Answered step by step
Verified Expert Solution
Question
1 Approved Answer
After saving the galaxy from Ronan, times were slow for Peter Quill (AKA Starlord) and his companions, Gamora, Drax, Groot, and Rocket. As such they
After saving the galaxy from Ronan, times were slow for Peter Quill (AKA "Starlord") and his companions, Gamora, Drax, Groot, and Rocket. As such they decided to take advantage of their business degrees and went to work for CVS Pharmacy, which had several openings. Starlord and Gamora both were hired into accounting, Drax into marketing, and Groot and Rocket were assistant managers of the Midland store. Nebula became a talk show host for the hit program "Under the Radar Michigan" and as such did not work for CVS Pharmacy. Please complete the payroll schedule below, and also prepare the payroll journal entries. Employees are paid bi-weekly (every two weeks), and this payroll is for the two weeks ended Friday, November 12, 2021. Starlord, Gamora and Rocket had been working for CVS all year, and Drax and Groot were hired a few weeks before the November 12 payroll. Tax rates are as follows (FYI these are the actual 2021 and 2022 rates (except FIT, and SUTA rate varies from business to business) that are in effect in the USA and Michigan: Federal income tax = 22%, state income tax = 4.5%, social security (FICA) 7.65% on first $142,800 of earnings then 1.45% on earnings over $142,800, federal unemployment tax (FUTA) .8% on first $7,000 and 0% over $7,000, state unemployment tax (SUTA) 2.7% on first $9,500 and 0% over $9,500. Gross pay, 2-weeks. Earnings to ended: Employee Starlord 29-Oct 12-Nov $ 152,307.69 $ 6,923.08 Gamora 139,615.38 6,346.15 Drax 6,153.84 3,076.92 Groot 8,653.86 2,884.62 Rocket 42,307.76 1,923.08 EMPLOYEE PAY EMPLOYER TAXES Name Gross FIT FICA State Tax Net pay FICA SUTA FUTA Starlord Gamora Drax Groot Rocket Total Employee Pay Employer Taxes Debit Credit Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started