For this assignment please complete the following tasks:
a. Complete the attached Excel spreadsheet to calculate each employee’s regular pay, overtime pay, total gross pay, and net pay. Assume the following information: 401K is pre-taxed, FICA OASDI is 6.2%, FICA HI is 1.45%, State Income Tax is 3.050%, and use the wage bracket method for the federal withholding tax. Use the following IRS document [Publication 15-T Federal Income Tax Withholding Methods] to determine the federal withholding tax (assuming you are working with a 2019 or Earlier scenario – pages 23 – 50).
b. Pick out the first employee from the list of employees on the Excel spreadsheet and complete a Form W-4 and Form W-4P. Assume that all dependents (a.k.a. withholding allowances) are under the age of 17.
c. Use the appropriate information from the Excel spreadsheet (assuming a 12 week quarter) to complete Form 941 for the organization.
d. Describe how a wage garnishment of $50 would impact the first employee in the list as far as pay calculations, etc. are concerned.
