For the Corporation I have created I need to prepare the Corporation needs a Payroll Register and Payroll Tax Register for the three employees for the week ended August 31, 2024. August 2024 has 22 working days. The Corporation employs three employees, and pays time-and-a-half for overtime and monthly paychecks are distributed on the Friday following the last day of the month. The background imforation for the corporation I created: The Corporation withholds federal income tax at 18%, state income tax at 7%, FICA-OASDI at 6.2% for wages up to $118,500, and FICA-Medicare at 1.45%. The Corporation also pays payroll taxes for FICA-OASDI at 6.2% for wages up to $118,500, FICA--Medicare at 1.45%, and state and federal unemployment at 5.4% and 0.6% respectively for wages up to $7,000. August 2024 has 22 working days. Payroll data employees for the month ended August 31: Name Straight Time Rate Hours Worked Beginning Cumulative Earnings Tommy S $30 175 $52,000 Lee Y 34 196 $23,000 Sarah H 26 190 $3,060
For the Corporation I have created I need to prepare the Corporation needs a Payroll Register and Payroll Tax Register for the three employees for the week ended August 31, 2024. August 2024 has 22 working days.
The Corporation employs three employees, and pays time-and-a-half for overtime and monthly paychecks are distributed on the Friday following the last day of the month.
The background imforation for the corporation I created:
The Corporation withholds federal income tax at 18%, state income tax at 7%, FICA-OASDI at 6.2% for wages up to $118,500, and FICA-Medicare at 1.45%.
The Corporation also pays payroll taxes for FICA-OASDI at 6.2% for wages up to $118,500, FICA--Medicare at 1.45%, and state and federal
Payroll data employees for the month ended August 31:
|
Name |
Straight Time Rate |
Hours Worked |
Beginning Cumulative Earnings |
|
Tommy S |
$30 |
175 |
$52,000 |
|
Lee Y |
34 |
196 |
$23,000 |
|
Sarah H |
26 |
190 |
$3,060 |
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What is the whole formula you used to determine the overtime pay it is cut of and am unable to determine the rest of the formula and what is the corporations total payroll expense for the month ended August 31,2024.
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