Complete Exercise 1, 4, and 8 (Minko, Inc) from Chapter 7 Exercises and Problems section. Document attached.

Presentthese exercises and problems in Excel.

Thank you!!

SHORT ANSWER QUESTIONS, EXERCISES, AND PROBLEMS Example 1: Regular Earnings, Overtime Earnings, and Gross Pay Exercise 1. During the past week, four employees of the Kinko Inc. worked the number of hours shown in the table. All four employees receive overtime pay at one and a half times their regular hourly rate for any hours worked beyond 40 in a week. Calculate the regular earnings, overtime earnings, and gross pay for each employee. Employee Hourly Rate $15 Kristen Wedge Arnold 17 Bodkin Andrea 18 Landowska Kris Castro 16 Total Hours Worked 42 Regular Earnings $600 Overtime Earnings $30 Gross Pay 45 680 85 765 43 720 54 774 41 171 640 2,640 16 185 656 $2,825 $630 Exercise 2. During the past week, four employees of the Lovo Inc. worked the number of hours shown in the table. All four employees receive overtime pay at one and a half times their regular hourly rate for any hours worked beyond 40 in a week. Calculate the regular earnings, overtime earnings, and gross pay for each employee. Employee Ann We Gregory Box Dan Knox Lana Gonzales Total Hourly Rate $18 19 Hours Worked 45 44 19 17 43 46 178 Regular Earnings $ Overtime Earnings $ Gross Pay $ $ Exercise 3. During one week, two employees of the Retro Furniture Inc. worked the number of hours shown in the table. All four employees receive overtime pay at one and a half times their regular hourly rate for any hours worked beyond 40 in a week. Calculate the regular earnings, overtime earnings, and gross pay for each employee. Employee Megan Dell Max Levy Total Hourly Rate $16.5 Hours Worked 47 19.25 43 178 Regular Earnings $ Overtime Earnings $ Gross Pay $ $ Example 2: Social Security and Medicare Tax Computation Exercise 4.The monthly wages for December, 2016 and the year-to-date earnings as of November 30 for the three employees of the Raton Inc. are listed in the table below. Requirements: 1. Calculate the amount of FICA: Social security tax and Medicare tax to be withheld from each of the employee's gross (December only). Apply a 6.2 percent as a social security tax rate using the annual limit of the contribution and benefit base. For earnings in 2016, this base is $118,500. Also, apply a 1.45 percent as a Medicare tax rate. Employee December Salary Social Security Tax (December, 2016) $148.8 Medicare Tax (December, 2016) $2,400 The year-todate earnings up to November $26,400 Kristen Wedge Manuel Ergo Ewe Raiden 11,800 9,500 129, 800 114,000 0 279 171.1 137.75 $34.8 Explanation: 1. Kristen Wedge Social Sec. Tax: $2,400 * 6.2% = $148.8 Medicare Tax : $2,400 * 1.45%= $34.8 2. Manuel Ergo: Social Sec. Tax: $0= $0 (he reached the maximum> $118,500) Medicare Tax : $11,800 * 1.45%= $171.1 3. Ewe Raiden: Social Sec. Tax: ($118,500 - $114,000) * 6.2% = $279 Medicare Tax : $9,500 * 1.45%= $137.75 Exercise 5. The monthly wages for December, 2016 and the year-to-date earnings as of November 30 for the three employees of the Elegant Inc. are listed in the table below. Requirements: 2. Calculate the amount of FICA: Social Security Tax and Medicare Tax to be withheld from each of the employee's gross (December only). Apply a 6.2 percent as a social security tax rate using the annual limit of the contribution and benefit base. For earnings in 2016, this base is $118,500. Also, apply a 1.45 percent as a Medicare tax rate. Employee December The year-to- Social Medicare Tax Salary date Security Tax (December, earnings up (December, 2016) to November 2016) Rod Cast $2,900 $ $ $ Veronica Ergo Ann Lola 10,800 9,650 Exercise 6. The monthly wages for December, 2016 and the year-to-date earnings as of November 30 for the three employees of the Elegant Inc. are listed in the table below. Requirements: 3. Calculate the amount of FICA: Social Security Tax and Medicare Tax to be withheld from each of the employee's gross (December only). Apply a 6.2 percent as a social security tax rate using the annual limit of the contribution and benefit base. For earnings in 2016, this base is $118,500. Also, apply a 1.45 percent as a Medicare tax rate. 4. Employee December The year-to- Social Medicare Tax Salary date Security Tax (December, earnings up (December, 2016) to November 2016) Emma Lonk $4,500 $ $ $ Andrew Arlo Babaduck Brynn 10,700 9,750 Exercise 7. Letco Company's accounting year ends on December 31, 2016. On December 1, Letco signs a note for $10,000, 60-day, and 6% interest. Record (in General Journal) the note, the accrual of interest on December 31 and its payment on February 1 of the next year. Exercise 8. Lola Company's accounting year ends on December 31, 2016. On December 1, Lola signs a note for $12,000, 90-day, and 5% interest. Record (in General Journal) the note, the accrual of interest on December 31 and its payment on March 1 of the next year. Exercise 9. Minko Inc. had a payroll of $59,000 for the month of May. The company withheld the following amounts from the employees' pay: federal income taxes $9,100; FICA taxes $4,514 (Social Security Tax= $3,658; Medicare Tax= 856) ; and medical insurance premiums $4,940. Please, record these payroll entries in the General Journal. General Journal Date Description/ Account Page: 5 Debit Credit Exercise 10. Elmo Inc. had a payroll of $77,550 for the month of December. The company withheld the following amounts from the employees' pay: federal income taxes $15,100; FICA taxes $5,932 (Social Security Tax= $4,808; Medicare Tax= 1,124) ; and medical insurance premiums $7,940. Please, record these payroll entries in the General Journal. General Journal Date Description/ Account Debit Page: 7 Credit Example 3: Payroll Computation Exercise 11. During one week ended May 8, 2016, Arnold Hanover worked 40 hours. His regular hourly rate is $15. These earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. This employee also has some deductions including: $51 for federal income tax and $69 for health insurance. Compute the following: 1. Gross pay for a week? 2. Total of the employee deductions for a week? 3. Net pay for this week? Explanation: 1. Gross pay: 40* $15 = $640 2. Total deductions: Social Security Tax $39.68; Medicare Tax $9.28; Federal Income Tax $51, and Health Insurance $69 =$168.96 3. Net Pay= $640-$168.96 = $471 Exercise 12. During one week ended April 7, 2016, Arnold Hanover worked 40 hours. His regular hourly rate is $17. These earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. This employee also has some deductions including: $63 for federal income tax and $87 for health insurance. Compute the following: 1. Gross pay for a week? 2. Total of the employee deductions for a week? 3. Net pay for this week