Answer Happy

Hope Kingsley is a new employee at Some Corporation, where shebegan working January 3, 2022, the first Monday of the first payperiod for the year. She has just received her 8th paycheck of theyear and have noticed a few issues she would like some help with.Your job is to find those mistakes, explain what the mistakeactually is (i.e. tax is calculated wrong, ytd amounts are wrong,etc.), and fix it (i.e. calculate the correct amount of tax, etc.)There are a total of 10 mistakes on this paystub. Each mistake thatyou identify, explain, and fix, is worth 5 points, for a totalpossible of 50 points. Please assume that all names and addressesare correct, the Married status and the allowances for both Federaland State are correct, the fact that she worked 80 hours in the2-week pay period is correct, and her Gross Pay for this pay periodand the 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 theTax Tables provided in the textbook for the Federal Income Taxtitled “2021 Percentage Method Tables for Manual Payroll Systemswith Forms W-4 from 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 paycheck of 2022 forHope Kingsley, a brand new, hourly employee. NOTE: The format ofthe paystub is correct! Please do not get hung up on the wording ofthe items on the paystub or the format of how that information isdisplayed! Every company formats their paystubs a littledifferently! One additional mistake has been corrected for you soyou can see how this assignment is supposed to be completed. Pleasenote that the weekly amounts and the year-to-date amounts should beconsidered SEPARATE mistakes, not one big mistake. IMPORTANT: YOUMUST SHOW YOUR ENTIRE CALCULATIONS WHEN CORRECTING THE MISTAKES.SIMPLY GIVING YOUR UPDATED AMOUNT IS NOT ACCEPTABLE AND YOU WILLLOSE POINTS! Please review the check stub below and identify,explain, and fix the 10 mistakes: Ex.) Hourly rate is incorrect.Should be stated as earnings per hour, not total earnings for thepay period.
$1,200 gross pay80 hours worked = $15 correct hourly rate.
File 1 ران - COMPANY Type here to search C/Users/kaise/OneDrive/Desktop/Acc%201-10 + n @ 2 W S X *a Some Corporation 123 Somewhere Drive Ann Arbor, MI 48104 Employee ID Number Job Title Social Security Number Department Number Pay Period Pay Date Taxable Marital Status Withholding Method: Federal State Earnings Gross Pay Rate 1,200.00 Health Dental Retirement Net Pay Deductions Federal Income Taxi State Income Tax Social Security Tax Medicare Tax Acc 110 Paystub Mistakes Assignment.net 3 # E D [DAN Dil Hours 80 C LEGS1 PryICIES *Excluded from federal and state income taxes. only. Not excluded from FICA taxes.. 4x 4 Paystub%20Mistakes%20Assignment.pdf Y R 98856 Administrative Assistant F 123-45-6789 K7890 4/10/2022-4/23/2022 4/29/2022 Married Filling Jointly Ch L M Standard Standard 54 This Period 1,200.00 1,200.00 V 121.99 79.68 18.64 65.63 76.58 26.56 150.00 660.92 4' F % 5 T G Earnings Statement 90+ CUENA DONNICTS AND SERVICES Hope Marie Kingsley 8670 Rogerson Drive Ann Arbor, MI 48104 40 A 6 Year To Date 9,600.00 9,600.00 B 975.92 637.44 149.12 525.04 FO 612.64 212.48 1,200.00 5,287.36 Y H A 1810 & 7 U 10 N PrtScn J Fa 8 O B I Home M 2 CULCA NETWOOL 72°F Part C PR ( 9 K O