van aie pau every two wecks. worked id an hourly rate, which is indicated below,

Question

van aie pau every two wecks. worked id an hourly rate, which is indicated below, and time-and-a-half for holurst to a 6.2 80 a two-week period. In addition, both employee and employer are subjnaly. Social security tax and a 1.45 percent Medicare tax per employee. aie must pay 5.4 percent state unemployment and 0.8 percent federal c subject to Finally, unemploment insurance taxes for the first $7,000 earned by each employee. Ihe The followin Cumulative Hours Pay Prior Federal ay to Current Tax to Be Withheld mployee Adams, c. Boyd, D. Karol, E. Taft, F Regular Overtime Rate 80 75 80 8 $8.00 4,500 6.00 2, 500 5, 200 6, 800 $79 48 67 52 7.00 7.50 a. Complete the payroll register. b. In the journal provided, record the payroll for the above two-week period. c. In thé journal provided, make the entry that records payroll taxes expense and related liabilities. Payroll Register Eamings Deductions Peyment Federal Social Income Security Medicae Net Totel Employee Hours Regular OvertimeGrossTaxesax x Eamings Tote

Explanation / Answer

Solution All fig in $ a) Payroll register Earnings Deduction Payment Employee Total Hours Regular overtime Gross Fedral income tax Social security tax@6.2 Medicare tax@1.45% Net earnings Admas, c 88 80 8 704 79 43.648 10.208 571.144 Byod d 75 75 0 450 48 27.9 6.525 367.575 Karol , E 86 80 6 602 67 37.324 8.729 488.947 Taft, F 66 66 0 495 52 30.69 7.1775 405.1325 Total 315 301 14 2251 246 139.562 32.6395 1832.7985 b) General journal Date Description Post ref Debit Credit Employee entery Bank A/c…………………………………………….Dr To Employer A/c (Being Salary received from employer) 1832.7985 1832.799 Admas c…………………………..DR Byod d…………………………..dr Karol E………………………….dr Taft F……………………………….dr To Bank A/c 571.144 367.575 Employer entry 488.947 405.1325 1832.799 c) Calculation of fedral unemployment insurance taxes @ .8% 2251 2251*.8% 18.008 Calculation of state unemployment insurance taxes @ 5.4% 2251 2251*5.4% 121.554 Total Tax expenses 139.562 Journal entery fedral unemployment insurance taxes…………Dr 18.008 state unemployment insurance taxes………….Dr 121.554 To BankA/c 139.562

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