Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help!!!! can't get my numbers to match CHAPTER 7 EMPLOYEE EARNINGS AND DEDUCTIONS Earnings at End of Previous Week Federal Income Hours Worked Total Earnings

help!!!! can't get my numbers to match

image text in transcribed

CHAPTER 7 EMPLOYEE EARNINGS AND DEDUCTIONS Earnings at End of Previous Week Federal Income Hours Worked Total Earnings Class Sales 30 33. 680 OD 19.00 AR Other Deductions 80.00 UW 20.00 UW 25.00 42 38.270.00 2,841.00 Sales 48703 37,680.00 225.00 Sales 55.00 40 40 33.245.00 660.00 Office 16.00 Name | Chang c Dugan. T. Fancher, K Gannon, Ilones. I Lange, M. Milton, D. Naylor, B. Orton, A. Tiosha.. 40 37,789,00 750.00 Office 59.00 L'w 2500 117,000.00 2.100.00 301.78 Uw 35.00 20.00 37.684.00 143.00 UW 40 40 Office Sales Sales Sales 37.499.00 1,310.00 720.00 1.780.00 1.045.00 55,00 94.338.) 221.78 106.00 AR UW 70.00 25,00 48,120.00 Sales Check Figure Net amount. $9.934.14 Taxable earnings for Social Security are based on the first $118.500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. The company does not pay for overtime hours. Required 1. Complete the payroll register using a Social Security tax rate of 6.2 percent and a Medicare tax rate of 1.45 percent. Concerning Other Deductions, AR refers to Accounts Receivable and UW refers to United Way. Begin payroll checks in the payroll register with No. 2914. 2. Prepare the general journal entry to record the payroll. The firm's general ledger contains a Salary Expense account and a Salaries Payable account. 3. Prepare the general journal entry to pay the payroll. Assume that funds for this payroll have been transferred to Cash-Payroll Bank Account and that this entry has been made. Problem 7-5B Rick Davis, an employee of ABC Motors, worked 42 hours during the week of September 12 through 18. His rate of pay is $30 per hour, and he receives Cime-a-half for work in excess of 40 hours per week. Rick is married and claims zero allowances on his W-4 form, Ricks YTD earnings before this pay period are $47.250. and his wages are subject to the following deductions: Federal income tax (use the table in Figure 3, pages 293-294). Social Security tax at 6.2 percent, with a wage limit of $118,500, Medicare tax at 1.45 percent. Medical insurance premium (after tax), $75. - United Way contribution, $25. equired compute Rick's regular pay, overtime pay, gross pay, and net pay. Check Figure Net pay, $939.31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions