Accounting 213: Lab #8 for Chapter 9 - Payroll Accounting Name: Instructions: 1) use the information in Part A to complete the Payroll Register Table in Part B. Remember to use formulas when there is a calculation/cell reference. 2) Using the information in the Payroll Register, complete January & December journal entries for both employee wages/withholdings and employer only taxes (use cell references). NOTE. In the pink cells, we have provided you wilth the formulas for the first period. Because there is no dala in the cells as you begin the assignment, the result of the calculaion is 0. As you complele the rest of the table, you will see the results in the pink cells change. You will need to copy the formulas in these January cells from the first period into the subsequent pericds Part A Tax Rates and Maximum Taxable Amounts: 1 2 annual salary of employee subject to tax $128,400 tax rate 3 Social Security FICA (OASDI) 4 Social Security Medicare 5 6 Unemployment- FUTA 7 Unemployment SUTA 6 20% 1 45% al $7,000 $7,000 0.6% 5.4% 9 Information for Employee Irma Wellpaid: 0 Monthly gro55 pay 1 Monthly tax table 2 3 Monthly health insurance 4 Monthly life insurance 5 Montly retirement savings $11,500 $2,200 $700 Federal State $450 $50 $1,200 7 Part B: Payroll Register Name: Irma Wellpaid Cumulative Withholdings ayroll subject gross pay 6 Calendar year-to-date Gross pay subject to Health Monthly Monthly Federal State Life Total with holdings Monthly Gross pay Soc. Sec to unem 1 Medicare income income Insurance Insurance Retirement Net tax tax 2 Month 3 January 4 February 5 March April 7 May 3 June July August 1 September Social Sec. tax x tax Premium Premium savings ployment $0 FUTA SUTA tax ay S0 2 October 3 November 4 December XXXXXXXXX 5 Total 7 8 Part C: Journal Entries Record the payroll taxes paid solely by the employer Record the payroll entry for payment to Irma and related withholdings (FICA match & unemployment taxes) (amounts on employee pay stub) See example on page 348 In text. For January See example on page 347 in text. For January: 2 1 2 3 For December: 4 For December 1 2 Accounting 213: Lab #8 for Chapter 9 - Payroll Accounting Name: Instructions: 1) use the information in Part A to complete the Payroll Register Table in Part B. Remember to use formulas when there is a calculation/cell reference. 2) Using the information in the Payroll Register, complete January & December journal entries for both employee wages/withholdings and employer only taxes (use cell references). NOTE. In the pink cells, we have provided you wilth the formulas for the first period. Because there is no dala in the cells as you begin the assignment, the result of the calculaion is 0. As you complele the rest of the table, you will see the results in the pink cells change. You will need to copy the formulas in these January cells from the first period into the subsequent pericds Part A Tax Rates and Maximum Taxable Amounts: 1 2 annual salary of employee subject to tax $128,400 tax rate 3 Social Security FICA (OASDI) 4 Social Security Medicare 5 6 Unemployment- FUTA 7 Unemployment SUTA 6 20% 1 45% al $7,000 $7,000 0.6% 5.4% 9 Information for Employee Irma Wellpaid: 0 Monthly gro55 pay 1 Monthly tax table 2 3 Monthly health insurance 4 Monthly life insurance 5 Montly retirement savings $11,500 $2,200 $700 Federal State $450 $50 $1,200 7 Part B: Payroll Register Name: Irma Wellpaid Cumulative Withholdings ayroll subject gross pay 6 Calendar year-to-date Gross pay subject to Health Monthly Monthly Federal State Life Total with holdings Monthly Gross pay Soc. Sec to unem 1 Medicare income income Insurance Insurance Retirement Net tax tax 2 Month 3 January 4 February 5 March April 7 May 3 June July August 1 September Social Sec. tax x tax Premium Premium savings ployment $0 FUTA SUTA tax ay S0 2 October 3 November 4 December XXXXXXXXX 5 Total 7 8 Part C: Journal Entries Record the payroll taxes paid solely by the employer Record the payroll entry for payment to Irma and related withholdings (FICA match & unemployment taxes) (amounts on employee pay stub) See example on page 348 In text. For January See example on page 347 in text. For January: 2 1 2 3 For December: 4 For December 1 2