the employer.

 

 

Unit 8 [AC499: Bachelor’s Capstone in Accounting]

 

 

Question # 2: Journalize the entry to record the payroll.

Question # 3: Journalize the entry to record the employer’s payroll taxes (assume a SUTA

rate of 3.7%).

Question # 4: Journalize the entry to deposit the FICA and FIT taxes.

Your answer to this Assignment should be submitted in a single Excel Workbook document.

When you are ready, you may submit your paper to the Unit 8 Dropbox. Note: Include your name in the filename of the Assignment.

 

Unit 8 Assignment Grading Rubric:

Category/Description Points Possible

Points Earned

Instructor Additional Comments (If necessary)

Questions: Correctly solve each problem. Worth 10 points each.

1- Compute overtime premium pay.

2- Journalize entry to record payroll.

 

3- Journalize entry to record employer’s payroll taxes

 

4- Journalize the entry to deposit the FICA and FIT taxes

 

10

10 10

 

10

 

Critical Thinking & Analysis, APA Format/Grammar/Spelling

* Points may be deducted for incorrect analysis, spelling, grammar, and formatting.

Late Penalty * Points may be deducted for late submission.

Final Score 40