Monty Company pays its office employee payroll weekly. Below is a partial list of employees and...
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Monty Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Employee Mark Hamill Karen Robbins Brent Kirk Alec Guinness Ken Sprouse Earnings to July 31 $5,230 4,530 3,730 8,430 9,030 Weekly Pay $320 270 230 370 450 Vacation Pay to Be Received in August $540 460 900 Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the second and third weeks of August by Robbins, Kirk, and Sprouse. The state unemployment tax rate is 2.5% and the federal is 0.8%, both on a $7,000 maximum. The FICA rate is 7.65% on employee and employer on a maximum of $128,400 per employee. In addition, a 1.45% rate is charged both employer and employee for an employee's wages in excess of $128,400. Make the journal entries necessary for each of the four August payrolls. The entries for the payroll and for the company's liability are made separately. Also make the entry to record the monthly payment of accrued payroll liabilities. Monty Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Employee Mark Hamill Karen Robbins Brent Kirk Alec Guinness Ken Sprouse Earnings to July 31 $5,230 4,530 3,730 8,430 9,030 Weekly Pay $320 270 230 370 450 Vacation Pay to Be Received in August $540 460 900 Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the second and third weeks of August by Robbins, Kirk, and Sprouse. The state unemployment tax rate is 2.5% and the federal is 0.8%, both on a $7,000 maximum. The FICA rate is 7.65% on employee and employer on a maximum of $128,400 per employee. In addition, a 1.45% rate is charged both employer and employee for an employee's wages in excess of $128,400. Make the journal entries necessary for each of the four August payrolls. The entries for the payroll and for the company's liability are made separately. Also make the entry to record the monthly payment of accrued payroll liabilities.
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Answer rating: 100% (QA)
Payroll Entry 1 August 1 2023 Mark Hamill Calculate the deductions for Mark Hamill Federal Income Tax 10 of 320 32 Union Dues 2 of 320 640 Calculate the employer expenses State Unemployment Tax 25 of ... View the full answer
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
Posted Date:
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