Computing gross earnings, determining deductions, preparing payroll register, journalizing payroll transactions. Alex Wilson operates On-Time Delivery Service. The company has four employees who are paid on an hourly basis. During the workweek beginning December 15 and ending December 21, 20X1, employees worked the number of hours shown below. Information about their hourly rates, marital status, federal income tax to be withheld, along with their cumulative earnings for the year prior to the December 15-21 payroll period. INSTRUCTIONS 1. Enter the basic payroll information for each employee in a payroll register. Record the employee's name, marital status, total and overtime hours, and regular hourly rate. Consider any hours worked beyond 40 in the week as overtime hours. 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's gross earnings. Assume a 6.2 percent social security rate on the first $142,800 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's gross earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register. 5. Use the provided amount of federal income tax to be withheld from each employee's total earnings. Enter the figures in the payroll register. 6. Compute the net amount due each employee and enter the figures in the payroll register. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & AND ENDING & & PAID & & & & You can leav & checkek ind wag & es blank \\ \hline \begin{tabular}{|l} GROSS AMOUNT \\ \end{tabular} & \begin{tabular}{l} CUMULATIVE \\ EARNIINGS \\ \end{tabular} & SOCIAL SECURITY & \begin{tabular}{l} TAXABLE WAGES \\ MEDICAREE \end{tabular} & SOCIAL SECURITY & \begin{tabular}{|l|} DEDUCTIONS \\ MEDIICARE \\ \end{tabular} & INCOME TAX & \begin{tabular}{|c|c|} NET AMOUNT \\ \end{tabular} & \begin{tabular}{l} DISTRRIBUTION \\ CHECK\# \end{tabular} & WAGES \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & \begin{tabular}{l} 3 people are \\ person I gave \\ amount from \end{tabular} & & & able. \\ \hline \end{tabular} Computing gross earnings, determining deductions, preparing payroll register, journalizing payroll transactions. Alex Wilson operates On-Time Delivery Service. The company has four employees who are paid on an hourly basis. During the workweek beginning December 15 and ending December 21, 20X1, employees worked the number of hours shown below. Information about their hourly rates, marital status, federal income tax to be withheld, along with their cumulative earnings for the year prior to the December 15-21 payroll period. INSTRUCTIONS 1. Enter the basic payroll information for each employee in a payroll register. Record the employee's name, marital status, total and overtime hours, and regular hourly rate. Consider any hours worked beyond 40 in the week as overtime hours. 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's gross earnings. Assume a 6.2 percent social security rate on the first $142,800 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's gross earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register. 5. Use the provided amount of federal income tax to be withheld from each employee's total earnings. Enter the figures in the payroll register. 6. Compute the net amount due each employee and enter the figures in the payroll register. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & AND ENDING & & PAID & & & & You can leav & checkek ind wag & es blank \\ \hline \begin{tabular}{|l} GROSS AMOUNT \\ \end{tabular} & \begin{tabular}{l} CUMULATIVE \\ EARNIINGS \\ \end{tabular} & SOCIAL SECURITY & \begin{tabular}{l} TAXABLE WAGES \\ MEDICAREE \end{tabular} & SOCIAL SECURITY & \begin{tabular}{|l|} DEDUCTIONS \\ MEDIICARE \\ \end{tabular} & INCOME TAX & \begin{tabular}{|c|c|} NET AMOUNT \\ \end{tabular} & \begin{tabular}{l} DISTRRIBUTION \\ CHECK\# \end{tabular} & WAGES \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & \begin{tabular}{l} 3 people are \\ person I gave \\ amount from \end{tabular} & & & able. \\ \hline \end{tabular}