F. Fuentes operates a business known as Variety Unlimited. Listed below are the name, number of...

    

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F. Fuentes operates a business known as Variety Unlimited. Listed below are the name, number of allowances claimed, marital status, total hours worked, and hourly rate of each employee. All hours worked in excess of 40 hours per week are paid at the rate of time and a half. The employer uses the weekly federal income tax withholding table. (Refer to Figure 8-4a and Figure 8-4b.) Social Security tax is withheld at the rate of 6.2%, Medicare tax is withheld at the rate of 1.45%. All employees have Health Insurance Premiums withheld in the amount of $55.00. Hertz, Jordan, and Pollo each will have $25.00 withheld this payday under a savings bond purchase plan. Fuentes follows the practice of drawing a single check for the net amount of the payroll and depositing the check in a special payroll account at the bank. Individual paychecks are then drawn for the amount due each employee. The checks issued this payday were numbered consecutively beginning with No. 786. Name H. Hertz C. Lobel Variety Unlimited Payroll information for the week ended December 15, 20-- Total Hours Worked 40 43 47 39 45 J. Jordan D. Pollo M. Perez Required: # of Allowances 2 1 2 2 6 Marital Status M M M S S Regular Cumulative Earnings Hourly Rate thru Dec. 8 $86,240 27,440 21,560 15,680 31,360 $34.00 14.00 11.00 10.00 14.00 1. Prepare a payroll register for Variety Unlimited for the pay period ended December 15, 20--. Note: Assume that deductions for healthcare and savings bonds are after tax. Round and enter your answers to the nearest cent. Required: 1. Prepare a payroll register for Variety Unlimited for the pay period ended December 15, 20--. Note: Assume that deductions for healthcare and savings bonds are after tax. Round and enter your answers to the nearest cent. Payroll Register for Period Ended December 15, 20-- Taxable Earnings No. Name Allow. H. Hertz C. Lobel J. Jordan 2 D. Pollo M. Perez 2 1 2 6 Status M M M S S Regular 1,360 Earnings Overtime Total 1,360 Cumulative Unemploy. Comp. Total 86,240 Social Security Federal Social Income Tax Security Tax Deductions Medicare Tax Health Insurance Social Federal Social Security Income Tax Security Tax Medicare Tax Health Insurance Savings Bonds Total Net Pay Ck. No. 2. Assuming that the wages for the week ended December 15 were paid on December 17, enter the payment in the general journal. Note: Enter all amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: 3 DATE 1 Dec. 17 2 3 4 5 6 7 DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 F. Fuentes operates a business known as Variety Unlimited. Listed below are the name, number of allowances claimed, marital status, total hours worked, and hourly rate of each employee. All hours worked in excess of 40 hours per week are paid at the rate of time and a half. The employer uses the weekly federal income tax withholding table. (Refer to Figure 8-4a and Figure 8-4b.) Social Security tax is withheld at the rate of 6.2%, Medicare tax is withheld at the rate of 1.45%. All employees have Health Insurance Premiums withheld in the amount of $55.00. Hertz, Jordan, and Pollo each will have $25.00 withheld this payday under a savings bond purchase plan. Fuentes follows the practice of drawing a single check for the net amount of the payroll and depositing the check in a special payroll account at the bank. Individual paychecks are then drawn for the amount due each employee. The checks issued this payday were numbered consecutively beginning with No. 786. Name H. Hertz C. Lobel Variety Unlimited Payroll information for the week ended December 15, 20-- Total Hours Worked 40 43 47 39 45 J. Jordan D. Pollo M. Perez Required: # of Allowances 2 1 2 2 6 Marital Status M M M S S Regular Cumulative Earnings Hourly Rate thru Dec. 8 $86,240 27,440 21,560 15,680 31,360 $34.00 14.00 11.00 10.00 14.00 1. Prepare a payroll register for Variety Unlimited for the pay period ended December 15, 20--. Note: Assume that deductions for healthcare and savings bonds are after tax. Round and enter your answers to the nearest cent. Required: 1. Prepare a payroll register for Variety Unlimited for the pay period ended December 15, 20--. Note: Assume that deductions for healthcare and savings bonds are after tax. Round and enter your answers to the nearest cent. Payroll Register for Period Ended December 15, 20-- Taxable Earnings No. Name Allow. H. Hertz C. Lobel J. Jordan 2 D. Pollo M. Perez 2 1 2 6 Status M M M S S Regular 1,360 Earnings Overtime Total 1,360 Cumulative Unemploy. Comp. Total 86,240 Social Security Federal Social Income Tax Security Tax Deductions Medicare Tax Health Insurance Social Federal Social Security Income Tax Security Tax Medicare Tax Health Insurance Savings Bonds Total Net Pay Ck. No. 2. Assuming that the wages for the week ended December 15 were paid on December 17, enter the payment in the general journal. Note: Enter all amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: 3 DATE 1 Dec. 17 2 3 4 5 6 7 DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7