Answered step by step
Verified Expert Solution
Question
1 Approved Answer
City Place Movie Theaters has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30,
City Place Movie Theaters has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30, 2019, these employees worked the hours shown below. Information about hourly rates, marital status, withholding allowances, and cumulative earnings prior to the current pay period also appears below. Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate. Employee Andy Anderson Roma Benson Frank Cortez Winter Wise Regular Hours Worked 47 48 40 51 Hourly Marital Withholding Rate. Status $11.40 M Allowances 1 10.10 M 4 M S 9.90 9.40 1 2 Cumulative Earnings $17,500 16,835 15,940 14,520 Required: 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's earnings. Assume a 6.2 percent social security rate on the first $122,700 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register. 5. Determine the amount of federal income tax to be withheld from each employee's total earnings. Use the tax tables in Figure 10.2a & Figure 10.2b. Enter the figures in the payroll register. 6. Compute the net pay of each employee and enter the figures in the payroll register. 7. Total and prove the payroll register. 8. Prepare a general journal entry to record the payroll for the week ended June 30, 2019. 9. Record the general journal entry to summarize payment of the payroll on July 3, 2019. Analyze: What are Andy Anderson's cumulative earnings on June 30, 2019? Complete this question by entering your answers in the tabs below. Payroll Register Payroll register Compute the regular, overtime, gross earnings, social security tax and Medicare tax to be withheld from each employee's earnings. Assume a 6.2 percent social security rate on the earned by the employee during the year. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Determine the amount of fede be withheld from each employee's total earnings. (Use the table shown in Figure 10.2A & Figure 10.2B whichever is applicable). Finally compute the net pay of each employee. ( intermediate calculations and final answers to 2 decimal places.) Employee General Journal Andy Anderson Roma Benson Frank Cortez Winter Wise Analyze $ Week beginning: June 24, 2019 Earnings Regular Overtime time earnings earnings Gross amount 0.00 $ 0.00 $ Cumulative earnings Social security 0.00 $ 0.00 $ And ending: June 30, 2019 Taxable wages Medicare 0.00 $ 0.00 $ < Payroll Register Social security Deductions Medicare Income tax 0.00 $ Paid: July 3, 2019 Distribution General Journal > Net amount 0.00 $ 0.00 $ Wages expense 0.00 $ 0.00 Prepare a general journal entry to record the payroll expenses and also summarize payment of the payroll for the week ended June 30, and July 3, 2019. (Round your intermediate calculations and final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the company's payroll to be paid at a later date. Note: Enter debits before credits. Date June 30, 2019 Record entry General Journal Clear entry Debit Credit View general journal Prepare a general journal entry to record the payroll expenses and also summarize payment of the payroll for the week ended June 30, and July 3, 2019. (Round your intermediate calculations and final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the entry to summarize payment of the payroll. Note: Enter debits before credits. Date July 03, 2019 Record entry General Journal Clear entry Debit Credit View general journal 6. Compute the net pay of each employee and enter the figures in the payroll register. 7. Total and prove the payroll register. 8. Prepare a general journal entry to record the payroll for the week ended June 30, 2019. 9. Record the general journal entry to summarize payment of the payroll on July 3, 2019. Analyze: What are Andy Anderson's cumulative earnings on June 30, 2019? Complete this question by entering your answers in the tabs below. Payroll Register General Journal Analyze What are Andy Anderson's cumulative earnings on June 30, 2019? (Round your intermediate calculations and final answer to 2 decimal places.) Cumulative earnings < General Journal Analyze >
Step by Step Solution
★★★★★
3.42 Rating (152 Votes )
There are 3 Steps involved in it
Step: 1
Payroll Register Week BeginningJune 242019 And Ending June 302019 Paid July 32019 Earnings Cumulativ...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