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Stark Company hs five employees. Employees pald by the hour earn $12 per hour for the regular 40-hour workweek and $18 per hour beyond
Stark Company hs five employees. Employees pald by the hour earn $12 per hour for the regular 40-hour workweek and $18 per hour beyond the 40 hours per week. Hourly employees are pald every two weeks, but salaried employees ore paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 pald to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, ife insurance, and retirement funding for employees. Under this plan, employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August. a. Complete this payroll register by filling in all cells for the pay period ended August 31. Prepare the August 31 journal entry to: b. Record the eccrued biweekly payroll and related liabilities for deductions. c. Record the employer's cash payment of the net payroll of part b. d. Record the employer's payroll taxes including the contribution to the benefits plan. e. Pay all liabilities (except for the net payroll in part c) for this biweekly period. e. Pay all llat Complete this question by entering your answers In the tabs below. Reg A Req B to E Complete this payroll register by filling in all cells for the pay period ended August 31. (Round your answers to 2 decimal places. Do not round your in calculations.) FICA S.S. Employee FICA Medicare Employee Employee Plan Withholding FIT Employee Net Pay (Current Period) Current-Period Gross Pay FUTA Withholding Cumulative Pay Employee (Exoludes Current Perlod) FICA Medicare Employer Employer Plan Expense SIT FICA S.S. Pay Pay Hours Gross Pay Withholding SUTA Employer $ 2,400.00 350.00 Kathleen %24 132.700.00 Salary 8,000.00 150.00 50.00 Anthony 6,400.00 Salary 1,000.00 40.00 100.00 110.00 Regular Overtime Regular Overtime Regular 80 Nichole 16,100.00 30.00 80 170.00 Zoey 6,700.00 13 50.00 36 40.00 Gracie 5,500.00 Overtime 10.00 $ 2,870.00 S 0.00 $ 0.00 S 0.00 S 60.00 0.00 Totals 167,400.00 480.00 0.00 0.00 0.00 100.00 Req B to E> Journal entry worksheet 2 3 4 Record the August 31 journal entry for the accrued biweekly payroll and related liabilities for deductions. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Record entry Clear entry View general journal
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