ACC 211 Ch 9

P Q 4 5 B D E F G H J M N o 1 Accounting 213: Lab #8 for Chapter 9 - Payroll Accounting Name: 2 3 Instructions: 1) use the information in Part A to complete the Payroll Register Table in Part B. Remember to use formulas when there is a calculation/cell reference. 2) Using the information in the Payroll Register, complete January & December journal entries for both employee wages/withholdings and employer only taxes (use cell references). NOTE: In the pink cells, we have provided you with the formulas for the first period. Because there is no data in the cells as you begin the assignment, the result of the calculation is 0. 6 As you complete the rest of the table, you will see the results in the pink cells change. You will need to copy the formulas in these January cells from the first period into the subsequent periods. 7 8 Part A 9 Tax Rates and Maximum Taxable Amounts: 10 annual salar 11 tax of employee 12 rate subject to tak 13 Social Security - FICA (OASE 6.20% $142,800 14 Social Security - Medicare - 1.45% all 15 16 Unemployment- FUTA 0.6% $7,000 17 Unemployment- SUTA 5.4% $7.000 18 19 Information for Employee Irma Wellpaid: 20 Monthly gross pay $13,500 21 Monthly tax table Federal $3,425 22 State $800 23 Monthly health insurance $750 24 Monthly life insurance $100 25 Montly retirement savings $2,500 26 Cumulative Name: gross pay Calendar Gross pay Year-to-date subject to Monthly Social Sec. Gross pay Irma Wellpaid Withholdings Federal State Health Life Soc. Sec. Medicare income income . nsurance nsurance Retirement Total with- tax tax Tax tax Premium Premium savings holdings Payroll subject Monthly Monthly to unem- tax tax ployment FUTA SUTA Net pay 27 Part B: Payroll Register 28 29 30 31 32 Month 33 January 34 February For 35 March 36 April 37 May June 39 July 40 August 41 September 42 October 43 November 44 December 45 Total 46 47 38 XXXXXXXX $0 $0 47 48 Part C: Journal Entries Record the payroll entry for payment to Irma and related withholdings (amounts on employee pay stub) See example on page 347 in text. For the month of January: Record the payroll taxes paid solely by the employer (FICA match & unemployment taxes) See example on page 348 in text. For the month of January: 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 71 72 73 74 75 76 77 For the month of December: For the month of December: P Q 4 5 B D E F G H J M N o 1 Accounting 213: Lab #8 for Chapter 9 - Payroll Accounting Name: 2 3 Instructions: 1) use the information in Part A to complete the Payroll Register Table in Part B. Remember to use formulas when there is a calculation/cell reference. 2) Using the information in the Payroll Register, complete January & December journal entries for both employee wages/withholdings and employer only taxes (use cell references). NOTE: In the pink cells, we have provided you with the formulas for the first period. Because there is no data in the cells as you begin the assignment, the result of the calculation is 0. 6 As you complete the rest of the table, you will see the results in the pink cells change. You will need to copy the formulas in these January cells from the first period into the subsequent periods. 7 8 Part A 9 Tax Rates and Maximum Taxable Amounts: 10 annual salar 11 tax of employee 12 rate subject to tak 13 Social Security - FICA (OASE 6.20% $142,800 14 Social Security - Medicare - 1.45% all 15 16 Unemployment- FUTA 0.6% $7,000 17 Unemployment- SUTA 5.4% $7.000 18 19 Information for Employee Irma Wellpaid: 20 Monthly gross pay $13,500 21 Monthly tax table Federal $3,425 22 State $800 23 Monthly health insurance $750 24 Monthly life insurance $100 25 Montly retirement savings $2,500 26 Cumulative Name: gross pay Calendar Gross pay Year-to-date subject to Monthly Social Sec. Gross pay Irma Wellpaid Withholdings Federal State Health Life Soc. Sec. Medicare income income . nsurance nsurance Retirement Total with- tax tax Tax tax Premium Premium savings holdings Payroll subject Monthly Monthly to unem- tax tax ployment FUTA SUTA Net pay 27 Part B: Payroll Register 28 29 30 31 32 Month 33 January 34 February For 35 March 36 April 37 May June 39 July 40 August 41 September 42 October 43 November 44 December 45 Total 46 47 38 XXXXXXXX $0 $0 47 48 Part C: Journal Entries Record the payroll entry for payment to Irma and related withholdings (amounts on employee pay stub) See example on page 347 in text. For the month of January: Record the payroll taxes paid solely by the employer (FICA match & unemployment taxes) See example on page 348 in text. For the month of January: 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 71 72 73 74 75 76 77 For the month of December: For the month of December