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ACCT 2690 – Capstone Accounting – Payroll

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Black Company recently hired you to prepare the monthly payroll along with other accounting tasks on October 1.You will find attached an excel spreadsheet and several pdf forms that will assist you in preparing their manual payroll entries. Personal data for the 4 employees (including yourself, the President, a Salesperson and the Manager) is provided on the Employee Earnings tab in the excel workbook. All employees are paid monthly with the Manager and President being paid a salary and the other two being paid an hourly rate. Both you and the Salesperson are not considered white-collar employees, so the company is responsible to pay you overtime for time worked beyond 40 hours per week.

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The following taxes are levied upon Black Company and its employees

? Federal Income Taxes (FIT) – Please use the attached PUB 15 to calculate these taxes

? Nebraska State Income Taxes (SIT) – 4.05%

? Nebraska State Unemployment Taxes (SUTA) – 2.75% on the first $9,000 of wages

? Federal Unemployment Taxes (FUTA) – .6% on the first $7,000 of wages

? FICA (OASDI) – 6.2% on the first $113,700 of gross earnings

? FICA (HI) – 1.45% on total gross earnings.

Other deductions

? The President and Manager currently put money into the company sponsored SIMPLE Retirement Plan.

As a new employee you will not be allowed to participate. While the company does match these, that is

handled by a CPA company and is not your responsibility to keep track of. You will be required to use it

when calculating the employees net pay and other deductions. The State of Nebraska for SIT allows for

the same benefits as the Federal government for FIT calculations.

Taxes are deposited according to the following schedule

? Federal Taxes – OASDI, HI and FIT taxes must be deposited on or before the 15th of the month following the month in which the taxes were withheld

? State – States taxes are deposited quarterly. The must be remitted along with the 941N by the month

following the end of the quarter

? SUTA taxes are deposited quarterly. The must be remitted along with the 941N by the month following

the end of the quarter

? FUTA taxes are deposited in accordance with Federal guidelines.

NOTE: Be sure you input your name where [STUDENT] shows up. For the SS Acount No. – use any 4 digits you

choose in lieu of the XXXX

The following transactions and events occurred during the last quarter of the year

10/15 Prepare a journal entry to record the deposit of Federal Taxes from the prior month and post to the appropriate GL. (NOTE: the amount due is the same as the balance carry forward from the GL. This include the deposit of FICA and FIT taxes)

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10/31 SUTA Taxes were paid for the previous quarter

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10/31 SIT Taxes were paid for the previous quarter

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10/31 Prepare the payroll for the last day of the period of October.

There were 5 weeks during October and you worked the following during those 5 weeks (45 hours, 38 hours, 42 hours, 32 hours and 48 hours)

Logan is considered part-time and worked the following (22 hours, 32 hours, 15 hours, 20

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hours and 12 hours)

NOTE: Be sure you record the both the employees and the employers Journal Entries. PROCESS: Prepare Register, then Employee Earnings, prepare your Journal Entry and then Post to the GL

11/15 Prepare a journal entry to record the deposit of Federal Taxes from the prior month and post to the appropriate GL.

11/20 Logan submitted a new W-4 that changed his Marital Status to Married and allowances to 1.

This will take effect on the Nov 30 paycheck.

11/30 Prepare the payroll for the last day of the period of November

There were 4 weeks during November and you worked the following during those weeks (45 hours, 45 hours, 40 hours and 40 hours)

Logan worked the following (20 hours, 28 hours, 20 hours, 21 hours)

12/4 Joseph submitted a new W-4 that changed exemptions to 3

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12/15 Prepare a journal entry to record the deposit of Federal Taxes from the prior month and post to the appropriate GL.

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12/31 Prepare the payroll for the last day of the period of December

There were 4 weeks during December and you worked the following during those weeks (40 hours, 40 hours, 42 hours and 40 hours)

Logan worked the following (13 hours, 12 hours, 20 hours, 25 hours)

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Prepare all journal entries needed in January to pay taxes due. Be sure you date them properly. NOTE: Do not post these to the General Ledger

Required:

? Using the above transactions complete the Payroll Register, Earnings Reports, Journal Entries and General

Ledger accounts as found in the attached excel template.

? Complete the proper yearend tax forms by using the attached pdf files:

o 941

o 941N (Nebraska)

o Form UI (Nebraska)

o 940

o W-2

o W-3

? Answer the following questions on a blank Word document

o The total payroll tax expense incurred by the employer on salaries and wages paid during the

quarter ended December 31 was _____________

o The total payroll tax expense incurred by the employer on the total earnings of Jack Black during

the fourth quarter was _________________

o Black has decided to give all current employees (including himself) a bonus payment during

January equal to 5% of their total gross pay for last year. Determine the total amount of his

bonus payment and total amount of payroll tax expenses associated with this bonus

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