fx 2 Act 202 Payroll Names Rename File:Lame, Frame Pris 1. Calculate wages and withholding all employees. Complete the payroll Register. Include column totale 2. Journalize the line 10, 2018 payrollregter 3. Journal paying the employees. Checks 101-104) Aly Brd Page 512 4. Journalise the Employer Payroll expense luled Payroll Expense" Page 514Fa Employer pad health insurance is $100 per employee per payroll period FUTAISIN, SUTAN. Federal income tax withholding tables in the below Winnie W FIT $1,000.00 FUTA and SUTA imits are $7,000. Social Security mit is $117.000 Use GL account names listed on the right for your journal entre 5. Answers at bottom of page Sle M ww sur le CAPUTA 79 11 Y 600 Peter June 10, 2013 Nuwber Employee Mar Hour Pay at worked we Cumi Tags por Ra T Femme Oune De E Grow Caming Social Seur MedSoxer Federe Caring Wages How Het 3 3.50 50 15 Nella Anderson Cart Benson Frank Carter 11.00 6.79 6.00 8.000 e IT Win Wu 11.10 De Column totale for allweyed male 18 Payrol 23 2 4. 3 5. The first phase of the payroll cycle includes receiving time cards from the employees. Afar receiving the time cards what accounting record does the accountant prepare? Answer: E D F G H K C A B 11 Acct 202 OL 1 2 3 4 5 6 7 8 9 10 12 13 Payroll Cycles by Professor Harmer: Accounting Ch Accounting for Employee Gross Pay, deductions and net pay. 1. Employees work for the week and submit time sheet. 2. Accounting does payroll for the week. Prepare the Payroll Register. a. Calculates Gross Pay (including overtime, if any) Pg 509 b. Calculates all withholding amounts from gross pay Pg 509-510 i. Soc Sec 6.2% withheld (Check to verify if exempt) ii. Medicare 1.45% withheld ii. Federal Income Tax withheld (Use Tables) iv. Any other withholding required by individual employment contracts. c. Accountant enters all above payroll data in the Payroll Register for the week's payroll. Pg 512-515 3. Journalize Payroll. Debits Wage or Salary Expense accounts and credits various tax payable accounts and finally the wages/salaries payable account. Pg 512-515Issue checks and pay employees. 4. Journalize Paying the employees Pg: Not shown in text but typically the next week a. Dr Wages Payable Cr Cash 5. Update the Individual Earnings Record of each employee. Page 514 6. Post the general ledger accounts. Page not shown in text. 15 16 Employer's Payroll Expenses and when & how payments required by law are required. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 46 46 47 48 49 50 51 52 1. Calculate and journalize Employer's Payroll Tax Expenses Page 515 a. Matching employee's Soc Sec 6.2% b. Matching employee's Medicare 1.45% c. Journalize FUTA and SUTA unemployment tax expenses employer pays d. Journalize fringe benefits agreed to in employment contract. Pg 518-520 2. Analyze the balances in the Soc Sec, Medicare and FIT payable accounts. Determine when a deposit of payroll taxes must be made to the IRS by Electronic Funds Transfer (EFTPS). Pg not mentioned in text. 3. Prepare Check to pay payroll taxes. Journalize Payment Ps Not discussed in text. 4. Prepare Quarterly 941 Payroll tax report for the IRS. Form 941.g Not discussed in text. a. Summarize each employee's Earnings Record for the quarter b. Prepare a Summary of Earnings for the Quarter c. From the column totals of the Summary of Earnings Report prepare the form 941 5. End of Year: Prepare W-2 for each emplovee. Use individual earnings records. fx 2 Act 202 Payroll Names Rename File:Lame, Frame Pris 1. Calculate wages and withholding all employees. Complete the payroll Register. Include column totale 2. Journalize the line 10, 2018 payrollregter 3. Journal paying the employees. Checks 101-104) Aly Brd Page 512 4. Journalise the Employer Payroll expense luled Payroll Expense" Page 514Fa Employer pad health insurance is $100 per employee per payroll period FUTAISIN, SUTAN. Federal income tax withholding tables in the below Winnie W FIT $1,000.00 FUTA and SUTA imits are $7,000. Social Security mit is $117.000 Use GL account names listed on the right for your journal entre 5. Answers at bottom of page Sle M ww sur le CAPUTA 79 11 Y 600 Peter June 10, 2013 Nuwber Employee Mar Hour Pay at worked we Cumi Tags por Ra T Femme Oune De E Grow Caming Social Seur MedSoxer Federe Caring Wages How Het 3 3.50 50 15 Nella Anderson Cart Benson Frank Carter 11.00 6.79 6.00 8.000 e IT Win Wu 11.10 De Column totale for allweyed male 18 Payrol 23 2 4. 3 5. The first phase of the payroll cycle includes receiving time cards from the employees. Afar receiving the time cards what accounting record does the accountant prepare? Answer: E D F G H K C A B 11 Acct 202 OL 1 2 3 4 5 6 7 8 9 10 12 13 Payroll Cycles by Professor Harmer: Accounting Ch Accounting for Employee Gross Pay, deductions and net pay. 1. Employees work for the week and submit time sheet. 2. Accounting does payroll for the week. Prepare the Payroll Register. a. Calculates Gross Pay (including overtime, if any) Pg 509 b. Calculates all withholding amounts from gross pay Pg 509-510 i. Soc Sec 6.2% withheld (Check to verify if exempt) ii. Medicare 1.45% withheld ii. Federal Income Tax withheld (Use Tables) iv. Any other withholding required by individual employment contracts. c. Accountant enters all above payroll data in the Payroll Register for the week's payroll. Pg 512-515 3. Journalize Payroll. Debits Wage or Salary Expense accounts and credits various tax payable accounts and finally the wages/salaries payable account. Pg 512-515Issue checks and pay employees. 4. Journalize Paying the employees Pg: Not shown in text but typically the next week a. Dr Wages Payable Cr Cash 5. Update the Individual Earnings Record of each employee. Page 514 6. Post the general ledger accounts. Page not shown in text. 15 16 Employer's Payroll Expenses and when & how payments required by law are required. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 46 46 47 48 49 50 51 52 1. Calculate and journalize Employer's Payroll Tax Expenses Page 515 a. Matching employee's Soc Sec 6.2% b. Matching employee's Medicare 1.45% c. Journalize FUTA and SUTA unemployment tax expenses employer pays d. Journalize fringe benefits agreed to in employment contract. Pg 518-520 2. Analyze the balances in the Soc Sec, Medicare and FIT payable accounts. Determine when a deposit of payroll taxes must be made to the IRS by Electronic Funds Transfer (EFTPS). Pg not mentioned in text. 3. Prepare Check to pay payroll taxes. Journalize Payment Ps Not discussed in text. 4. Prepare Quarterly 941 Payroll tax report for the IRS. Form 941.g Not discussed in text. a. Summarize each employee's Earnings Record for the quarter b. Prepare a Summary of Earnings for the Quarter c. From the column totals of the Summary of Earnings Report prepare the form 941 5. End of Year: Prepare W-2 for each emplovee. Use individual earnings records