Reference no: EM131292516
The purpose of this assignment is to revisit the federal payroll tax calculations that were demonstrated in the Careers in Practice: Payroll for a Medical Group exercise. In that exercise, we assumed that if the employee’s weekly income was less than or equal to $1,150, the federal tax was estimated at 20%. For any income over $1,150, the federal tax was estimated at 25%. However, the IRS publishes tables that provide more details as to how federal taxes should be calculated and withheld for weekly payrolls.
The Excel workbook for this assignment contains two worksheets. The Payroll Details worksheet is a subset of the data that was used for the Careers in Practice exercise. The Withholding Table worksheet contains part of an Excel worksheet that was published by the IRS. There are six levels of weekly income in Columns A and B of the worksheet. Columns C and D provide information for calculating the amount of federal tax that should be withheld. For example, if an employee’s weekly salary is $200, you would use Row 3 to calculate the amount of federal tax that should be withheld. This means you would first subtract the value in cell C3 from the weekly salary, which is: 200 − 111.15 = 88.85. Then the result of 88.85 is multiplied by the percentage in cell D3, which is: 88.85 × .10 = 8.885. Therefore, the federal tax that should be withheld for an employee who is paid $200 a week is $8.885. Expressed as a formula, the calculation would be as follows: (200 − 111.15) × .10.
Your assignment is to complete the Federal Tax calculations in Column F of the Payroll Details worksheet. You are required to reference the data in theWithholding Table worksheet such that if the tax rates change in the future (a very common occurrence), your federal tax calculations will automatically be updated.
Please show answer in excel,
Began the current month with inventory costing
: Auto Parts Inc. began the current month with inventory costing $40,000, then purchased inventory at a cost of $175,000. The perpetual inventory system indicates that inventory costing $120,000 was sold during the month for $160,000. If an inventory c..
|
What the paragraph meant about parent entity statements
: In some cases parent-entity financial statements may be needed, in addition to consolidated financial statements, to indicate adequately the position of bondholders and other creditors or preferred shareholders of the parent. Explain what the paragra..
|
Leadership role model
: Nelson Mandela serves as a leadership role model this week. Please take time to think about leadership behaviors you have observed in others in your life. What do the skills look like when masterful leaders successfully communicate, negotiate an..
|
What is purpose of learning time value of money mathematics
: What is the purpose of learning the time value of money mathematics? What are the factors that affect the components of interest rates?
|
Revisit the federal payroll tax calculations
: The purpose of this assignment is to revisit the federal payroll tax calculations that were demonstrated in the Careers in Practice: Payroll for a Medical Group exercise. Your assignment is to complete the Federal Tax calculations in Column F of the ..
|
Describe strategic factors and the organizational structure
: Describe the strategic factors and the organizational structure.- Are there misfits? - Which changes do you propose?
|
Contemporary shipping and port management
: Song, Dong-Wook, & Panayides, P. Maritime Logistics. (2015). A Guide to Contemporary Shipping and Port Management. London: Kogan Page. ISBN 978-0-7494-72689.
|
Find the total magnetic flux inside the conductor
: (An inversion of Problem 7.20.) A solid, nonmagnetic conductor of circular cross section has a radius of 2 mm. The conductor is inhomogeneous, with σ = 106(1 + 106ρ2) S/m.
|
Find examples of good and bad location decisions
: Find examples of good and bad location decisions. For your examples, what made each location decision good or bad for the company? (Question 8, page 348)
|