Earnings Net Pay Name Chapter 5 & 6 Payroll Test The Bodyworks Workout Spa pays its employees time and half for all hours in excess of 40 hours per week. Employees are paid every Friday. The following information is from the payroll register for December 27, the last pay period of this calendar year. Complete the following payroll register using the wage tax bracket tables given in canvas to calculate FIT, and assume the SS rate is 6.2% on the first $127,200 of wages and Medicare at a rate of 1.45% on all wages. The employer has a federal unemployment rate of 0.6% and state unemployment of 5.4% on the first $7000 of wages. Prepare journal entries to record the employee's payroll for the week, AND the entry to record the employer's tax liability Taxable Earnings Deductions Beginning Ending W/H Pay Hours Cumulative Regular Overtime Total Cumulativ Social Fed Social Total Name Status Allow Rate Worked Earnings Pay Pay Pay e Security Unemploy WIH Security Medicare Deductions Tyler M 4 28.50 45 127.000 Amandas 1 12.50 40 56.841 Nicole M 27.25 42 2.150 Totals Taxable Wages Rate Employer's Liability Employers FUTA Taxes 0.60% Employers SUTA Taxes 5.40% Employers SS Taxes 6.20% Employers Medicare Taxes 1.45% General Journal Date Description Debit Credit Date Description Debit Credit Records the Employee's Payroll Entry Here (wages Expense) Record the Employer's Payroll Tax Liability Here (payroll Tax expense) 1 Name Chapter 5 & 6 Payroll Test 2 3 The Bodyworks Workout Spa pays its employees time and half for all hours in excess of 40 hours per week. 4 Employees are paid every Friday. The following information is from the payroll register for December 27, the last pay period of this calendar year. 5 Complete the following payroll register using the wage tax bracket tables given in canvas to calculate FIT, and 6 assume the SS rate is 6.2% on the first $127,200 of wages and Medicare at a rate of 1.45% on all wages. 7 The employer has a federal unemployment rate of 0.6% and state unemployment of 5.4% on the first $7000 of wages. 8 Prepare journal entries to record the employee's payroll for the week, AND the entry to record the employer's tax liability. 9 10 Earnings Taxable Earnings Deductions Ending W/H Pay Status Allow Rate Hours Worked Beginning Cumulative Earnings Regular Pay Overtime Pay Total Pay Cumulative Social Earnings Security Unemploy Fed W/H 11 Name Social Total Security Medicare Deductions Net Pay 12 Tyler M 4 28.50 45 127,000 13 Amanda S 1 12.50 401 56.841 14 Nicole M 2 7.25 42 2.150 Rate Employer's Liability 0.60% = 5.40% 6.20% 1.45% 15 Totals 16 17 Taxable Wages 18 Employers FUTA Taxes 19 Employers SUTA Taxes X 20 Employers SS Taxes 21 Employers Medicare Taxes 22 23 24 General Journal 25 Date Description Debit Credit 26 27 28 29 30 31 32 33 Records the Employee's Payroll Entry Here (wages Expense) 34 35 Date Description Debit Credit Record the Employer's Payroll Tax Liability Here (payroll Tax expense) Earnings Net Pay Name Chapter 5 & 6 Payroll Test The Bodyworks Workout Spa pays its employees time and half for all hours in excess of 40 hours per week. Employees are paid every Friday. The following information is from the payroll register for December 27, the last pay period of this calendar year. Complete the following payroll register using the wage tax bracket tables given in canvas to calculate FIT, and assume the SS rate is 6.2% on the first $127,200 of wages and Medicare at a rate of 1.45% on all wages. The employer has a federal unemployment rate of 0.6% and state unemployment of 5.4% on the first $7000 of wages. Prepare journal entries to record the employee's payroll for the week, AND the entry to record the employer's tax liability Taxable Earnings Deductions Beginning Ending W/H Pay Hours Cumulative Regular Overtime Total Cumulativ Social Fed Social Total Name Status Allow Rate Worked Earnings Pay Pay Pay e Security Unemploy WIH Security Medicare Deductions Tyler M 4 28.50 45 127.000 Amandas 1 12.50 40 56.841 Nicole M 27.25 42 2.150 Totals Taxable Wages Rate Employer's Liability Employers FUTA Taxes 0.60% Employers SUTA Taxes 5.40% Employers SS Taxes 6.20% Employers Medicare Taxes 1.45% General Journal Date Description Debit Credit Date Description Debit Credit Records the Employee's Payroll Entry Here (wages Expense) Record the Employer's Payroll Tax Liability Here (payroll Tax expense) 1 Name Chapter 5 & 6 Payroll Test 2 3 The Bodyworks Workout Spa pays its employees time and half for all hours in excess of 40 hours per week. 4 Employees are paid every Friday. The following information is from the payroll register for December 27, the last pay period of this calendar year. 5 Complete the following payroll register using the wage tax bracket tables given in canvas to calculate FIT, and 6 assume the SS rate is 6.2% on the first $127,200 of wages and Medicare at a rate of 1.45% on all wages. 7 The employer has a federal unemployment rate of 0.6% and state unemployment of 5.4% on the first $7000 of wages. 8 Prepare journal entries to record the employee's payroll for the week, AND the entry to record the employer's tax liability. 9 10 Earnings Taxable Earnings Deductions Ending W/H Pay Status Allow Rate Hours Worked Beginning Cumulative Earnings Regular Pay Overtime Pay Total Pay Cumulative Social Earnings Security Unemploy Fed W/H 11 Name Social Total Security Medicare Deductions Net Pay 12 Tyler M 4 28.50 45 127,000 13 Amanda S 1 12.50 401 56.841 14 Nicole M 2 7.25 42 2.150 Rate Employer's Liability 0.60% = 5.40% 6.20% 1.45% 15 Totals 16 17 Taxable Wages 18 Employers FUTA Taxes 19 Employers SUTA Taxes X 20 Employers SS Taxes 21 Employers Medicare Taxes 22 23 24 General Journal 25 Date Description Debit Credit 26 27 28 29 30 31 32 33 Records the Employee's Payroll Entry Here (wages Expense) 34 35 Date Description Debit Credit Record the Employer's Payroll Tax Liability Here (payroll Tax expense)