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Can someone help me with these payroll entries? These ones are really tripping me up Payroll Entries Urban Window Company had gross wages of $339,000
Can someone help me with these payroll entries? These ones are really tripping me up
Payroll Entries Urban Window Company had gross wages of $339,000 during the week ended July 15. The amount of wages subject to social security tax was $305,100, while the amount of wages subject to federal and state unemployment taxes was $42,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.6% The total amount withheld from employee wages for federal taxes was $67,800. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of July 15. b. Journalize the entry to record the payroll tax expense incurred for the week of July 15. Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,410 per week $32 per hour $42 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places. Consultant Computer Programmer Administrator Gross pay Net pay $Step by Step Solution
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