Exercise 9-17 Preparing payroll register and related entries LO P5 Stark Company has five employees. Employees paid by the hour receive a $12 per hour pay rate for the regular 40-hour workweek plus one and one-half times the hourly rate for each overtime hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5 percent of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August. a. Complete this payroll register by filling in all cells for the pay period ended August 31. (Round your answers to 2 decimal places.) Current Period Gross Pay Cumulative Pay Employee (Excludes FIT Withholding FUTA FICA S.S. Employee FICA Medicare Employee Current Period) Pay Pay Type Hours Gross Pay SIT Withholding SUTA FICA S.S. Employer FICA Medicare Employer Employee Plan Withholding Employer Plan Expense Employee Not Pay $ 2,700.00 Kathleen $ 115,100.00 Salary $ 7,000.00 580.00 108.00 32.00 Anthony 6,600.00 Salary 640.00 34.00 64.00 es Regular 80 138.00 Nichole 16,400.00 Overtime 10 39.00 Regular 80 128.00 Zoey 6,550.00 Overtime 6 36.00 Gracie 5,700.00 Regular 79 Overtime 948.00 118.00 35.00 $ 3,192.00 $0.00 $ 0.00 $ 0.00 $ 32.00 Totals $ 150,350.00 $ 0.00 724.00 0.00 0.00 0.00 64.00 b, c, d & e. Prepare the August 31 journal entry to: (Round your answers to 2 decimal places.) b. Record the accrued biweekly payroll and related liabilities for deductions. c. Record the employer's cash payment of the net payroll of part b. d. Record the employer's payroll taxes including the contribution to the benefits plan. e. Pay all liabilities (except for the net payroll in part c) for this biweekly period. View transaction list Journal entry worksheet < 2 3 4 5 Record the August 31 journal entry for the accrued biweekly payroll and related liabilities for deductions. Note: Enter debits before credits. Date Aug 31 General Journal Debit Credit Record entry Clear entry View general journal