Stark Company has five employees. Employees paid by the hour earn $14 per hour for the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Stark Company has five employees. Employees paid by the hour earn $14 per hour for the regular 40-hour workweek and $21 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August. a. Complete this payroll register by filling in all cells for the pay period ended August 31. Prepare the August 31 journal entry to: b. Record the accrued biweekly payroll and related liabilities for deductions. c. Record the employer's cash payment of the net payroll of part b. d. Record the employer's payroll taxes i e. Including the contribution to the benefits plan. f. Pay all liabilities (except for the net payroll in part c) for this biweekly period. Stark Company has five employees. Employees paid by the hour earn $14 per hour for the regular 40-hour workweek and $21 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August. a. Complete this payroll register by filling in all cells for the pay period ended August 31. Prepare the August 31 journal entry to: b. Record the accrued biweekly payroll and related liabilities for deductions. c. Record the employer's cash payment of the net payroll of part b. d. Record the employer's payroll taxes i e. Including the contribution to the benefits plan. f. Pay all liabilities (except for the net payroll in part c) for this biweekly period.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Stark Company has five employees. Employees paid by the hour receive a $10 per hour pay rate for the regular 40-hour work week plus one and one-half times the hourly rate for each overtime hour...
-
Stark Company has five employees. Employees paid by the hour receive a $10 per hour pay rate for the regular 40-hour workweek plus one and one-half times the hourly rate for each overtime hour beyond...
-
Stark Company has five employees. Employees paid by the hour receive a $10 per hour pay rate for the regular 40-hour workweek plus one and one-half times the hourly rate for each overtime hour beyond...
-
Discuss any of the established brands of the business concerned with woolworths in Australia
-
Facilitated diffusion differs from diffusion in that facilitated diffusion a. Involves the passive use of a carrier protein. b. Involves the active use of a carrier protein. c. Moves a molecule from...
-
How does the cost of goods manufactured schedule relate to the income statement?
-
Priscilla Webster was dining at her favorite Massachusetts seafood restaurant when matters went horribly wrong. She began choking on a fishbone that had been lurking in her seafood chowder. After a...
-
The Green Thumb Gardener is a retail store that sells plants, soil, and decorative pots. On December 31, 2016, the firms general ledger contained the accounts and balances that appear below. ACCOUNTS...
-
A small business has a cost function C (z) = 722-217 +2,352 and a revenue function of R(x) 6. At the break-even points the values of in increasing order (smallest one first) are Number and Number
-
A temperature bath in which the temperature varies sinusoidally at various frequencies is used to measure the frequency response of a temperature-measuring element B. The apparatus is shown in Fig....
-
Calculate the percent by mass of the solute in the following aqueous solution. Round your answer to 3 significant digits. 7.50 g of NaBr in 98.2 g of solution % x10 X S
-
1- Show that: tan-1 Z= ; In ( 1 + i-z
-
1. The two cars A and B enter an unbanked and level turn. They cross line C-C simultaneously, and each car has the speed corresponding to a maximum normal acceleration of 0.9g in the turn. Determine...
-
4. For each of the following trajectories (0) determine the corresponding force F = F(r). a) r(0) = TO 1-ecos 0 2 r 1-esin 20 b) r(0) = c) r(0) = Aee d) r(0) = (A0 + B) -1 Where ro, e, B, A and B are...
-
Find A x B and the angle between A and B, given that A = 21 + 11k and B = 110i 264j + 504k X Review the cross product and check your calculations. 80.17 A x B = 24 + 10. X 0 = How is the magnitude...
-
Using the CAPM, estimate the appropriate required rate of return for the three stocks listed here, given that the risk-free rate is 4 percent and the expected return for the market is 17 percent....
-
The packaging division of a company having considered several alternative package designs for the company's new product has finally brought down their choices to two designs of which only one has to...
-
Identify the dollar amounts of Googles 2013 assets, liabilities, and equity as reported in its statements in Appendix A near the end of the book.
-
Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid...
-
You are a financial adviser with a client in the wholesale produce business that just completed its first year of operations. Due to weather conditions, the cost of acquiring produce to resell has...
-
What are the three main types of assistance available to the general public for completing their tax forms?
-
Ask older friends or relatives about the cost of specific items (e.g., a gallon of gas, a cup of coffee, etc.) during their youth. Also inquire bout their average wages in the past. Compare the...
-
Develop and solve a future-value, a present-value, a future value of an annuity, and a present value of an annuity problem. Establish the three known variables in each problem and solve for the...
Study smarter with the SolutionInn App