Employee Gross pay Payroll Register General Journal General Ledger Compute the gross earnings for regular, overtime,...
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Employee Gross pay Payroll Register General Journal General Ledger Compute the gross earnings for regular, overtime, and holiday pay for each employee for the December 31 pay period. Remember that while an hourly rate is shown for all employees, the period pay for exempt employees should be calculated by taking their yearly salary and dividing it by the number of semimonthly pay periods in a year, which should then be split between the number of hours considered regular time and holiday time. The pay rates for each employee have been given from the prior period. Note: Round answers for hourly rate or period wages to 5 decimal places and all other answers to 2 decimals. Last Name Hourly Rate or Period Wage (Round to 5 decimal) Overtime Holiday Commission Pay Period Hours 12/16-12/31 Regular Chinson Wayland Peppinico EA $ 2,000.00000 3,541.66667 2,437.50000 88 hours (exempt - 8 hours Holiday) Cooper $ 29.80769 88 hours (exempt - 8 hours Holiday) 88 hours (exempt - 8 hours Holiday) 90 hours (8 Holiday) $ 2,030.77 $ 0.00 3,596.15 $ 0.00 $ 276.92 $ 1,015.00 $ 490.38 x $ 2,475.00 $ 0.00 $ 337.50 X 2,623.08 $ 89.42 $ 357.69 x Hissop $ Student $ SA 24.75962 20.19231 89 hours (8 Holiday) $ 2,178.85 $ 37.14 $ 297.12 x 91 hours (8 Holiday) $ 1,776.92 $ 90.87 $ 242.31 Run Date 12/31/2022 Payroll End Date 12/31/2022 Company Name: Check Date Wayland Custom Woodworking 01/04/2023 Number of Name Filing Status Hourly Rate or Dependents Period wage Number of Regular Hours Overtime Hours Number of Holiday Hours Commissions Gross Earnings Section 125 Taxable Wages 401(k) for Federal W/H Taxable Wages for FICA Anthony Chinson MJ 2 <17 $ 2,000.00000 88.00 0 8.00 $ 1,015.00 $ 3,322.69 $ 50.00 $ 110.40 $ 3,162.29 $ 3,272.69 Mark Wayland MJ 3 < 17; 1 Other 3,541.66667 88.00 X 0 8.00 0.00 3,596.15 x 75.00 212.50 3,308.65 3,521.15 Sylvia Peppinico MJ Stevon Cooper S Leonard Hissop S 117; 1 Other None 1 Other 2,437.50000 88.00 x 8.00 0.00 2,475.00 75.00 50.00 2,350.00 2,400.00 29.80769 88.00 2.00 X 8.00 0.00 2,623.08 50.00 112.08 2,461.00 2,573.08 24.75962 88.00 1.00 x 8.00 0.00 2,178.85 x 75.00 65.37 x 2,038.48 2,103.85 Student Success S None 20.19231 88.00 3.00 X 8.00 0.00 Totals $ 1,015.00 $ 1,776.92 x 15,972.69 50.00 56.03 1,670.89 1,726.92 $ 375.00 $ 606.38 $ 14,991.31 $ 15,597.69 Name Gross Earning Taxable Wages for Federal W/H Taxable Wages for FICA Federal W/H Tax Social Security Tax Medicare W/H Tax Total Deduction Anthony Chinson $ 3,322.69 $ 3,162.29 $ 3,272.69 $ 73.27 x $ 202.91 X $ 47.45 $ Mark Wayland Sylvia Peppinico Stevon Cooper Leonard Hissop 3,596.15 3,308.65 3,521.15 7.57 X 218.31 X 51.06 X 484.03 564.44 $ Net Pay 2,838.66x 3,031.71x 4246 Check Number 4245 2,475.00 2,350.00 2,400.00 41.73 X 148.80 x 34.80 x 350.33 2,623.08 2,461.00 2,573.08 266.97 X 159.53 X 37.31 x 625.89 2,124.67 x 4247 1,997.19 x 4248 2,178.85 2,038.48 2,103.85 163.31 x 130.44x 30.51 X 464.63 1,714.22 x 4249 Student Success 1,776.92 1,670.89 Totals $ 15,972.69 $ 14,991.31 $ 1,726.92 15,597.69 136.64 107.07 25.04 X 374.78 1,402.14 4250 $ 689.49 $ 967.06 $ 226.17 $ 2,864.10 $ 13,108.59 Employee Gross pay Payroll General Register Journal General Ledger Complete the General Journal entries for the December 31 payroll. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate computations and final answers to 2 decimal places. No Date General Journal 1 December 31 Salaries and wages expense Salaries and wages payable Social security tax payable Medicare tax payable 401(k) Contributions payable 2 December 31 Salaries and wages expense Employee federal income tax payable Federal Unemployment Tax Payable State unemployment tax payable Debit 14,069.09 Credit 14,069.09 X 4,041.52 x 945.24 x 1,223.46 X 0.00 X 0.00 X 0.00 X 0.00 Account No: 203 Employee Federal Income Tax Payable Date Debit Credit Ending account balance from the prior period December 15 Date Account No: 205 Medicare Tax Payable Debit Credit Ending account balance from the prior period December 15 Balance Date Account No: 204 Social Security Tax Payable Credit Debit Ending account balance from the prior period December 15 Account No: 208 401(k) Contributions Payable Balance Date Debit Ending account balance from the prior period December 15 Credit Account No: 209 Employee Medical Premiums Payable Date Debit Credit Ending account balance from the prior period December 15 Balance Balance Balance Date Account No: 210 Salaries and Wages Payable Debit Ending account balance from the prior period December 31 Credit Balance Account No: 212 State Unemployment Tax Payable Date Debit Credit Ending account balance from the prior period December 15 Date Account No: 514 Payroll Taxes Expense Debit Credit Ending account balance from the prior period December 15 Balance Account No: 213 Career Enhancement Program Payable Date Debit Ending account balance from the prior period December 15 Credit Balance Balance 0.00 Date Account No: 515 Salaries and Wages Expense Debit Credit Ending account balance from the prior period December 31 Balance Assets Cash Supplies Office Equipment Inventory Vehicle Accumulated Depreciation, Vehicle Building Accumulated Depreciation, Building Land Total Assets Wayland Custom Woodworking Balance Sheet November 30, 2022 $ 1,075,455.37 42,240.11 87,250.00 167,099.00 25,000.00 164,000.00 0.00 35,750.00 $ 1,596,794.48 Liabilities & Equity Accounts Payable Salaries and Wages Payable Federal Unemployment Tax Payable Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Career Enhancement Program Payable Employee Federal Income Tax Payable 401(k) Contributions Payable Employee Medical Premiums Payable Notes Payable Total Liabilities Owners' Equity Retained Earnings Total Equity Total Liabilities and Equity $ 112,747.25 14,069.09 62.26 4,041.52 945.24 1,059.26 16.30 1,453.97 1,223.46 750.00 210,426.13 346,794.48 1,250,000.00 1,250,000.00 0.00 $ 1,596,794.48 2022 Percentage Method Tables for Manual Payroll Systems With Forms W-4 from 2020 or Later SEMIMONTHLY Payroll Period STANDARD Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 is If the Adjusted Wage Amount (line 1h) is: NOT checked) Married Filing Jointly Form W-4, Step 2, Checkbox, Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 IS checked) If the Adjusted Wage Amount (line 1h) is: Married Filing Jointly of the amount At least (A) $ 0 But less than (B) The tentative amount to withhold is: (C) Plus this percentage (D) that the Adjusted Wage exceeds (E) At least (A) $ 1,079 $ 0.00 0% $ 0 $ 1,079 $ 1,935 $ 0.00 10% $ 1,079 $ 0 $ 540 But less than (B) $ 540 The tentative amount to withhold is: (C) Plus this percentage (D) $ 0.00 0% $ 968 $ 0.00 10% of the amount that the Adjusted Wage exceeds (E) $ 0 $ 540 $ 1,935 $ 4,560 $ 85.60 12% $ 1,935 $ 968 $ 2,280 $ 4,450 $ 8,502 $ 400.60 22% $ 8,502 $ 2,280 $ 4,251 $ 42.80 $ 200.24 12% $ 968 22% $ 2,280 $ 8,502 $ 15,250 $ 1,267.84 24% $ 8,502 $ 4,251 $ 7,625 $ 633.86 24% $ 4,251 $ 15,250 $ 19,075 $ 2,887.36 32% $ 15,250 $ 7,625 $ 9,538 $ 1,443.62 32% $ 7,625 $ 19,075 $ 28,073 $ 4,111.36 35% $ 19,075 $ 9,538 $ 14,036 $ 2,055.78 35% $ 9,538 $ 28,073 $ 7,260.66 37% $ 28,073 $ 14,036 $ 3,630.08 37% $ 14,036 Single or Married Filing Separately Single or Married Filing Separately $ 0 $ 540 $ 968 $ 540 $ 0.00 0% $ 968 $ 0.00 10% $ 0 $ 540 $0 $ 270 $ 0.00 0% $ 0 $ 270 $ 484 $ 0.00 10% $ 270 $ 2,280 $ 42.80 12% $ 968 $ 484 $ 2,126 $ 21.40 12% $ 484 $ 2,280 $ 4,251 $ 200.24 22% $ 2,280 $ 1,140 $ 2,126 $ 100.12 22% $ 1,140 $ 4,251 $ 7,625 $ 633.86 24% $ 4,251 $ 2,126 $ 3,813 $ 317.04 24% $ 2,126 $ 7,625 $ 9,538 $ 1,443.62 32% $ 7,625 $ 3,813 $ 4,769 $ 721.92 32% $ 3,813 $ 9,538 $ 23,035 $ 2,055.78 35% $ 9,538 $ 4,769 $ 11,518 $ 1,027.84 35% $ 4,769 $ 23,035 $ 6,779.73 37% $ 23,035 $ 11,518 $ 3,389.99 37% $ 11,518 Head of Household Head of Household $0 $ 808 $ 0.00 0% $ 0 $ 0 $ 404 $ 0.00 0% $ 0 $ 808 $ 1,419 $ 0.00 10% $ 808 $ 404 $ 709 $ 0.00 10% $ 404 $ 1,419 $ 3,138 $ 61.10 12% $ 1,419 $ 709 $ 1,569 $ 30.50 12% $ 709 $ 3,138 $ 4,519 $ 267.38 22% $ 3,138 $ 1,569 $ 2,259 $ 133.70 22% $ 1,569 $ 4,519 $ 7,894 $ 571.20 24% $ 4,519 $ 2,259 $ 3,947 $ 285.50 24% $ 2,259 $ 7,894 $ 9,806 $ 1,381.20 32% $ 7,894 $ 3,947 $ 4,903 $ 690.62 32% $ 3,947 $ 9,806 $ 23,304 $ 1,993.04 35% $ 9,806 $ 4,903 $ 11,652 $ 996.54 35% $ 4,903 $ 23,304 $ 6,717.34 37% $ 23,304 $ 11,652 $ 3,358.69 37% $ 11,652 Employee Gross pay Payroll Register General Journal General Ledger Compute the gross earnings for regular, overtime, and holiday pay for each employee for the December 31 pay period. Remember that while an hourly rate is shown for all employees, the period pay for exempt employees should be calculated by taking their yearly salary and dividing it by the number of semimonthly pay periods in a year, which should then be split between the number of hours considered regular time and holiday time. The pay rates for each employee have been given from the prior period. Note: Round answers for hourly rate or period wages to 5 decimal places and all other answers to 2 decimals. Last Name Hourly Rate or Period Wage (Round to 5 decimal) Overtime Holiday Commission Pay Period Hours 12/16-12/31 Regular Chinson Wayland Peppinico EA $ 2,000.00000 3,541.66667 2,437.50000 88 hours (exempt - 8 hours Holiday) Cooper $ 29.80769 88 hours (exempt - 8 hours Holiday) 88 hours (exempt - 8 hours Holiday) 90 hours (8 Holiday) $ 2,030.77 $ 0.00 3,596.15 $ 0.00 $ 276.92 $ 1,015.00 $ 490.38 x $ 2,475.00 $ 0.00 $ 337.50 X 2,623.08 $ 89.42 $ 357.69 x Hissop $ Student $ SA 24.75962 20.19231 89 hours (8 Holiday) $ 2,178.85 $ 37.14 $ 297.12 x 91 hours (8 Holiday) $ 1,776.92 $ 90.87 $ 242.31 Run Date 12/31/2022 Payroll End Date 12/31/2022 Company Name: Check Date Wayland Custom Woodworking 01/04/2023 Number of Name Filing Status Hourly Rate or Dependents Period wage Number of Regular Hours Overtime Hours Number of Holiday Hours Commissions Gross Earnings Section 125 Taxable Wages 401(k) for Federal W/H Taxable Wages for FICA Anthony Chinson MJ 2 <17 $ 2,000.00000 88.00 0 8.00 $ 1,015.00 $ 3,322.69 $ 50.00 $ 110.40 $ 3,162.29 $ 3,272.69 Mark Wayland MJ 3 < 17; 1 Other 3,541.66667 88.00 X 0 8.00 0.00 3,596.15 x 75.00 212.50 3,308.65 3,521.15 Sylvia Peppinico MJ Stevon Cooper S Leonard Hissop S 117; 1 Other None 1 Other 2,437.50000 88.00 x 8.00 0.00 2,475.00 75.00 50.00 2,350.00 2,400.00 29.80769 88.00 2.00 X 8.00 0.00 2,623.08 50.00 112.08 2,461.00 2,573.08 24.75962 88.00 1.00 x 8.00 0.00 2,178.85 x 75.00 65.37 x 2,038.48 2,103.85 Student Success S None 20.19231 88.00 3.00 X 8.00 0.00 Totals $ 1,015.00 $ 1,776.92 x 15,972.69 50.00 56.03 1,670.89 1,726.92 $ 375.00 $ 606.38 $ 14,991.31 $ 15,597.69 Name Gross Earning Taxable Wages for Federal W/H Taxable Wages for FICA Federal W/H Tax Social Security Tax Medicare W/H Tax Total Deduction Anthony Chinson $ 3,322.69 $ 3,162.29 $ 3,272.69 $ 73.27 x $ 202.91 X $ 47.45 $ Mark Wayland Sylvia Peppinico Stevon Cooper Leonard Hissop 3,596.15 3,308.65 3,521.15 7.57 X 218.31 X 51.06 X 484.03 564.44 $ Net Pay 2,838.66x 3,031.71x 4246 Check Number 4245 2,475.00 2,350.00 2,400.00 41.73 X 148.80 x 34.80 x 350.33 2,623.08 2,461.00 2,573.08 266.97 X 159.53 X 37.31 x 625.89 2,124.67 x 4247 1,997.19 x 4248 2,178.85 2,038.48 2,103.85 163.31 x 130.44x 30.51 X 464.63 1,714.22 x 4249 Student Success 1,776.92 1,670.89 Totals $ 15,972.69 $ 14,991.31 $ 1,726.92 15,597.69 136.64 107.07 25.04 X 374.78 1,402.14 4250 $ 689.49 $ 967.06 $ 226.17 $ 2,864.10 $ 13,108.59 Employee Gross pay Payroll General Register Journal General Ledger Complete the General Journal entries for the December 31 payroll. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate computations and final answers to 2 decimal places. No Date General Journal 1 December 31 Salaries and wages expense Salaries and wages payable Social security tax payable Medicare tax payable 401(k) Contributions payable 2 December 31 Salaries and wages expense Employee federal income tax payable Federal Unemployment Tax Payable State unemployment tax payable Debit 14,069.09 Credit 14,069.09 X 4,041.52 x 945.24 x 1,223.46 X 0.00 X 0.00 X 0.00 X 0.00 Account No: 203 Employee Federal Income Tax Payable Date Debit Credit Ending account balance from the prior period December 15 Date Account No: 205 Medicare Tax Payable Debit Credit Ending account balance from the prior period December 15 Balance Date Account No: 204 Social Security Tax Payable Credit Debit Ending account balance from the prior period December 15 Account No: 208 401(k) Contributions Payable Balance Date Debit Ending account balance from the prior period December 15 Credit Account No: 209 Employee Medical Premiums Payable Date Debit Credit Ending account balance from the prior period December 15 Balance Balance Balance Date Account No: 210 Salaries and Wages Payable Debit Ending account balance from the prior period December 31 Credit Balance Account No: 212 State Unemployment Tax Payable Date Debit Credit Ending account balance from the prior period December 15 Date Account No: 514 Payroll Taxes Expense Debit Credit Ending account balance from the prior period December 15 Balance Account No: 213 Career Enhancement Program Payable Date Debit Ending account balance from the prior period December 15 Credit Balance Balance 0.00 Date Account No: 515 Salaries and Wages Expense Debit Credit Ending account balance from the prior period December 31 Balance Assets Cash Supplies Office Equipment Inventory Vehicle Accumulated Depreciation, Vehicle Building Accumulated Depreciation, Building Land Total Assets Wayland Custom Woodworking Balance Sheet November 30, 2022 $ 1,075,455.37 42,240.11 87,250.00 167,099.00 25,000.00 164,000.00 0.00 35,750.00 $ 1,596,794.48 Liabilities & Equity Accounts Payable Salaries and Wages Payable Federal Unemployment Tax Payable Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Career Enhancement Program Payable Employee Federal Income Tax Payable 401(k) Contributions Payable Employee Medical Premiums Payable Notes Payable Total Liabilities Owners' Equity Retained Earnings Total Equity Total Liabilities and Equity $ 112,747.25 14,069.09 62.26 4,041.52 945.24 1,059.26 16.30 1,453.97 1,223.46 750.00 210,426.13 346,794.48 1,250,000.00 1,250,000.00 0.00 $ 1,596,794.48 2022 Percentage Method Tables for Manual Payroll Systems With Forms W-4 from 2020 or Later SEMIMONTHLY Payroll Period STANDARD Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 is If the Adjusted Wage Amount (line 1h) is: NOT checked) Married Filing Jointly Form W-4, Step 2, Checkbox, Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 IS checked) If the Adjusted Wage Amount (line 1h) is: Married Filing Jointly of the amount At least (A) $ 0 But less than (B) The tentative amount to withhold is: (C) Plus this percentage (D) that the Adjusted Wage exceeds (E) At least (A) $ 1,079 $ 0.00 0% $ 0 $ 1,079 $ 1,935 $ 0.00 10% $ 1,079 $ 0 $ 540 But less than (B) $ 540 The tentative amount to withhold is: (C) Plus this percentage (D) $ 0.00 0% $ 968 $ 0.00 10% of the amount that the Adjusted Wage exceeds (E) $ 0 $ 540 $ 1,935 $ 4,560 $ 85.60 12% $ 1,935 $ 968 $ 2,280 $ 4,450 $ 8,502 $ 400.60 22% $ 8,502 $ 2,280 $ 4,251 $ 42.80 $ 200.24 12% $ 968 22% $ 2,280 $ 8,502 $ 15,250 $ 1,267.84 24% $ 8,502 $ 4,251 $ 7,625 $ 633.86 24% $ 4,251 $ 15,250 $ 19,075 $ 2,887.36 32% $ 15,250 $ 7,625 $ 9,538 $ 1,443.62 32% $ 7,625 $ 19,075 $ 28,073 $ 4,111.36 35% $ 19,075 $ 9,538 $ 14,036 $ 2,055.78 35% $ 9,538 $ 28,073 $ 7,260.66 37% $ 28,073 $ 14,036 $ 3,630.08 37% $ 14,036 Single or Married Filing Separately Single or Married Filing Separately $ 0 $ 540 $ 968 $ 540 $ 0.00 0% $ 968 $ 0.00 10% $ 0 $ 540 $0 $ 270 $ 0.00 0% $ 0 $ 270 $ 484 $ 0.00 10% $ 270 $ 2,280 $ 42.80 12% $ 968 $ 484 $ 2,126 $ 21.40 12% $ 484 $ 2,280 $ 4,251 $ 200.24 22% $ 2,280 $ 1,140 $ 2,126 $ 100.12 22% $ 1,140 $ 4,251 $ 7,625 $ 633.86 24% $ 4,251 $ 2,126 $ 3,813 $ 317.04 24% $ 2,126 $ 7,625 $ 9,538 $ 1,443.62 32% $ 7,625 $ 3,813 $ 4,769 $ 721.92 32% $ 3,813 $ 9,538 $ 23,035 $ 2,055.78 35% $ 9,538 $ 4,769 $ 11,518 $ 1,027.84 35% $ 4,769 $ 23,035 $ 6,779.73 37% $ 23,035 $ 11,518 $ 3,389.99 37% $ 11,518 Head of Household Head of Household $0 $ 808 $ 0.00 0% $ 0 $ 0 $ 404 $ 0.00 0% $ 0 $ 808 $ 1,419 $ 0.00 10% $ 808 $ 404 $ 709 $ 0.00 10% $ 404 $ 1,419 $ 3,138 $ 61.10 12% $ 1,419 $ 709 $ 1,569 $ 30.50 12% $ 709 $ 3,138 $ 4,519 $ 267.38 22% $ 3,138 $ 1,569 $ 2,259 $ 133.70 22% $ 1,569 $ 4,519 $ 7,894 $ 571.20 24% $ 4,519 $ 2,259 $ 3,947 $ 285.50 24% $ 2,259 $ 7,894 $ 9,806 $ 1,381.20 32% $ 7,894 $ 3,947 $ 4,903 $ 690.62 32% $ 3,947 $ 9,806 $ 23,304 $ 1,993.04 35% $ 9,806 $ 4,903 $ 11,652 $ 996.54 35% $ 4,903 $ 23,304 $ 6,717.34 37% $ 23,304 $ 11,652 $ 3,358.69 37% $ 11,652
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College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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