Journal entry worksheet Journal entry worksheet MSquared pays its employees monthly. Payments made by the company...

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Journal entry worksheet Journal entry worksheet MSquared pays its employees monthly. Payments made by the company on October 31 follow. Cumulative amounts for the year paid to the persons prior to the October 31 payroll are also given. 1. Tori Parker, president, gross monthly salary of $18,500; gross earnings prior to October 31, $169,800. 2. Carolyn Catz, vice president, gross monthly salary of $14,700; gross earnings paid prior to October 31, $150,800. 3. Michelle Clark, Independent accountant who audits the company's accounts and performs consulting services, $14,600; gross amounts paid prior to October 31, $43,000. 4. Will Wu, treasurer, gross monthly salary of $4,100: gross earnings prior to October 31, $50,900. 5. Payment to Review Services for monthly services of Tom Bradley, an editorial expert, $4,100; amount paid to Review Services prior to October 31, $32.200 Required: 1. Use an earnings celling of $142.800 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing t ng the following information: a. Each employee's cumulative earnings prior to October 31. b. Each employee's gross earnings for October e. The amounts to be withheld for each payroll tax from each employee's earnings; the employee's income tax withholdings are Parker, $4,852: Catz, $4,135; Wu, $941. d. The net amount due each employee. e. The total gross earnings, the total of each payroll tax deduction, and the total net amount payable to employees. 2. Prepare the general journal entry to record the company's payroll on October 31. 3. Prepare the general journal entry to record payments to employees on October 31. Use an earnings ceiling of $142,800 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following information: Note: Round your answers to 2 decimal places. Employee Name Cumulative earnings Monthly pay Social security Medicare Tori Parker Carolyn Catz Michelle Clark Will Wu Tom Bradley $ 0.00 $ Employee income tax withholding Netpay 2 Record the company's payroll to be paid at a later date. 1 2 Record the entry to summarize payment of the payroll. Note: Enter debits before credits. Note: Enter debits before credits. Date October 31, General Journal Debit Credit Date October 31, General Journal Debit Credit 20X1 20X1 Journal entry worksheet Journal entry worksheet MSquared pays its employees monthly. Payments made by the company on October 31 follow. Cumulative amounts for the year paid to the persons prior to the October 31 payroll are also given. 1. Tori Parker, president, gross monthly salary of $18,500; gross earnings prior to October 31, $169,800. 2. Carolyn Catz, vice president, gross monthly salary of $14,700; gross earnings paid prior to October 31, $150,800. 3. Michelle Clark, Independent accountant who audits the company's accounts and performs consulting services, $14,600; gross amounts paid prior to October 31, $43,000. 4. Will Wu, treasurer, gross monthly salary of $4,100: gross earnings prior to October 31, $50,900. 5. Payment to Review Services for monthly services of Tom Bradley, an editorial expert, $4,100; amount paid to Review Services prior to October 31, $32.200 Required: 1. Use an earnings celling of $142.800 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing t ng the following information: a. Each employee's cumulative earnings prior to October 31. b. Each employee's gross earnings for October e. The amounts to be withheld for each payroll tax from each employee's earnings; the employee's income tax withholdings are Parker, $4,852: Catz, $4,135; Wu, $941. d. The net amount due each employee. e. The total gross earnings, the total of each payroll tax deduction, and the total net amount payable to employees. 2. Prepare the general journal entry to record the company's payroll on October 31. 3. Prepare the general journal entry to record payments to employees on October 31. Use an earnings ceiling of $142,800 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following information: Note: Round your answers to 2 decimal places. Employee Name Cumulative earnings Monthly pay Social security Medicare Tori Parker Carolyn Catz Michelle Clark Will Wu Tom Bradley $ 0.00 $ Employee income tax withholding Netpay 2 Record the company's payroll to be paid at a later date. 1 2 Record the entry to summarize payment of the payroll. Note: Enter debits before credits. Note: Enter debits before credits. Date October 31, General Journal Debit Credit Date October 31, General Journal Debit Credit 20X1 20X1