Requirements: Record the deduction for group insurance. Record the health insura

Question

Requirements:

Record the deduction for group insurance.

Record the health insurance deduction.

Record the check number assigned to each employee.

Compute and record the net pay for each employee.

Total the input columns on the Employee Payroll register.

On Employer Register, enter total gross earnings.

Prepare the journal entries as of January 12 to record the payroll and the payroll taxes for the week ending January 8. Credit Salaries Payable for the total net pay.

Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers.

Employee Benefits

Employee Benefits

The table below lists the employee contributions to Group Insurance and Health Insurance. Also, a check number has been assigned to each employee. Note that some employees are not yet eligible for Group Insurance coverage under the company plan.

Payroll Register

Completing the Payroll Register

The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period.

Complete the following steps (if an field should be blank, leave it blank):

Record the amount to be withheld for group insurance.

Record the amount to be withheld for health insurance.

Each worker is to be paid by check. Assign check numbers provided to the correct employee..

Compute the net pay for each employee.

Total the input columns.

Employer Register

Complete the following:

Record the total gross earnings.

Feedback

Incorrect

Journal Entry: Recording Payroll

Journal Entry: Recording Payroll

Complete the following:

Prepare the journal entries as of January 12 to record the payroll and the payroll taxes for the week ending January 8. Credit Salaries Payable for the total net pay.

Journal Entry: Payroll Distribution

Complete the following:

Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers.

KIPLEY COMPANY, INC.
Insurance Deduction Register Name GRP. INS. HEALTH INS. CK. NO. Carson, F. $0.85 $1.65 313 Wilson, W. 0.85 1.65 314 Utley, H. 0.85 1.65 315 Fife, L. 0.85 1.65 316 Smith, L. 1.65 317 Fay, G. 0.85 1.65 318 Robey, G. 0.85 1.65 319 Schork, T. 1.65 320 Hardy, B. 0.85 1.65 321 Kipley, C. 0.85 1.65 322

Explanation / Answer

KIPLEY COMPANY, INC. Payroll Register For Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $75.00 $21.49 $0.49 $21.00 $20.00 $0.85 $1.65 313 $505.97 Wilson, W. 897.04 55.62 13.01 118 27.54 0.63 26.91 50 0.85 1.65 314 $602.83 Utley, H. 678.75 42.08 9.84 31 20.84 0.48 20.36 40 0.85 1.65 315 $511.65 Fife, L. 877.1 54.38 12.72 35 26.93 0.61 26.31 50 0.85 1.65 316 $668.65 Smith, L. 790 48.98 11.46 77 24.25 0.55 23.7 20 1.65 317 $582.41 Fay, G. 539.15 33.43 7.82 10 16.55 0.38 16.17 40 0.85 1.65 318 $412.30 Robey, G. 623.08 38.63 9.03 0 19.13 0.44 18.69 50 0.85 1.65 319 $484.66 Schork, T. 773.08 47.93 11.21 80 23.73 0.54 23.19 60 1.65 320 $524.83 Hardy, B. 666.11 41.3 9.66 8 20.45 0.47 19.98 30 0.85 1.65 321 $533.75 Kipley 1,000.00 62 14.5 21 30.7 0.7 30 80 0.85 1.65 322 $758.60 Totals $7,544.31 $467.75 $109.40 $455.00 $231.61 $5.29 $226.31 $440.00 $6.80 $16.50 ---- $5,585.65 Employer Register Complete the following: Record the total gross earnings. KIPLEY COMPANY, INC. Employer Register Payroll Taxes Taxable Earnings OASDI HI FUTA SUTA Totals 7544.31 $467.75 $109.39 $45.27 $277.52 3) Date Account Debit Credit 20-- Jan. 12 Wages and Salaries Expense 7544.31 FICA Taxes Payable-OASDI      467.75 FICA Taxes Payable-HI      109.40 Employees FIT Payable      455.00 Employees SIT Payable      231.61 Employees SUTA Payable           5.29 Employees CIT Payable      226.31 Simple Deductions Payable      440.00 Group Insurance Premiums Collected           6.80 Health Insurance Premiums Collected         16.50 Salaries Payable 5,585.65    To record payroll.                   20-- Jan. 12 Payroll Taxes Expense 899.93 FICA Taxes Payable-OASDI 467.75 FICA Taxes Payable-HI 109.39 FUTA Taxes Payable 45.27 SUTA Taxes Payable 277.52    To record payroll taxes.       Date Account Debit Credit 20-- Jan. 14 Salaries Payable 5585.65      Cash 5585.65

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

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