Chapter 8- Homework X CengageNOWv2 | Online te X Course Hero *Course Hero *Course Hero X BUS-10-43404 OL (04/18- X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Chapter 8- Homework eBook Video 1. EX.08-01 The information on earnings and deductions for the pay period ended December 14 from King Company's payroll records is as follows: ? Beginning 2. EX.08-02 Cumulative 3. EX.08-03 Name Gross Pay Earnings Burgess, J. L. $410 $6,750 4. EX.08-04 Clayton, M. E. 785 40,200 Drugden, T. F. 860 38,500 5. EX.08-05 Lui, L. W. 990 39,700 6. EX.08-06 Sparks, C. R. 4,094 115,700 Stevers, D. H. 850 6,810 7. EX.08-07 8. EX.08-08 For each employee, the Social Security tax is 6.2 percent of the first $118,500 and the employer's Social Security tax is 6.2 percent on the same earnings limit. The Medicare tax is 1.45 percent on all earnings. The federal unemployment tax rate is 0.6 percent of the first $7,000 of earnings of each employee. The state unemployment tax rate is 5.4 percent of the same base. Required: Determine the total taxable earnings for unemployment, Social Security, and Medicare. If an amount is zero, enter "0". BEGINNING ENDING TAXABLE EARNINGS CUMULATIVE TOTAL CUMULATIVE UNEMPLOY- SOCIAL NAME EARNINGS EARNINGS EARNINGS MENT SECURITY MEDICARE Burgess, J. L. 5,750 $10 7,160 V 250 410 410 Clayton, M. E. 40,200 785 40,985 785 785 Drugden, T. F. 38,500 860 39,360 O V 860 860 Lui, L. W. 39,700 990 40,690 990 990 Progress: 4/8 items Check My Work Previous Next Assignment Score: 90.79% All work saved. Email Instructor Save and Exit Submit Assignment for GradingChapter 8- Homework X CengageNOWv2 | Online te X Course Hero *Course Hero *Course Hero X BUS-10-43404 OL (04/18- X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Chapter 8- Homework eBook Video Sparks, C. R. 4,094 115,700 1. EX.08-01 Stevers, D. H. 850 6,810 ? 2. EX.08-02 For each employee, the Social Security tax is 6.2 percent of the first $118,500 and the employer's Social Security tax is 6.2 percent on the same earnings limit. The 3. EX.08-03 Medicare tax is 1.45 percent on all earnings. The federal unemployment tax rate is 0.6 percent of the first $7,000 of earnings of each employee. The state unemployment tax rate is 5.4 percent of the same base. 4. EX.08-04 Required: 5. EX.08-05 Determine the total taxable earnings for unemployment, Social Security, and Medicare. If an amount is zero, enter "0". 6. EX.08-06 BEGINNING ENDING TAXABLE EARNINGS 7. EX.08-07 CUMULATIVE TOTAL CUMULATIVE UNEMPLOY- SOCIAL NAME EARNINGS EARNINGS EARNINGS MENT SECURITY MEDICARE 8. EX.08-08 Burgess, J. L. 5,750 410 7,160 250 410 410 Clayton, M. E. 40,200 785 40,985 785 785 Drugden, T. F. 38,500 860 39,360 O V 860 860 Lui, L. W. 39,700 990 40,690 0 V 990 990 Sparks, C. R. 115,700 4,094 119,794 O V O X 4,094 Stevers, D. H. 6,810 850 7,660 190 850 850 Total 247,660 7,989 255,649 440 3,895 X 7,989 Feedback Check My Work Partially correct Progress: 4/8 items Check My Work Previous Next Assignment Score: 90.79% All work saved. Email Instructor Save and Exit Submit Assignment for GradingChapter 8- Homework CengageNOWvZ | Online X t Course Here X * Course H o X * Course Hero BUS-10413404 0L (04/11 C v2.cengagenow.com H1 Chapter 8- Homework 1. EX.0801 Prepare a general journal entry to record the employer's payroll taxes. If an amount box does not require an entry, leave it blank. If required, round your intermediate . EX.08-02 calculations and nal answers to the nearest cent and use the rounded answers in subsequent computations. . EX.08-03 . EX.08-04 . EX.0805 2" Dec. 14 lPayroll Tax Expense VI J FIOA Social Security Tax Payable V J IFICA Medicare Tax Payable *l J . EX. State Unemployment Tax Payable v J . EX.08-06 . EX.08-O7 lFederal Unemployment Tax Payable 'l J To record employer's share of FICA taxes and employer's state and federal unemployment taxes. Feedback V Check My Work The beginning cumulative earnings and current earnings are given to you to begin the payroll register. Add them together on each individual record to calculate the ending cumulative earnings. To nd your taxable earnings, you will need to remember the maximum level for Social Security earnings and Unemployment earnings. If the ending cumulative earnings are more than the maximum, only use the portion which makes up the difference between the maximum and the beginning cumulative amount. Example: Beginning cumulative = $115,700.00 Current earnings = $4,094.00 Ending cumulative = $119,794.00 Maximum Social Security = $118,500.00 (Max) $118,500.00 - $115,700.00 = $2,800.00 taxable earnings Progress: 418 items ( PreVIOUS Next ) Assignment Score: 90.79% All work saved. Submit Assignment for Grading