1) Complete Exercise 1, 4, and 8 (Minko, Inc) from Chapter 7 Exercises and Problems section (present these exercises and problems in Excel).

Exercise 1.

During the past week, four employees of the Lovo Inc. worked the number of hours shown in the table. All four employees receive overtime pay at one and a half times their regular hourly rate for any hours worked beyond 40 in a week. Calculate the regular earnings, overtime earnings, and gross pay for each employee.

Employee	Hourly Rate	Hours Worked	Regular Earnings	Overtime Earnings	Gross Pay
Ann We	$18	45	$	$	$
Gregory Box	19	44
Dan Knox	19	43
Lana Gonzales	17	46
Total		178			$

Exercise 4.

The monthly wages for December, 2016 and the year-to-date earnings as of November 30 for the three employees of the Elegant Inc. are listed in the table below.

Requirements:

Calculate the amount of FICA: Social Security Tax and Medicare Tax to be withheld from each of the employee's gross (December only). Apply a 6.2 percent as a social security tax rate using the annual limit of the contribution and benefit base. For earnings in 2016, this base is $118,500. Also, apply a 1.45 percent as a Medicare tax rate.

Employee	December Salary	The year-to-date earnings up to November	Social Security Tax (December, 2016)	Medicare Tax (December, 2016)
Rod Cast	$2,900	$	$	$
Veronica Ergo	10,800
Ann Lola	9,650

Exercise 8.

Minko Inc. had a payroll of $59,000 for the month of May. The company withheld the following amounts from the employees pay: federal income taxes $9,100; FICA taxes $4,514 (Social Security Tax= $3,658; Medicare Tax= 856) ; and medical insurance premiums $4,940. Please, record these payroll entries in the General Journal.

General Journal Page: 5

	Description/ Account