Required information Problem 9-24A (Algo) Computation of net pay and payroll expense LO 9-5 [The following...

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Required information Problem 9-24A (Algo) Computation of net pay and payroll expense LO 9-5 [The following information applies to the questions displayed below.] The following information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $28 per hour and 1 times her regular rate for hours over 40 per week. Kayla worked 49 hours the first week in January. Kayla's federal income tax withholding is equal to 9 percent of her gross pay. Webber pays medical insurance of $90 per week for Kayla and contributes $47 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,500. Paula's federal income tax withholding is 16 percent of her gross pay. Webber pays medical insurance of $130 per week for Paula and contributes $105 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $75 per week for Paula. Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of the first $7,000 of salary for each employee. Problem 9-24A (Algo) Part a Required a. Compute the gross pay for Kayla for the first week in January. (Round your answer to 2 decimal places.) Gross pay Problem 9-24A (Algo) Part b b. Compute the net pay for both Kayla and Paula for the first week in January. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Kayla Paula Net Pay c. Prepare the journal entry to record the payment of the payroll for the week. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet > 1 Record the entry for payment of the payroll for the week. Note: Enter debits before credits. Date General Journal Debit Credit Jan. Salaries expense Employee income tax payable FICA tax payable-Social Security FICA tax payable-Medicare Cash Record entry Clear entry View general journal d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the entry for payroll tax expense. Note: Enter debits before credits. Date General Journal Debit Credit Jan. Payroll tax expense FICA tax payable-Social Security FICA tax payable-Medicare Federal unemployment tax payable State unemployment tax payable Record entry Clear entry View general journal d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 Record the entry for fringe benefit expense. Note: Enter debits before credits. Date General Journal Jan. Vacation pay expense Employee medical insurance expense Employee pension expense Vacation pay payable Employee medical insurance payable Employee pension payable Debit Credit Record entry Clear entry View general journal Required information Problem 9-24A (Algo) Computation of net pay and payroll expense LO 9-5 [The following information applies to the questions displayed below.] The following information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $28 per hour and 1 times her regular rate for hours over 40 per week. Kayla worked 49 hours the first week in January. Kayla's federal income tax withholding is equal to 9 percent of her gross pay. Webber pays medical insurance of $90 per week for Kayla and contributes $47 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,500. Paula's federal income tax withholding is 16 percent of her gross pay. Webber pays medical insurance of $130 per week for Paula and contributes $105 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $75 per week for Paula. Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of the first $7,000 of salary for each employee. Problem 9-24A (Algo) Part a Required a. Compute the gross pay for Kayla for the first week in January. (Round your answer to 2 decimal places.) Gross pay Problem 9-24A (Algo) Part b b. Compute the net pay for both Kayla and Paula for the first week in January. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Kayla Paula Net Pay c. Prepare the journal entry to record the payment of the payroll for the week. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet > 1 Record the entry for payment of the payroll for the week. Note: Enter debits before credits. Date General Journal Debit Credit Jan. Salaries expense Employee income tax payable FICA tax payable-Social Security FICA tax payable-Medicare Cash Record entry Clear entry View general journal d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the entry for payroll tax expense. Note: Enter debits before credits. Date General Journal Debit Credit Jan. Payroll tax expense FICA tax payable-Social Security FICA tax payable-Medicare Federal unemployment tax payable State unemployment tax payable Record entry Clear entry View general journal d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 Record the entry for fringe benefit expense. Note: Enter debits before credits. Date General Journal Jan. Vacation pay expense Employee medical insurance expense Employee pension expense Vacation pay payable Employee medical insurance payable Employee pension payable Debit Credit Record entry Clear entry View general journal