Question
Country Company had the following partially completed payroll register: Partial payroll register: Earnings Withholdings Salaries Beginning Current Ending and Cumulative Period Cumulative Income Health United
Country Company had the following partially completed payroll register:
Partial payroll register:
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 |
$77,000 | $4,500 |
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| $900 | $90 | $15 |
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| 801 |
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112,000 | 7,200 |
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| 1,200 | 144 | 35 |
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| 802 |
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48,000 | 3,300 |
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| 600 | 66 | 0 |
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| 803 |
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61,000 | 3,300 |
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| 850 | 66 | 20 |
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| 804 |
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0 | 4,500 |
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| 1,100 | 90 | 0 |
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| 805 |
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$298,000 | $22,800 |
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| $4,650 | $456 | $70 |
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payroll tax rate info:
For all payroll calculations, use the following tax rates and round amounts to the nearest cent:
employee: OASDI: 6.2% on the first $118,500 earned; medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000
employer: OASDI: 6.2% on first $118,500; medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned
Requirements:
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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---|---|---|---|---|---|---|---|---|---|---|---|
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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. |
$77,000 | $4,500 |
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|
| $900 | $90 | $15 |
|
| 801 |
|
112,000 | 7,200 |
|
|
| 1,200 | 144 | 35 |
|
| 802 |
|
48,000 | 3,300 |
|
|
| 600 | 66 | 0 |
|
| 803 |
|
61,000 | 3,300 |
|
|
| 850 | 66 | 20 |
|
| 804 |
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0 | 4,500 |
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| 1,100 | 90 | 0 |
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| 805 |
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$298,000 | $22,800 |
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| $4,650 | $456 | $70 |
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2. Journalize County Company's salaries and wages expense accrual for the current pay period.
3.
Journalize County 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.
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