F.Fuentes operates a business known as Variety Unlimited.Listed below are the name,number of allowances claimed,marital status,total...
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F.Fuentes operates a business known as Variety Unlimited.Listed below are the name,number of allowances claimed,marital status,total hours worked, and hourly rate of each employee.All hours worked in excess of 40 hours per week are paid at the rate of time and a half. The employer uses the weekly federal income tax withholding table.Social Security tax is withheld at the rate of 6.2%,Medicare tax is withheld at the rate of 1.45%.All employees have Health Insurance Premiums withheld in the amount of $55.00.Hertz,Jordan,and Pollo each will have $25.00 withheld this payday under a savings bond purchase plan. Fuentes follows the practice of drawing a single check for the net amount of the payroll and depositing the check in a special payroll account at the bank.Individual paychecks are then drawn for the amount due each employee.The checks issued this payday were numbered consecutively beginning with No.786. Variety Unlimited Payroll information for the week ended December 15, 20- Regular Cumulative Earnings thru Dec. 8 $86,240 27,440 21,560 15,680 31,360 Total # of Marital Hours Hourly Rate $34.00 14.00 11.00 8.00 Name Allowances Status Worked Н. Hertz C. Lobel J. Jordan D. Pollo 5 M 40 2 M 43 3 M 47 2 S 39 М. Perez 6 45 14.00 Required: 1.Prepare a payroll register for Variety Unlimited for the pay period ended December 15,20--. 2.Assuming that the wages for the week ended December 15 were paid on December 17,enter the payment in the general journal. (left sile) PAYROLL REGISTER Earnings Taxable Earnings Cumulative Unemploy. Social Comp. # of Name Albwances M/S Regular Overtime Total Earnings Sec urity (right side) PAYROLL REGISTER Deductions Federal Social Income Security Medicare Таx Net Total Pay Health Savings Check Таx Тах Insurance Bonds No. GENERAL JOURNAL Page 3 Post Debit Credit Date Description Ref. F.Fuentes operates a business known as Variety Unlimited.Listed below are the name,number of allowances claimed,marital status,total hours worked, and hourly rate of each employee.All hours worked in excess of 40 hours per week are paid at the rate of time and a half. The employer uses the weekly federal income tax withholding table.Social Security tax is withheld at the rate of 6.2%,Medicare tax is withheld at the rate of 1.45%.All employees have Health Insurance Premiums withheld in the amount of $55.00.Hertz,Jordan,and Pollo each will have $25.00 withheld this payday under a savings bond purchase plan. Fuentes follows the practice of drawing a single check for the net amount of the payroll and depositing the check in a special payroll account at the bank.Individual paychecks are then drawn for the amount due each employee.The checks issued this payday were numbered consecutively beginning with No.786. Variety Unlimited Payroll information for the week ended December 15, 20- Regular Cumulative Earnings thru Dec. 8 $86,240 27,440 21,560 15,680 31,360 Total # of Marital Hours Hourly Rate $34.00 14.00 11.00 8.00 Name Allowances Status Worked Н. Hertz C. Lobel J. Jordan D. Pollo 5 M 40 2 M 43 3 M 47 2 S 39 М. Perez 6 45 14.00 Required: 1.Prepare a payroll register for Variety Unlimited for the pay period ended December 15,20--. 2.Assuming that the wages for the week ended December 15 were paid on December 17,enter the payment in the general journal. (left sile) PAYROLL REGISTER Earnings Taxable Earnings Cumulative Unemploy. Social Comp. # of Name Albwances M/S Regular Overtime Total Earnings Sec urity (right side) PAYROLL REGISTER Deductions Federal Social Income Security Medicare Таx Net Total Pay Health Savings Check Таx Тах Insurance Bonds No. GENERAL JOURNAL Page 3 Post Debit Credit Date Description Ref.
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Regular Over Rate Regular Over Saving Total Name Total Social Medicare Health Net CK T... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
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