Hourly workers are paid time-and-a-half for overtime. a. Determine the net earnings of each employee. b....

  

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Hourly workers are paid time-and-a-half for overtime. a. Determine the net earnings of each employee. b. Prepare the journal entries for the following: 1. Recording the payroll. 2. Paying the payroll. 3. Distributing the payroll. (Assume that the overtime premium will be distributed to all jobs worked on during the period.) 4. Recording the employer's payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.) Norris, D. Rancifer, K. Greer, B. Holbert, R. Direct Indirect Indirect Indirect 40 40 50 40 1,800 $0.44/piece $800/wk $1,600/wk $1,400/wk K Note: For the exercises and problems in this chapter, use the following tax rates: FICA-Employer and employee, 8% of the first $100,000 of earnings per employee per calendar year. State unemployment-4% of the first $8,000 of earnings per employee per calendar year. Federal unemployment-1% of the first $8,000 of earnings per employee per calendar year. Federal income tax withholding-10% of each employee's gross earnings, unless otherwise stated. Employees' earnings using hourly and piece-rate methods The payroll records of Linda Vista Machining Co. show the following information for the week ended April 17: Hours Classification Worked Employee Manressa, C. Direct Dorr, M. Ginty, D. Norris, D. Rancifer, K. Greer, B. Holbert, R. Direct Direct Direct Indirect Indirect Indirect Hourly workers are paid time-and-a-half for overtime. a. Determine the net earnings of each employee. b. Prepare the journal entries for the following: 42 48 39 40 40 50 40 Production (Units) 2,000 1,800 Rate $18.00/hr $17.60/hr $0.44/piece $0.44/piece $800/wk $1,600/wk $1,400/wk Hourly workers are paid time-and-a-half for overtime. a. Determine the net earnings of each employee. b. Prepare the journal entries for the following: 1. Recording the payroll. 2. Paying the payroll. 3. Distributing the payroll. (Assume that the overtime premium will be distributed to all jobs worked on during the period.) 4. Recording the employer's payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.) Norris, D. Rancifer, K. Greer, B. Holbert, R. Direct Indirect Indirect Indirect 40 40 50 40 1,800 $0.44/piece $800/wk $1,600/wk $1,400/wk K Note: For the exercises and problems in this chapter, use the following tax rates: FICA-Employer and employee, 8% of the first $100,000 of earnings per employee per calendar year. State unemployment-4% of the first $8,000 of earnings per employee per calendar year. Federal unemployment-1% of the first $8,000 of earnings per employee per calendar year. Federal income tax withholding-10% of each employee's gross earnings, unless otherwise stated. Employees' earnings using hourly and piece-rate methods The payroll records of Linda Vista Machining Co. show the following information for the week ended April 17: Hours Classification Worked Employee Manressa, C. Direct Dorr, M. Ginty, D. Norris, D. Rancifer, K. Greer, B. Holbert, R. Direct Direct Direct Indirect Indirect Indirect Hourly workers are paid time-and-a-half for overtime. a. Determine the net earnings of each employee. b. Prepare the journal entries for the following: 42 48 39 40 40 50 40 Production (Units) 2,000 1,800 Rate $18.00/hr $17.60/hr $0.44/piece $0.44/piece $800/wk $1,600/wk $1,400/wk

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Question 1 a Net earnings of each employee Norris D Regular earnings 40 hours x 044piece x 1800 pieces 31680 Overtime earnings None Gross earnings 31680 Federal income tax withholding 10 x 31680 3168 ... View the full answer