Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete the Following Tasks 1. The company received a time card from Rodney Johnson for the time period ended November 30. Rodney worked 88 regular

Complete the Following Tasks 1. The company received a time card from Rodney Johnson for the time period ended November 30. Rodney worked 88 regular hours and 10.50 hours of overtime. Complete the payroll journal entries for Samuel Mayo and Rodney Johnson (Check No. 902 and 903). Other information: Hourly employees receive time and a half for overtime. Federal taxes for the period are $503.92 for Samuel Mayo and $37.98 for Rodney Johnson. State taxes for the period are $83.61 for Samuel Mayo and $12.56 for Rodney Johnson. Social Security tax for 2023 is 6.20% on annual earnings less than $137,700. Medicare tax is 1.45% of Gross Pay Enter the information in the employee subledger and update the cumulative annual total if applicable. All checks need to be referenced in the cash disbursement journal. 2. Use the SUM function in Excel to foot the totals for each column in the payroll journal. Cross-foot the totals to verify that net pay equals gross pay minus deduction. 3. Post the column totals to the appropriate general ledger account and update each general ledger account balance. Place a posting reference check mark [] under each column total in the journal. 4. At the end of the month, the company needs to record payroll taxes for the month. Book the payroll taxes for November in the general journal and post them to the general ledger. The company needs to match FICA taxes paid by the employee. The company needs to pay federal and state unemployment taxes (FUTA and SUTA) on the first $7,000 of wages paid to covered employee. The FUTA rate is 0.6% (0.006) and the SUTA rate is 3.55% (0.0355).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

15th Edition

978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960

More Books

Students also viewed these Accounting questions

Question

Solve. Round to the thousandths place. 5Inx= - 10

Answered: 1 week ago

Question

LO13.1 List the characteristics of monopolistic competition.

Answered: 1 week ago