Financial Accounting Chap9 HW
Exercise 9-19A Preparing payroll register and related entries LO P5:
Chapter 9 Saved Help Exercise 9-19A Preparing payroll register and related entries LO P5 Stark Company has five employees. Employees peld by the hour eam $10 per hour for the regular 40 hour workweek and $15 per 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 62% of the first $128,400 paid to each employee and FICA Medicare taxes are 1.45% of gross pay FUTA taxes are 0,6% and SUTA taxes are 54% of the first $7000 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% 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 b, c, d &e. Prepare the August 31 journal entry to: 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. Complete this question by entering your answers in the tabs below. Help Save A E Check 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 Complete this question by entering your answers in the tabs below. Pay ReqA Reg tot Complete this payroll register by filling in all calls for the pay period ended August 31. (found your answers to 2 decimal places) FIT FICA Current Period Grous Pay Cumulative Pay FUTA FIGA 3.5 Withholding Medicare Employee Plan Employee Employee (Excludes Employee Withholding Employee Current Period) Pay SIT FICA Net Pay FICA S.S. Type Gross Pay Hours SUTA Employer Plan Withholding Medicam Employer Employer Expense $ 2.000.00 Katoen $ 127.050.00 Salary $ 7,000.00 000.00 110.00 74.00 Anthony 5,800.00 Satury 1.480.00 38.00 148.00 Regular 80 145.00 Nichole 16,900.00 Overtime 11 43.00 Regular 80 138.00 Zoey 6,750.00 Overtimo 6 40.00 Regular 77 770 00 126.00 Gracie 5,350.00 Overtime 39.00 $ 3.424.00 Totals 161,850.00 820.00 $ Reg B tot > 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. Show less View transaction list Journal entry worksheet
