Question
Company had the following partially completed payroll register: LOADING... (Click the icon to view the partial payroll register.) LOADING... (Click the icon to view payroll
Company had the following partially completed payroll register:
LOADING...
(Click the icon to view the partial payroll register.)
LOADING...
(Click the icon to view payroll tax rate information.)Read the requirements
LOADING...
.
Requirement 1. Complete the payroll register. Round to two decimals. (Round all amounts to the nearest cent. Abbreviations used: Beg. = Beginning; Cum. = Cumulative; Earn. = Earnings; Exp. = Expense; Med. = Medicare; Ins. = Insurance; With. = Withholdings; Chk = Check.)
| Earnings | Withholdings |
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| Salaries |
| Beg. | Current | Ending |
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| and |
| Cum. | Period | Cum. |
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| Income | Health | United | Total | Net | Chk | Wages |
| Earn. | Earn. | Earn. | OASDI | Med. | Tax | Ins. | Way | With. | Pay | No. | Exp. |
| $79,000 | $4,200 |
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| $1,680 | $84 | $5 |
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| 801 |
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| 126,000 | 7,200 |
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| 1,800 | 144 | 40 |
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| 802 |
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| 56,000 | 3,900 |
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| 1,560 | 78 | 0 |
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| 803 |
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| 61,500 | 4,700 |
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| 1,175 | 94 | 20 |
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| 804 |
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| 0 | 1,000 |
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| 250 | 20 | 0 |
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| 805 |
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| $322,500 | $21,000 |
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| $6,465 | $420 | $65 |
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| Earnings | Withholdings |
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| Salaries |
| Beginning | Current | Ending |
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| and |
| Cumulative | Period | Cumulative |
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| Income | Health | United | Total | Net | Check | Wages |
| Earnings | Earnings | Earnings | OASDI | Medicare | Tax | Insurance | Way | Withholdings | Pay | No. | Expense |
| $79,000 | $4,200 |
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| $1,680 | $84 | $5 |
|
| 801 |
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| 126,000 | 7,200 |
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| 1,800 | 144 | 40 |
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| 802 |
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| 56,000 | 3,900 |
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| 1,560 | 78 | 0 |
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| 803 |
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| 61,500 | 4,700 |
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| 1,175 | 94 | 20 |
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| 804 |
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| 0 | 1,000 |
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| 250 | 20 | 0 |
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| 805 |
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| $322,500 | $21,000 |
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| $6,465 | $420 | $65 |
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| 1. | Complete the payroll register. Round to two decimals. |
| 2. | Journalize Stream Company's salaries and wages expense accrual for the current pay period. |
| 3. | Journalize Stream Company's expenses for employer payroll taxes for the current pay period. |
| 4. | Journalize the payment to employees. |
| 5. | Journalize the payment for withholdings and employer payroll taxes. |
For all payroll calculations, use the following tax rates and round amounts to the nearest cent:
| Employee: | OASDI: 6.2% on first$132,900 earned; Medicare:1.45% up to$200,000, 2.35% on earnings above$200,000. |
| Employer: | OASDI: 6.2% on first$132,900 earned; Medicare:1.45%; FUTA:0.6% on first$7,000 earned; SUTA:5.4% on first$7,000 earned. |
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian edition
119-49633-5, 1119496497, 1119496330, 978-1119496496
