Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Country Covers has four employees and pays them on an hourly basis. During the week beginning June 2 4 and ending June 3 0 ,

Country Covers has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30, 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.
Regular Hourly Marital Withholding Cumulative
Employee Hours Worked Rate Status Allowances Earnings
Roma Brandon 48 $ 11.50 M 4 $ 16,975
Carlos Cortez 4011.20 M 116,080
Jane Jorgus 4812.70 M 117,640
Winter Wise 5010.70 S 214,660
Required:
Enter the basic payroll information for each employee in a payroll register. Record the employees name, number of withholding allowances, marital status, total and overtime hours, and regular hourly rate. Note: 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
Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register.
Compute the amount of social security tax to be withheld from each employees earnings. Assume a 6.2 percent social security rate on the first $132,900 earned by the employee during the year. Enter the figures in the payroll register.
Compute the amount of Medicare tax to be withheld from each employees 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.
Determine the amount of federal income tax to be withheld from each employees total earnings. Use the tax tables in Figure 10.2a and Figure 10.2b. Enter the figures in the payroll register.
Compute the net pay of each employee and enter the figures in the payroll register.
Prepare a general journal entry to record the payroll for the week ended June 30.
Record the general journal entry to summarize payment of the payroll on July 3.
Analyze:
What are Jane Jorgus\'s cumulative earnings on June 30,20X1?

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

College Accounting A Contemporary Approach

Authors: David Haddock, John Price, Michael Farina

5th Edition

126078035X, 978-1260780352

More Books

Students also viewed these Accounting questions

Question

Is it tenure-track, tenured, or something other designation?

Answered: 1 week ago

Question

Who pays for workers compensation insurance?

Answered: 1 week ago

Question

What is the standard deviation of the Standard Normal distribution?

Answered: 1 week ago

Question

What is the mean of the Standard Normal distribution?

Answered: 1 week ago

Question

How many different Normal distributions are there?

Answered: 1 week ago