Payroll Tax Expense Assignment
February 18th, 2020
The Company has these employees. They are paid every 2 weeks. Hourly employees are paid time and a half (150%) for all hours over 40 per week. One week of the two week pay period should be accrued since employees were last paid 12/25. The employer must match the payroll taxes so that should also be accrued as a .(disregard accruing SUTA and FUTA).
| Name | 401(k) Participant Participation % | Pay Rate | Payroll Type (Salary or Hourly+ Overtime at 150%) | Hours Worked | Total Pay Including Overtime | 401(k) | Taxable Pay | Payroll taxes (7.65%) | Federal Income Tax (20%) |
| Jane Doe | 3% | $2,000.00 | Biweekly Salary | 80 | |||||
| Pat Beddoe | $10.00 | Hourly + Overtime at 150% | 80 | ||||||
| Matt Frank | 2% | $15.00 | Hourly + Overtime at 150% | 100 | |||||
| Sally McDonald | 4% | $14.00 | Hourly + Overtime at 150% | 90 | |||||
| Cindy McCoy | 4% | $12.00 | Hourly + Overtime at 150% | 80 | |||||
| Martha Moore | 2% | $10.00 | Hourly + Overtime at 150%
|
60 | |||||
| Gloria Randall | $2,500.00 | Biweekly Salary | 80. . |
