Low Country Goods has four employees and pays them on an hourly basis. During the week...
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Low Country Goods has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30, these employees worked the hours shown below. Information about hourly rates, marital status, federal income tax withheld, and cumulative earnings prior to the current pay period also appears below. Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate. Analyze: What are Amora Brandon's cumulative earnings on June 30, 20X1? Regular Hours Employee Worked Hourly Rate Marital Status Federal Income Tax Withheld Cumulative Earnings Amora Brandon 48 $ 12.70 M 54.00 $ 17,640 Carlos Cortez 48 11.50 M 20.00 16,975 Jane Jennings Sarah Wise 40 50 11.20 M 23.00 10.70 S 55.00 16,080 14,660 Required: 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. Note: Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate. 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 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 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. Enter the amount of federal income tax to be withheld from each employee's total earnings. 6. Compute the net pay of each employee and enter the figures in the payroll register. 7. Prepare a general journal entry to record the payroll for the week ended June 30. 8. Record the general journal entry to summarize payment of the payroll on July 3. Complete this question by entering your answers in the tabs below. Payroll Register General Journal Analyze Compute the regular, overtime, gross earnings, social security tax and Medicare tax to be withheld from each employee's earnings. Assume a 6.2 percent social security rate on the fi employee during the year. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Determine the amount of federal income tax to employee's total earnings. (Use the table shown in Figure 10.1A & Figure 10.1B whichever is applicable). Finally compute the net pay of each employee. Note: Round your intermediate calculations and final answers to 2 decimal places. Payroll register Week beginning: June 24, 20X1 Earnings And ending: June 30, 20X1 Taxable wages Deductions Paid: July 3, 20X1 Distribution Employee Regular time earnings Overtime earnings Gross amount Cumulative earnings Social security Medicare Social security Medicare Income tax Net amount Wages expense Amora Brandon Carlos Cortez Jane Jennings Sarah Wise $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Low Country Goods has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30, these employees worked the hours shown below. Information about hourly rates, marital status, federal income tax withheld, and cumulative earnings prior to the current pay period also appears below. Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate. Analyze: What are Amora Brandon's cumulative earnings on June 30, 20X1? Regular Hours Employee Worked Hourly Rate Marital Status Federal Income Tax Withheld Cumulative Earnings Amora Brandon 48 $ 12.70 M 54.00 $ 17,640 Carlos Cortez 48 11.50 M 20.00 16,975 Jane Jennings Sarah Wise 40 50 11.20 M 23.00 10.70 S 55.00 16,080 14,660 Required: 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. Note: Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate. 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 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 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. Enter the amount of federal income tax to be withheld from each employee's total earnings. 6. Compute the net pay of each employee and enter the figures in the payroll register. 7. Prepare a general journal entry to record the payroll for the week ended June 30. 8. Record the general journal entry to summarize payment of the payroll on July 3. Complete this question by entering your answers in the tabs below. Payroll Register General Journal Analyze Compute the regular, overtime, gross earnings, social security tax and Medicare tax to be withheld from each employee's earnings. Assume a 6.2 percent social security rate on the fi employee during the year. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Determine the amount of federal income tax to employee's total earnings. (Use the table shown in Figure 10.1A & Figure 10.1B whichever is applicable). Finally compute the net pay of each employee. Note: Round your intermediate calculations and final answers to 2 decimal places. Payroll register Week beginning: June 24, 20X1 Earnings And ending: June 30, 20X1 Taxable wages Deductions Paid: July 3, 20X1 Distribution Employee Regular time earnings Overtime earnings Gross amount Cumulative earnings Social security Medicare Social security Medicare Income tax Net amount Wages expense Amora Brandon Carlos Cortez Jane Jennings Sarah Wise $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
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College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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