During one week, four production employees of Pisgah Properties worked the hours shown below. All these...

 

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During one week, four production employees of Pisgah Properties worked the hours shown below. All these employees receive overtime pay at one and one-half times their regular hourly rate for any hours worked beyond 40 in a week. Determine the regular earnings, overtime earnings, and gross earnings for each employee. Note: Round your intermediate calculations and final answers to 2 decimal places. Number Employee Hourly Rate Total Hours Worked Overtime Rate Overtime Hours Worked Regular Overtime Gross Earnings Earnings Earnings 1 $ 9.50 45 2 9.22 48 3 9.06 39 4 9.30 47 Exercise 10.6 (Algo) Determining social security withholding. LO 10-3 The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $142,800 for the calendar year. Note: Round your answers to 2 decimal places. Year-to-Date Employee December Earnings Social Security Social Number Salary Through November 30 Taxable Earnings December Security Tax 6.20% 1 $ 10,600 $ 99,700 2 10,700 70,700 3 10,780 118,580 4 14,700 131,500 Exercise 10.9 (Algo) Recording payroll transactions in the general journal. LO 10-/ The Uniform Store has two office employees. A summary of their earnings and the related taxes withheld from their pay for the week ending June 7, 20X1, follows. Gross earnings Social security deduction Medicare deduction Income tax withholding Net pay for week Liz Queen $ 1,380.00 Donald King $ 1,250.00 (77.50) (18.13) (85.56) (20.01) (369.44) (225.12) $ 984.99 $ 929.25 1&2. Prepare the general journal entries to record the company's payroll and to summarize the checks to pay the weekly payroll. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet < 1 2 Record the company's payroll for the week to be paid at a later date. Note: Enter debits before credits. Date General Journal Debit Credit Journal entry worksheet > 1 2 Record the company's payroll for the week to be paid at a later date. Note: Enter debits before credits. Date June 07, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the entry to summarize the checks to pay the weekly payroll. Note: Enter debits before credits. Date June 07, 20X1 General Journal Debit Credit Record entry Clear entry View general journal During one week, four production employees of Pisgah Properties worked the hours shown below. All these employees receive overtime pay at one and one-half times their regular hourly rate for any hours worked beyond 40 in a week. Determine the regular earnings, overtime earnings, and gross earnings for each employee. Note: Round your intermediate calculations and final answers to 2 decimal places. Number Employee Hourly Rate Total Hours Worked Overtime Rate Overtime Hours Worked Regular Overtime Gross Earnings Earnings Earnings 1 $ 9.50 45 2 9.22 48 3 9.06 39 4 9.30 47 Exercise 10.6 (Algo) Determining social security withholding. LO 10-3 The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $142,800 for the calendar year. Note: Round your answers to 2 decimal places. Year-to-Date Employee December Earnings Social Security Social Number Salary Through November 30 Taxable Earnings December Security Tax 6.20% 1 $ 10,600 $ 99,700 2 10,700 70,700 3 10,780 118,580 4 14,700 131,500 Exercise 10.9 (Algo) Recording payroll transactions in the general journal. LO 10-/ The Uniform Store has two office employees. A summary of their earnings and the related taxes withheld from their pay for the week ending June 7, 20X1, follows. Gross earnings Social security deduction Medicare deduction Income tax withholding Net pay for week Liz Queen $ 1,380.00 Donald King $ 1,250.00 (77.50) (18.13) (85.56) (20.01) (369.44) (225.12) $ 984.99 $ 929.25 1&2. Prepare the general journal entries to record the company's payroll and to summarize the checks to pay the weekly payroll. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet < 1 2 Record the company's payroll for the week to be paid at a later date. Note: Enter debits before credits. Date General Journal Debit Credit Journal entry worksheet > 1 2 Record the company's payroll for the week to be paid at a later date. Note: Enter debits before credits. Date June 07, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the entry to summarize the checks to pay the weekly payroll. Note: Enter debits before credits. Date June 07, 20X1 General Journal Debit Credit Record entry Clear entry View general journal

Answer rating: 100% (QA)

Answer To calculate the regular earnings overtime earnings and gross earnings for each employee we need to follow these steps Determine the regular hours worked and overtime hours worked for each empl... View the full answer