Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HI could you complete both parts pleaseee Stark Company has five employees. Employees paid by the hour receive a $15 per hour pay rate for

HI could you complete both parts pleaseee

image text in transcribed

image text in transcribed

Stark Company has five employees. Employees paid by the hour receive a $15 per hour pay rate for the regular 40-hour workweek plus one and one-half times the hourly rate for each overtime 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 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 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 percent of their gross income as a payrol 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. (Round your answers to 2 decimal places.) FICA Employee Plan FICA S.S. Medicare With Employee Employee Current Period Gross Pay FIT holding Employe Cumulative Pay Withholding Employee (Excludes Current Period) P Pay Gross Pay Withholding FICA SIT SUTA FICA s.s Employer Medicare Employer Plan Net Pay Expense ype Hours Employer S 2,250.00 400.00 90.00 25.00 120.00 30.00 110.00 27.00 100.00 26.00 $ 2,670.00 508.00 KathleenS 115,700.00 Salary $ 7,000.00 27.50 Anthony 6,150.00 Salary 550.00 55.00 15,500.00 gular 80 6,75000 Regular 5,250.00gular 74 Nichole Overtime9 oe Overtime4 1,110.00 Gracie Overtime Totals $ 149,350.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Forensic And Investigative Accounting

Authors: D. Larry Crumbley, Lester E. Heitger, Stevenson Smith

5th Edition

0808026879, 9780808026877

More Books

Students also viewed these Accounting questions

Question

=+a) Compute the EV for each alternative decision.

Answered: 1 week ago

Question

How do you try to manipulate your unique smell?

Answered: 1 week ago