Accounting and Finance Foundations

Unit 8

Accounting and Finance Foundations Unit 8: Payroll 682

PayrollOpen-Response Unit Assessment

Skill Standards

Academic:

AB 1 Locate and interpret written information

AB 2 Read and interpret workplace documents

AB 4 Record information accurately and completely

AD 1 Perform basic and higher level math operations (e.g., addition, subtraction, multiplication, division,

decimals, fractions, units of conversion, averaging, percentage, proportion, ratios)

Employability:

EG 4 Locate and verify information

Accounting:

OA 2 Compute personal federal and state income taxes

OF 2 Calculate gross and net pay

OF 5 Complete federal tax forms (e.g., W2, W4, 1040EZ)

Scenario

You were recently hired as a credit analyst for Bank Plus. On your first day of work, Bank Plus required you

to complete a W-4 form. Bank Plus pays you weekly, and your hourly rate is $26.72. You just finished your

first week of work.

Tasks

A. Access a blank W-4 form at http://www.irs.gov/pub/irs-pdf/fw4.pdf. Then, complete the form using the

following data:

n    You are single.

n    Your social security number is 999-99-999.

n    Your address is 1234 Making Money Lane, Columbus, KY, 99999.

n    You will claim one allowance.

S/T Guide