Jackson-Rogers Inc. has the following information for their payroll Jose Rodrigu
ID: 2467496 • Letter: J
Question
Jackson-Rogers Inc. has the following information for their payroll Jose Rodriguez, Married with 4 withholding allowances on W-4, hourly wage rate $10/hr. Overtime rate of 1.5 times wage rate for every hour over 40 hours per week. SSN: 123-45-6789 Maria Gonzales, Single with 2 withholding allowances on W-4, hourly wage rate of $15/hour. Overtime rate of 1.5 times wage rate for every hour over 40 hours per week. SSN: 987-65-4321 Bill White, 1 with 0 withholding allowances dependent on W-4, hour hourly wage rate of $15/hour. Overtime rate of 1.5 times wage rate for every hour over 40 hours per week. SSN: 123-12-1234 Required: For the week ended 11/6/2015, Jose worked 46 hours, Maria worked 42 hours and Bill worked 20 hours. Jackson-Rogers pays wages and salaries weekly. Calculate all taxes and the total paycheck for each of the 3 employees. Google IRS Circular E to find the table. Also, none of the employees YTD has exceeded the Social Security threshold. Journalize the transactions Assume, Jose has voluntary deductions of $120 towards his health insurance, that he wants the company to withhold and remit that payment to his insurance company. What would be his check amount and journalize those transactions.Explanation / Answer
Hi, from your remarks I hope you have completed part one.
In the second part, Mr. Jose wants wants the company to withold $120 from his paycheck & remit that payment to his insurance company. The company will be paying the amount on behalf of Mr.Jose.
His check amount will be the actual check amount in part 1 less $120.
The journal entry will be as follows
Date Particulars/Ledger Debit($) Credit($) 11/06/2015 Salary Payable Account/Jose Rodrigues Account Dr. 120 11/06/2015 To Bank 120 Being amount withheld from salary payable to Jose Rordrigues and paid to insurance company on his behalf.Related Questions
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