This Assessment is part of the Assignments category, worth 25% of your grade.
Completing this Assessment will help you to meet the following:
Scenario: You are the Payroll Accountant for Olney Company, Inc., a small manufacturing firm located in Allentown, PA. Your manager, Director of Human Resources, is in the process of determining if and when the company should transition to an electronic payroll system. She has directed you to complete the payroll for pay period ending January 8th.
The Olney Company, Inc. has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter-hour increments. The standard workweek consists of 40 hours, with all employees being paid time and one-half for any hours worked beyond the 40 regular hours.
Wages are paid every Friday, with one week’s pay being held back by the company. Thus, the first payday for Olney is January 14th for the workweek ending January 8th (Saturday). The information (provided in the excel spreadsheet) will be used in preparing the payroll for the pay period ending January 8th.
Ms. Carmen V. Ruppert prepares the time clerk’s report for each pay period. Her report for the first week of operations is provided in the Excel spreadsheet template. All employees, except for Marshall W. Olney, are paid for hours worked beyond 40 at one and one-half times their regular hourly rate of pay.
Directions: Complete the payroll cycle using the template provided in Blackboard. Follow the steps outlined below to ensure you complete all required parts of the process.
When completing this activity, do not use dollar signs $’s in your template as this is an internal document, so not using $’s saves time and makes the payroll register easier to read. Also, and very important, you are working with money. Your numbers need to be exact and rounded to the nearest cent. All of your figures should have 2 decimal places.
Step #1: Payroll Register – Wages and FICA Taxes
Using the payroll register provided for Olney Company, complete the following step for the payroll period. These are part of your responsibilities as the Payroll Accountant for the company:
Now, as part of your continued duties, you will now determine the amount of FICA taxes to be withheld from each employee’s pay for the pay period ending January 8th, 20xx.
Step #2: Payroll Register – FIT, SIT, and CITP taxes
Step #3: Payroll Register – SUTA and FUTA taxes
Step #4: Journal Entries
In this last calculations phase of the payroll for the period, you will need to record the amounts withheld for group and health insurance and calculate the net pay for the each employee.
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