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hello, please have a full image of the results. Thank you. Nashville Publishing Company pays its employees monthly. Payments made by the company on October
hello, please have a full image of the results. Thank you.
Nashville Publishing Company pays its employees monthly. Payments made by the company on October 31 follow. Cumulative amounts for the year paid to the persons prior to the October 31 payroll are also given 1. Paul Parker, president, gross monthly salary of $19,700; gross earnings prior to October 31, 5171,000. 2. Carolyn Wells, vice president, gross monthly salary of $15,900; gross earnings paid prior to October 31, $152,000. 3. Michelle Clark, independent accountant who audits the company's accounts and performs consulting services, $15,800; gross amounts pald prior to October 31, $44,200. 4. James Wu, treasurer, gross monthly salary of $5,300gross earnings prior to October 31, $52,100 5. Payment to Editorial Publishing Services for monthly services of Betty Jo Bradley, an editorial expert, $5,300, amount paid to Editorial Publishing Services prior to October 31 $33,400, Required: 1. Use an earnings ceiling of $132,900 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following information: a. Each employee's cumulative earnings prior to October 31 b. Each employee's gross earnings for October c. The amounts to be withheld for each payroll tax from each employee's earnings, the employee's income tax withholdings are Paul Parker, $5,166, Carolyn Wells, $4,472, James Wu, $1,216. d. The net amount due each employee. e. The total gross earnings, the total of each payroll tax deduction, and the total net amount payable to employees 2. Prepare the general Journal entry to record the company's payroll on October 31 3. Prepare the general journal entry to record payments to employees on October 31 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 and 3 Use an earnings ceiling of $132,900 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following information (Round your answer to 2 decimal places.): Employee Name Paul Parker Carolyn Wells James Wu >ISIS Cumulative Monthly Social earnings pay security S 171,400.00 20,100.00 S 0.00 152,400.00 16,300.00 0.00 52,500.00 $ 5.700.00 353.40 Employee Medicare Income tax Net pas withholding $ 291.45 S 5.270.00 $14,538.55 236.35 x 4,584.00 11,479.65 82.65 % 1,308,00 3,955,95 Totals S 376,300.00 42.100.00 S 353.40 S 610.45 S 11,162.00 $29,974.15 Required 2 and 3 > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 and 3 Prepare the general journal entry to record the company's payroll expenses and also payments to employees on October 31 (Round your answers to 2 decimal places.) No Date General Journal Debit Credit 1 October 31 Salaries expense 42,100.00 Employee income tax payable 11,182.00 Social security tax payable 353.40 Medicare tax payable 610.45 83 Salaries payable 29,974.15 2 October 31 Salaries payable Cash 0 29,974.153 29,974.15 Step by Step Solution
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