1. Prepare a payroll register for Mary's Luxury Travel for the week ended March 22, 20--....

  
 

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1. Prepare a payroll register for Mary's Luxury Travel for the week ended March 22, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) Total the amount columns. Round your answers to the nearest cent. 2. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the journal entry for the payment of the payroll. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Mary Losch operates a travel agency called Mary's Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Mary's Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20-, are given below. Employees are paid 1% times the regular rate for working over 40 hours a week. No. of Marital Total Hours Total Earnings Name Allowances Status Worked Mar. 16-22 Rate Jan. 1-Mar. 15 Bacon, Andrea Cole, Andrew $12 $5,400 4 44 1 40 12 5,860 Hicks, Melvin Leung, Cara Melling, Melissa 3 M 43 10.5 4,800 1 37 11 5,115.5 2 40 10.5 4,706.5 Social Security tax is withheld from the first $118,500 of earnings at the rate of 6.2%. Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of 1%, both applied to gross pay. Bacon and Leung have $15 withheld and Cole and Hicks have $6 withheld for health insurance. Bacon and Leung have $18 withheld to be invested in the travel agency's credit union. Cole has $39.75 withheld and Hicks has $17.75 withheld under a savings bond purchase plan. Mary's Luxury Travel's payroll is met by drawing checks on its regular bank account. The checks were issued in sequence, beginning with Check No. 423. 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) Total the amount columns. Payroll Register for Period Ended March 22 20- Taxable Earnings Deductions Cumulative Unemploy, Federal Income Social Security Нealth Social Security Medicare Tax Other Total Net Pay Ck. No. Total Comp. Тах Тax City Tax Insurance 2. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the jourmal entry for the payment of the payroll. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank Page: 1 DOC. POST NO. REF. DATE ACCOUNT TITLE DEDIT CREDIT 1 Mar. 24 2 6 9 10 Payrol for week ended March 22 10 1. Prepare a payroll register for Mary's Luxury Travel for the week ended March 22, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) Total the amount columns. Round your answers to the nearest cent. 2. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the journal entry for the payment of the payroll. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Mary Losch operates a travel agency called Mary's Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Mary's Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20-, are given below. Employees are paid 1% times the regular rate for working over 40 hours a week. No. of Marital Total Hours Total Earnings Name Allowances Status Worked Mar. 16-22 Rate Jan. 1-Mar. 15 Bacon, Andrea Cole, Andrew $12 $5,400 4 44 1 40 12 5,860 Hicks, Melvin Leung, Cara Melling, Melissa 3 M 43 10.5 4,800 1 37 11 5,115.5 2 40 10.5 4,706.5 Social Security tax is withheld from the first $118,500 of earnings at the rate of 6.2%. Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of 1%, both applied to gross pay. Bacon and Leung have $15 withheld and Cole and Hicks have $6 withheld for health insurance. Bacon and Leung have $18 withheld to be invested in the travel agency's credit union. Cole has $39.75 withheld and Hicks has $17.75 withheld under a savings bond purchase plan. Mary's Luxury Travel's payroll is met by drawing checks on its regular bank account. The checks were issued in sequence, beginning with Check No. 423. 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) Total the amount columns. Payroll Register for Period Ended March 22 20- Taxable Earnings Deductions Cumulative Unemploy, Federal Income Social Security Нealth Social Security Medicare Tax Other Total Net Pay Ck. No. Total Comp. Тах Тax City Tax Insurance 2. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the jourmal entry for the payment of the payroll. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank Page: 1 DOC. POST NO. REF. DATE ACCOUNT TITLE DEDIT CREDIT 1 Mar. 24 2 6 9 10 Payrol for week ended March 22 10

Answer rating: 100% (QA)

Answer PAYROLL REGISTER WEEK ENDED MAR 22 20 Name Employee No Allowances Marital status Earnings Taxable Earnings Deductions Net pay Check No Regular Overtime Total Cumulative Total Unemployment Compensation Social Security Federal Income Tax Social Security Tax Medicare Tax City Tax Health Insurance Other Total 1 Bacon Andrea 1 4 M 480 72 552 6152 552 552 8 3422 800 552 16 Credit Union 18 8975 46225 423 2 Cole Andrew 2 1 S 480 480 6260 480 480 46 2976 696 480 5 Bonds 3975 13227 34773 424 3 HicksMelvin 3 3 M 420 4725 46725 526725 46725 46725 7 2897 678 467 5 Bonds 1875 7117 39608 425 4 Leung cara 4 1 S 385 385 54905 385 385 31 2387 558 385 16 Credit Union 18 9830 28670 426 5 Melling Melissa 5 2 M 420 420 51245 420 420 11 2604 609 420 4733 37267 427 2185 11925 230425 2829425 230425 230425 103 14286 3341 2304 42 0 945 43882 186543 Note I have available 2015 withholding rates and that is used in federal income tax please look the effect of this might change your answer Date Description Debit Credit Mar 24 20 Wages and Salaries Expense 230425 Employee Federal Income Tax Payable 10300 Social Security Tax Payable 14286 Medicare Tax Payable 3341 City Earnings Tax ... View the full answer