Do excel problem

a177_module_03_assignment.xlsx

Home >Business & Finance homework help >Accounting homework help >Do excel problem

Written Exercise

Module 03 Written Exercise

For this exercise, use a search engine such as http://www.google.com/ and search for "exempt work FLSA". Answer the following questions:

Instructor Feedback

What is the difference between exempt and nonexempt work?

Approximately how many places in the United States have ordinances requiring a “living wage”? What are the benefits of a living wage law? Whom does a living wage law benefit?

What are the benefits of Electronic Funds Transfers?

What are the benefits of a payroll service?

Payroll Problems

Module 03 Payroll Problems

Problem 3.1

Many companies provide employees with options for participating in retirement plans.

Instructor Feedback

The following employees elected to contribute the the company sponsored 401k.

Calculate their contributions based on the provided information.

Contribution

Biweekly

Contribution

Employee

Percentage

Salary/Wages

Amount

No. 1

2.00%

$ 979

No. 2

5.00%

$ 2,519

No. 3

4.00%

$ 2,342

No. 4

3.00%

$ 1,202

No. 5

2.00%

$ 1,129

No. 6

6.00%

$ 2,715

No. 7

5.00%

$ 2,573

Total

Problem 3.2

Many companies provide a matching contribution to employee retirement plans.

Instructor Feedback

The following employees elected to contribute the the company sponsored 401k.

Calculate the employer contributions based on the provided information. Assume that

the employer is matching 1% after the first 3%.

Employee

Employer

Employee

Employer

Contribution

Biweekly

Contribution

Total

Employee

Percentage

Salary/Wages

Amount

Contributions

No. 1

2.00%

$ 1,318.27

No. 2

5.00%

$ 2,457.31

No. 3

3.00%

$ 1,960.19

No. 4

5.00%

$ 1,588.46

No. 5

6.00%

$ 1,542.31

No. 6

6.00%

$ 3,098.46

No. 7

5.00%

$ 2,978.08

Totals

Problem 3.3

The schemes for matching employee contributions to retirement plans can vary.

Instructor Feedback

The following employees elected to contribute the the company sponsored 401k.

Calculate their contributions based on the provided information. Assume that

the employer is matching .5% for every 1% contributed by employees.

Employee

Employer

Employee

Employer

Contribution

Biweekly

Contribution

Total

Employee

Percentage

Salary/Wages

Amount

Contributions

No. 1

1.00%

$ 1,484.62

No. 2

3.00%

$ 2,150.00

No. 3

5.00%

$ 1,756.92

No. 4

8.00%

$ 1,484.62

No. 5

5.00%

$ 3,096.15

No. 6

6.00%

$ 2,590.38

No. 7

6.00%

$ 996.15

Totals

Problem 3.4

Group insurance plans arranged through the employer generally have a rate

Instructor Feedback

for single employees and a rate for an employee plus family members.

Determine the insurance contributions based on the following information.

The rate for a single employee is $50 per paycheck. The rate for each family

member is an additional $50.

Insurance

Employee

Dependents

Premium

No. 1

No. 2

No. 3

No. 4

No. 5

No. 6

No. 7

Totals

Problem 3.5

Determine the insurance contributions based on the following information.

Instructor Feedback

The rate for a single employee is $35 per paycheck. The rate for each family

member is an additional $40. Employee numbers 1 and 4 opted out of the company

insurance program.

Insurance

Employee

Dependents

Premium

No. 1

No. 2

No. 3

No. 4

No. 5

No. 6

No. 7

Totals

Continuing Problem Instructions

Continuing Problem Instructions
Refer to the partially completed payroll register from module 02. You will now input non-tax withholdings for each employee, proceeding as follows: 1. Record the payroll deductions for the 401k/Simple plan, the Health plan, and the Group life plan that the employer has established for participating employees. All of the employees are participating, and their weekly contributions are listed below. For future reference, the tax deferral on the Health plan and the 401k/Simple deductions applies only to the federal income tax.
					ERROR:#REF!
						ERROR:#REF!
No.	Employee	401k	Group	Health		ERROR:#REF!	Taxable
300	Adams, Nikki	$ 20	$ 5	50		ERROR:#REF!	Earnings	Rate	Net FUTA
111	Barr, Stephanie	$ 50	$ 5	50		ERROR:#REF!	ERROR:#REF!	0.006	ERROR:#REF!
208	Duginski, Samuel	$ 40	$ 5	100		ERROR:#REF!			SUTA
198	Glander, Morgan	$ 50	$ 5	100		ERROR:#REF!	ERROR:#REF!	0.036785	ERROR:#REF!
189	Hines, Terrance	$ 20	$ 5	50		ERROR:#REF!
68	Jama, Adamo	$ 40	$ 10	100		ERROR:#REF!
45	Lee, Min	$ 50	$ 10	100		ERROR:#REF!
17	Rorberts, Tammi	$ 60	$ 10	50		ERROR:#REF!
12	Vick, Tomika	$ 30	$ 10	100
9	Yo, Margaret	$ 80	$ 15	100	ERROR:#REF!
						ERROR:#REF!
						ERROR:#REF!
						ERROR:#REF!
						ERROR:#REF!
					ERROR:#REF!
						ERROR:#REF!

Continuing Problem Worksheet

Continuing Problem Worksheen
North Country Hotel and Resort
Payroll Register
For the Period Ending: Jan. 07, 20XX
No.	Employee	Marital Status	Allow.	Regular Earnings			Overtime Earnings				Deductions									Net Pay		Taxable Earnings							OASDI	HI	FIT	SIT	SUTA	CIT	SIMPLE	GROUP	HEALTH	Net
				Hours	Hourly Rate	Earnings	Hours	Hourly Rate	Earnings	Total Earnings	Group Life	Health Plan	401K / Simple	FICA		FIT	SIT	CIT	SUTA	Check No.	Amount	OASDI	HI	FUTA	SUTA				0.062	0.0145		0.0307	0.0007	0.03		INS	INS	pay	oasdi	hi	futa	suta
														OASDI	HI
300	Adams, Nikki																			21313						300		300	18.60 Mark Sears: Enter as a formula of taxable earnings x OASDI rate	4.35 Mark Sears: Enter as a formula of taxable earnings x HI rate	17.00	9.21	0.21	9.00	20.00	0.85	1.65	219.13	300.00	300.00	300.00	300.00
111	Barr, Stephanie																			21314						290	87.04	377.04	23.38	5.47	34.00	11.58	0.26	11.31	50.00	0.85	1.65	238.55	377.04	377.04	377.04	377.04
208	Duginski, Samuel																			21315						303.75		303.75	18.83	4.40	- 0	9.33	0.21	9.11	40.00	0.85	1.65	219.36	303.75	303.75	303.75	303.75
198	Glander, Morgan																			21316						316	71.1	387.1	24.00	5.61	- 0	11.88	0.27	11.61	50.00	0.85	1.65	281.22	387.10	387.10	387.10	387.10
189	Hines, Terrance																			21317						390		390	24.18	5.66	19.00	11.97	0.27	11.70	20.00	- 0	1.65	295.57	390.00	390.00	390.00	390.00
68	Jama, Adamo																			21318						515	24.15	539.15	33.43	7.82	11.00	16.55	0.38	16.17	40.00	0.85	1.65	411.30	539.15	539.15	539.15	539.15
45	Lee, Min																			21319						392.31		392.31	24.32	5.69	- 0	12.04	0.27	11.77	50.00	0.85	1.65	285.71	392.31	392.31	392.31	392.31
17	Rorberts, Tammi																			21320						542.31		542.31	33.62	7.86	47.00	16.65	0.38	16.27	60.00	- 0	1.65	358.88	542.31	542.31	542.31	542.31
12	Vick, Tomika																			21321						348.46	52.28	400.74	24.85	5.81	- 0	12.30	0.28	12.02	30.00	0.85	1.65	312.98	400.74	400.74	400.74	400.74
9	Yo, Margaret																			21322						1000		1000	62.00	14.50	24.00	30.70	0.70	30.00	80.00	0.85	1.65	755.60	1,000.00	1,000.00	1,000.00	1,000.00
	Totals																									4,397.83 Mark Sears: Enter as formula totaling column	234.57 Mark Sears: Enter as formula totaling column	4,632.40 Mark Sears: Enter as formula totaling column	287.21 Mark Sears: Enter as formula totaling column	67.17 Mark Sears: Enter as formula totaling column	152.00 Mark Sears: Enter as formula totaling column	142.21 Mark Sears: Enter as formula totaling column	3.24 Mark Sears: Enter as formula totaling column	138.97 Mark Sears: Enter as formula totaling column	440.00 Mark Sears: Enter as formula totaling column	6.80 Mark Sears: Enter as formula totaling column	16.50 Mark Sears: Enter as formula totaling column	3,378.29 Mark Sears: Enter as formula totaling column	4,632.40 Mark Sears: Enter as formula totaling column	4,632.40 Mark Sears: Enter as formula totaling column	4,632.40 Mark Sears: Enter as formula totaling column	4,632.40 Mark Sears: Enter as formula totaling column
																													Mark Sears: Enter as a formula of taxable earnings x OASDI rate	Mark Sears: Enter as a formula of taxable earnings x HI rate	Mark Sears: Enter as formula totaling column	Mark Sears: Enter as formula totaling column		Mark Sears: Enter as formula totaling column	Mark Sears: Enter as formula totaling column	Mark Sears: Enter as formula totaling column	Mark Sears: Enter as formula totaling column	Mark Sears: Enter as formula totaling column	Journal
		Date		Account					Debit	Credit						Taxable		OASDI
																Earnings	Rate	Tax
		01/07/20XX		Salaries and Wages Expense											OASDI												4,632.40
				Employee FIT Payable																								287.21
				Employee SIT Payable														HI Tax										67.17					Taxable
				Empoyee SUTA Payable											HI													152.00					Earnings	Rate	Net FUTA
				Employee CIT Payabale																								142.21					4,632.40	0.006	27.79
				FICA - OASDI Payable																								3.24							SUTA
				FICA - HI Payable														FUTA Tax										138.97					4,632.40	0.036785	170.40
				401K Contributions Payable											FUTA													440.00
				Group Insurance Premiums Payable																								6.80
				Health Insurance Premiums Payable														SUTA Tax										16.50
				Salaries and Wages Payable											SUTA													3,378.29
		01/07/20XX		Payroll Taxes Expense																							552.58
				FICA - OASDI Payable																								287.21
				FICA - HI Payabale																								67.17
				FUTA Taxes Payable																								27.79
				SUTA Taxes Payable																								170.40
		01/14/20XX		Salaries and Wages Payable																							3,378.29
				Cash																								3,378.29