Reference no: EM131031445
Written Exercise
1 What is the difference between exempt and nonexempt work?
2 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?
3 What are the benefits of Electronic Funds Transfers?
4 What are the benefits of a payroll service?
Payroll Problems
Problem 3.1
Many companies provide employees with options for participating in retirement plans. The following employees elected to contribute the the company sponsored 401k.
Calculate their contributions based on the provided information.
|
|
Contribution |
|
Biweekly |
| Employee |
|
Percentage |
|
Salary/Wages |
| 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 |
Problem 3.2
Many companies provide a matching contribution to employee retirement plans.
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 |
|
|
|
|
Contribution |
|
Contribution |
|
Biweekly |
| Employee |
|
Percentage |
|
Percentage |
|
Salary/Wages |
| 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. 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 |
|
Contribution |
|
Biweekly |
|
Contribution |
|
Contribution |
|
Total |
| Employee |
|
Percentage |
|
Percentage |
|
Salary/Wages |
|
Amount |
|
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 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.
Problem 3.5
Determine the insurance contributions based on the following information.
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.
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.
| No. |
Employee |
401k |
Group |
Health |
| 300 |
Adams, Nikki |
$ 20 |
$ 5 |
50 |
| 111 |
Barr, Stephanie |
$ 50 |
$ 5 |
50 |
| 208 |
Duginski, Samuel |
$ 40 |
$ 5 |
100 |
| 198 |
Glander, Morgan |
$ 50 |
$ 5 |
100 |
| 189 |
Hines, Terrance |
$ 20 |
$ 5 |
50 |
| 68 |
Jama, Adamo |
$ 40 |
$ 10 |
100 |
| 45 |
Lee, Min |
$ 50 |
$ 10 |
100 |
| 17 |
Rorberts, Tammi |
$ 60 |
$ 10 |
50 |
| 12 |
Vick, Tomika |
$ 30 |
$ 10 |
100 |
| 9 |
Yo, Margaret |
$ 80 |
$ 15 |
100 |
Attachment:- module_03_assignment.xlsx
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