Assignment: Calculating Payroll at Kipley Co Carson Company is a small manufacturing firm located in Altamont, Utah. The company has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter hour increments Wagus are paid every Friday for the week preceding. The payday for Carson Company for the work week endine Friday, December 1, 2021, In January 7, 2022. The information below will be used in preparing the payroll for the pay period endine December 31, 2021 Time Card No. Employee Name Hourly Wag or Salary Per Time Report for the week ended Dec 31, 2021 5 Sat Tue Sun Mon it Wed Thu Fri Total a 5 B B B 17.50 per hour 40 pl 17 15 Per hour 5 5 B B 8 48 Kettleson, Ron Little, Maxine Utah, Harley Riffle. John 18.10 Per hour 8 5 1/2 8 B 11 1 1/2 17.00 Per hour 10 10 B 10 46 19.75 Per hour B 8 0 40 Jones, Luty Short, Martin 3,350 per month B 8 B 3 40 2,510 per month 4 8 B B 44 Haney, Albert Carson, Francis 52.000 Per year 8 8 B 8 8 40 tutina Instructions 1 Complete the Regular Earnings columns (Rate per hour and Amount) and the Overtime Earnings columna (Rate per hour and Amount) for each hourly employee 2. Record the Total Earnings for each employee by adding the Regular Earnings and the Overtime Earnings a. In the Taxable Earnings columns, record the amount of each employee's weekly earnings that is subject to FICA taxes. FICA is composed of Social Security's Old-Age Survivors, and Disability Insurance (CASDN at 6.2% and Health Insurance () at 1.45 Assume the cap for OASDI in 2021 was $137.700 and there is no earnings timit for HI. 4. Record the state income taxes on the gross weekly earnings for each employer. Assume the tax rate for Utah 14,95% and withholding is at that rate. 5. Calculate FUTA at the statutory rate of 0.6% on the first $7.000 of earnings and calculate SUTA at 3.68% of the first $36,600 of earnings 6. Create the journal entries for wages payable and payroll taxes payable 7. Assume the wages are paid on January 8, 2022. Record the Journal entry for that transaction Part 2 Complete instruction 3.44 by using these tables TAXADLE EARNINGS FUTA SUTA Current HI OASE EMPLOYEE Kettieson, Ron Little, Maxine Utah, Harley Ririe, John Dones, Lucy Short, Martin Haney. Albert Carson, Francis Totals PRIOR YTO 35,700.00 35,190,00 2,565.00 36,516.00 6.900.00 38,427.08 20,540,73 51,000.00 VTD 35,700.00 35,100.00 2.565.00 36,516.00 6,000.00 39,427.00 20.540,73 51.000.00 236.830.01 OASDI $35,700.00 $35,190,00 $2.565.00 $36,516.00 $6,000.00 $39.427.08 $20,540.Ta $51,000.00 236,838 81 Taxed to date HI FUTA $35,700.00 7,000.00 $35,100.00 7,000.00 $2.565.00 2,566.00 $36,590.00 7,000.00 $6,000.00 6,900.00 $39,427.08 7,000.00 $20.540.73 7.000.00 $$1,000.00 7,000.00 236,838.81 51,465.00 SUTA $35,700.00 $35,190.00 52,565.00 $36,516.00 36.900.00 $36.600.00 $29,540.73 $36,600.00 219.611.73
