Exercise 9-9A (Static) Calculating payroll LO 9-5 Zolnick Enterprises has two hourly employees: Kelly and Jon. Both employees earn overtime at the rate of 16 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $130,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $260 and $220, respectively, for the first week of January. The following information is for the first week in January, Year 1: Employee Hours worked Wage Rate per Hour Kelly Jon 54 44 $32 $26 Required a. & b. Calculate the gross pay and the net pay for each employee for the week. (Round the intermediate calculations and your final answers to 2 decimal places.) Kelly Jon Gross pay D. Net pay CS Scanned with CamScanner Exercise 9-12A (Static) Fringe benefits and payroll expense LO 9-5 The two employees of Silver Co, receive various fringe benefits. Silver Co. provides vacation at the rate of $315 per day. Each employee earns one day of vacation per month worked. In addition, Silver Co. pays a total amount of $650 per month in medical Insurance premiums. Silver also contributes a total amount of $400 per month into an employee retirement plan. The federal unemployment tax rate is 0.6 percent, while the state unemployment tax rate is 4 percent. Unemployment taxes apply to the first $7,000 of earnings per employee. Assume a Social Security tax rate of 6 percent and a Medicare tax rate of 1.5 percent. Required: a. Prepare the computation of accrued fringe benefits per month. Total monthly fringo benefits exponso b. Show the effect of accrued fringe benefits per month on a horizontal statements model (Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use the initials (OA) to designate operating activity, (1A) for investing activity, and (FA) for financing activity. Not all cells require input.) SILVER COMPANY Horizontal Statements Model Llabilito Stockholders' Equity Incomo Statomont Statement of Cash Cash Payablos earnings Expense Various Canimon Retained Revenue Net Income Flows stock s-schied voluntealilstanher