Each Problem (1, 2, 3 & 4) is worth 10 points. (40 Points total). Submit your an

Question

Each Problem (1, 2, 3 & 4) is worth 10 points. (40 Points total). Submit your answers to the Unit 8 Dropbox in a properly formatted Excel Workbook file. Use a SEPARATE sheet for each problem. Do not put all 4 problems on the same page. Question # 1: Charles Giles worked 46 hours during this pay?week. He is paid time?and?a?half for hours over 40 and his pay rate is $17.90/hour. What was his overtime premium pay for this workweek? Use the following information to answer Questions 2, 3 & 4: The totals from the first payroll of the year are shown below. Total Pay = $36, 195.10 FICA/OASDI = $ 2,244.10 FICA/HI = $ 524.83 FIT W/H = $ 6,515.00 State Tax W/H = $ 361.95 Union Dues = $ 500.00 Net Pay = $ 26,049.22 Question # 2: Journalize the entry to record the payroll. Question # 3: Journalize the entry to record the employer

Explanation / Answer

Answer #1 his overtime = 6 hrs he is paid for time and half = 6 +6/2 = 9 hrs 9 hrs = 17.9*9 = $161.1 is his overtime pay ------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------------------------Answer #2 (3) Total earnings can be computed by adding net pay and total deductions:252200+147800=400000. (1) Subtracting, you get $400000- $60,000 = 340000 (8) Union dues can be computed by totaling all the other deductions and subtracting total deductions: 23200+6000+99600+14000-252000=5000 (12) Sales salaries: 400000-210000-80000=110,000 You got all of (a) right :) (b) Debit 11, 12, and 13 and credit 4-10. Use payroll payable for 10. (c) Debit payroll payable and credit cash (d) 400000*.062=24800 (not 23200 from 4), so somebody must be over the earings limit. This would not happen in the first few weeks of the calendar year. -------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Answer #(3) a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2% ; federal unemployment, 0.8% social security tax and Medicare tax together make up FICA taxes. FICA taxes = ($600,000 x 6.0%) + ($740,000 x 1.5%) = $36,000 + $11,100 = 47,100 state unemployment tax = $20,000 x 4.2% = $840 federal unemployment tax = $20,000 x 0.8% = $160 Total payroll taxes = $47,100 + $840 + $160 = $48,100 b. journalize the entry to record the accrual of payroll taxes Dr FICA expense $47,100 Dr Federal unemployment tax $160 Dr State unemployment tax $840 Cr FICA tax payable $47,100 Cr Federal unemployment tax payable $160 Cr State unemployment tax payable $840 -----------------------------------------------------------------------------------------------------------------------------------------=============================================================== ans(4) cash Journalize the entry to deposit the FICA and FIT taxes is cash

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.