Gosh!!! please respond to EXACTLY what is being asked! Ihave made the important part bolded! and I also attached the imageof the assignment as well as the text!!!
Paystub Mistakes Assignment
New employees rely on the payroll accounting professional tohelp them understand their pay check. Quite often candidates arewooed into new positions with starting salaries that seemimpressive but the amount looks much smaller when divided by payperiods with taxes, insurance and retirement removed from theamount. Hope Kingsley is a new employee at Some Corporation, whereshe began working January 3, 2022, the firstMonday of the first pay period for the year. She has just receivedher 8th paycheck of the year and have noticed a few issues shewould like some help with. Your job is to find those mistakes,explain what the mistake actually is (i.e. tax is calculated wrong,ytd amounts are wrong, etc.), and fix it (i.e. calculate thecorrect amount of tax, etc.) There are a total of 10mistakes on this paystub. Each mistake that youidentify, explain, and fix, is worth 5 points, for a total possibleof 50 points. Please assume that all names and addresses arecorrect, the Married status and the allowances for both Federal andState are correct, the fact that she worked 80 hours in the 2-weekpay period is correct, and her Gross Pay for this pay period andthe Year-To-Date Gross Pay is correct. The amounts deducted forHealth, Dental, and Retirement are also correct for both this payperiod and the Year-To-Date. The Health and Dental deductions arenot exempt from any taxes and, therefore, should not be subtractedfrom the income before you calculate any taxes. Some Corporationpays it employees bi-weekly, with the pay period beginning on aSunday and ending on a Saturday. The company uses the PercentageMethod to calculate ALL Federal Income Tax. NOTE:You MUST use the Tax Tablesprovided in the textbook for the Federal Income Tax titled “2021Percentage Method Tables for Manual Payroll Systems with Forms W-4from 2020 or Later.” Do NOT use an outside source.HOWEVER, you may need to do a quick Google search to verify theState Income Tax rate. The paychecks are distributed the Fridayfollowing the end of the pay period. ALL employees of the companyare paid on an hourly basis. Below is the 8th paycheckof 2022 for Hope Kingsley, a brand new, hourlyemployee. NOTE: The format of the paystub is correct! Please do notget hung up on the wording of the items on the paystub or theformat of how that information is displayed! Every company formatstheir paystubs a little differently! One additional mistake hasbeen corrected for you so you can see how this assignment issupposed to be completed. Please note that the weekly amounts andthe year-to-date amounts should beconsidered SEPARATE mistakes, not onebig mistake. IMPORTANT: YOU MUST SHOW YOUR ENTIRECALCULATIONS WHEN CORRECTING THE MISTAKES. SIMPLY GIVING YOURUPDATED AMOUNT IS NOT ACCEPTABLE AND YOU WILL LOSEPOINTS! Please review the check stub belowand identify, explain, and fix the 10mistakes:
Ex.) Hourly rate is incorrect. Should be stated as earnings perhour, not total earnings for the pay period.
$1,200 gross pay / 80 hours worked = $15 correct hourlyrate.
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