Assignment Ten
This assignment relates to:
Payroll Accounting --
Using the information from your previous assignments we are going to create a payroll run for your business and process it through your books.

The first thing you want to do is create 20 new transactions. The best way to do this is to close your books (Lab 6) and then create the new transactions for the completion of labs 10, 11, 12 and 13. They should not only include payroll, taxes and inventory, but any standard transactions like rent / mortgage payments, utility payments, etc. Once you have done that, continue with the next part of this lab.

You will need to be paying at least 3 employees. (** Note: One of these people can be an Independent Contractor if you include an appropriate job description for this assignment.) Use the Payroll Register in my downloads section. Fill it out for 3 or more employees working for 1 pay period based on these rates:

Federal Income Tax (You can find current rates online or you can use the following rates):
  • 0 Allowances - 16%
  • 1 Allowances - 15%
  • 2 Allowances - 14%
  • 3 Allowances - 13%
  • Social Security Tax -- 6.2 Percent
  • Medicare Tax -- 1.45 Percent
  • Medical Insurance -- $53.20
Calculate the appropriate deductions for the current pay period. You can use these links to help with your calculations: Your results should correspond to your Journal and Ledger entries so you can use the totals you already have as a basis to back into or create your entries here and revise your Journal and Ledger to match.
Email --
Attach all required documents to an email (ex: 20 new transactions, Payroll Register, General Journal and General Ledger)

Send these to me making sure to add "Lab 10" in the subject line and include your name in the body of the email.
This is Part of the Final Project

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