Employee Benefits The table below lists the employee contributions to Group Insurance and Health Insurance. Also, a check number has been assigned to each employee. Note that some employees are not yet eligible for Group Insurance coverage under the company plan. OLNEY COMPANY, INC. Insurance Deduction Register Name GRP. INS. HEALTH INS. CK. NO. Mangino, R. $0.85 $1.65 313 Flores, 1.1 0.85 1.65 314 Palmetto, C. 1.65 315 Waters, R. 0.85 1.65 316 Kroll, C. 0.85 1.65 317 Ruppert, C. 0.85 1.65 318 Scott, W. 0.85 1.65 319 Wickman, S. 1.65 320 Foley, L. 0.85 1.65 321 Olney, M. 0.85 1.65 322 For Period Ending January 8, 20-- EARNINGS DEDUCTIONS Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins Ck. No. Mangino, R. $740.00 $45.88 $10.73 $55.00 Fores, 1. 1,058.80 65.65 15.35 55.00 32.51 0.64 10.59 $22.72 $0.44 $7.40 $20.00 50.00 Palmetto, C. 685.30 42.49 9.94 17.00 21.04 0.41 6.85 40.00 Waters, R. 1,045.35 64.81 15.16 53.00 32.09 0.63 10.45 60.00 Krell, C 952.00 59,02 13.80 80.00 29.23 0.57 9.52 20.00 Ruppert, C 837.50 51.93 12.14 32.00 25.71 0.50 8.38 40.00 Scott, W. 780.00 48.36 11.31 26.00 23.95 0.47 7.80 50.00 Wickman, S. 807.69 50.08 11.71 58.00 24.80 0.48 8.06 50.00 Foley, L 1,233.16 76.46 17.88 80.00 37.86 0.74 12.33 30.00 Olney, M. 1.500.00 93.00 21.75 106.00 46.05 0.90 15.00 80.00 Totals $597.68 $139.77 $595.00 $295.96 $5.70 596:40 $440.00 NET PAY Amount Taxable Earnings -OASDI at 6.2% on the first $137,700 -HI at 1.45% on total earnings -FUTA at 0.6% on the first $7,000 -SUTA at 3.6890% on the first $10,000 Enter the Employer's total payroll taxes for the pay period ending January 8, 20--. OLNEY COMPANY, INC. Totals Taxable Earnings Payroll Taxes Taxable Earnings Payroll Taxes OASDI HI FUTA SUTA $9,639.80 $597.67 $139.78 $57.84 $355.61 Journal Entry: Recording Payroll Date 20- Jan. 12 To record payroll. Account Debit Credit 20- Jan. 12 To record payroll taxes. Journal Entry: Payroll Distribution Complete the following: Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers. Date: 20- Jan. 14 Account Debit Credit Continuing Payroll Problem, 6B: Chapter 6 You have almost completed the Olney Company's Employee Payroll Register for the pay period ending January 8, 20-- In this last task, the following steps will be completed. Requirements: 1. Record the deduction for group insurance. 2. Record the health insurance deduction.. 3. Record the check number assigned to each employee.. 4. Compute and record the net pay for each employee. 5. Total the input columns on the Employee Payroll register. 6. On Employer Register, enter the total gross earnings. 7. Prepare the journal entries as of January 12 to record the payroll and the payroll taxes for the week ending January 8. Credit Salaries' Payable for the total net pay. 8. Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers