What taxes are calculated on payroll payments of full-time

Reference no: EM132981610

Exercise 1: What taxes are calculated on the payroll payments of full-time (40-hour) employees who additionally receive sales commissions? Include the corresponding citations and references.

Exercise 2: Using the Payroll Spreadsheet, calculate the Weekly Net Salary of Ludovico Artist, Paulina Crispeta and Betty Holgazán, who work full time, 40 hours a week at Lily Cubitos SA, located in the state of Florida, based on the next information:

-Ludovico Artist: I work 48 hours a week, his hourly wage is $ 22, his tax status is 2, his Federal Allowance is 2, $ 80 a week is deducted from his salary for payment of medical and dental insurance.

-Paulina Crispeta: I work 44 hours a week, her hourly wage is $ 25, her tax status is 1, her Federal Allowance is 1, $ 106 a week is deducted from her salary to pay for medical and dental insurance.

-Betty Holgazán : I work 50 hours a week, her hourly wage is $ 16, her tax status is 1, her Federal Allowance (tax allowance) is 1, $ 130 a week is deducted from her salary to pay for medical and dental insurance.

Employee Federal Tax State tax Social Security Tax Medicare tax
Ludovico Artist 22% 0 6.20% 1.45%
Paulina Crispeta 22% 0 6.20% 1.45%
Betty Holgazán 12% 0 6.20% 1.45%

(These are 3 Payroll Spreadsheets; that will serve to answer exercise 1 and exercise 2)

1)Employee Information :
-ID 1
-Name Jay Adams
-Hourly wage $ 10.00
-Tax Status 1
-Federal Subsidy (from W-4) 4
-State Tax (Percentage) 2.30%
-Federal Tax (Percentage based on Federal Subsidy) 28.00%
-Social Security Tax (Percentage) 6.30%
-Medicare Tax (Percentage) 1.45%
-Total Taxes Withheld (Percentage) 38.05%
- "Insurance Deduction (Dollars)" $ 20.00
- "Other Regular Deductions (Dollars)" $ 40.00
-Total Regular Deductions (Excluding taxes, in dollars) $ 60.00

2)Payroll: Period Ending on: 3/22/2019
ID 1 ID- 2
Name of the employee Jay Adams
Regular Hours Worked 50
Vacation Hours 5
Hours of Illness 1
Extra hours -
Overtime Rate -
Net salary $ 560.00 $ 0.00
Taxes and Deductions $ 273.08 $ 0.00
Other Deductions $ 20.00
Net salary $ 266.92 $ 0.00

3)Individual Pay Stubs:
Fitoplastics Ltda. Period: 3/22/2019
Employee Name Jay Adams
ID 1
Tax Status 1
Federal Subsidy (from W-4) 4
Hours Worked 50
Hourly Wage $ 10.00
Overtime Rate $ 0.00
Hours of Illness 1
Social Security Tax $ 35.28
Federal Tax $ 156.80
Vacation Hours 5
Medicare tax $ 8.12
State Tax $ 12.88
Overtime Hours 0
Insurance Deduction $ 20.00
Other Regular Deductions $ 40.00
Gross Pay $ 560.00
Total Taxes and Regular Deductions $ 273.08
Other Deductions $ 20.00
Total Taxes and Deductions $ 293.08
Net Salary $ 266.92

Reference no: EM132981610

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