Question 1

On Dec. 31, this year - Mike received his last paycheck for the year as a construction worker. Up to now he had earned $35,600. His bi-weekly paycheck is $1,424.

A.How much money will be withheld from Mikes final paycheck for FICA SS Tax and FICA Medicare Tax?

B. How much will Mikes employer send to the IRS. (remember to include Mikes portion and the employers portion)

Question 2

Veneskey and CO a new company, has 3 employees For the 4^th quarter. Jerry earns $20/hour and Sara earns $25/hour . They work 40 hours per week. Jerry has earned $40,000 and Sara has earned $50,000 so far this year (up to Dec. 25^th). George is salaried and has earned $113,000 thus far and will earn $2,300 this pay period. Everyone is paid weekly. Assume Jerry and Sara both have $75 taken out for Federal Withholdings per week and George has $175 taken out per week.

Instructions:

Prepare a Payroll Register for this final pay. (Refer to notes)

Prepare the Journal Entry for this final pay