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I got the first page done, just need help on the rest. EXERCISE 8-1A COMPUTING NET PAY Mary Sue Guild works for a company that
I got the first page done, just need help on the rest.
EXERCISE 8-1A COMPUTING NET PAY Mary Sue Guild works for a company that pays its employees 1 times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $10 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholdings allowances. Guild has a -hour lunch break during an 8 hour day. Her time card is shown below. Name Week Ending Mary Sue Guild March 30, 20-- Day In Out In Out M T W T F S 7:57 7:52 7:59 8:00 7:56 8:00 12:05 12:09 12:15 12:01 12:05 10:31 12:35 12:39 12:45 12:30 12:34 4:33 5:05 5:30 6:31 4:30 Complete the fallowing for the week: a. regular hours $10 per hour b. overtime hours $15 per hour c. Total gross wages d. Federal income tax withholding (from tax tables in Figure 8-4) e. Social Security withholding at 6.2% f. Medicare withholding at 1.45% g. Total withholding h. Net pay Hours Worked Over Regular time 8 8 8 8 8 1/2 1 2 2 1/2 EXERCISE 8-5A: CALCULATING SOCIAL SECURITY AND MEDICARE TAXES. Assume a Social Security tax rate of 6.2% is applied to the maximum earnings of $110,100 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the fallowing situations: Cumul. Pay Before Current Weekly Payroll Current Gross Pay Year-toDate Earnings $ 22,000 $1,700 $110,100 54,000 4,200 110,100 107,500 3,925 110,100 109,500 4,600 110,100 Soc. Sec. Maximum Amount of Current Gross Pay Over Max. Soc. Sec. Amount of Current Gross Pay Subject to Soc. Sec. Amount of Soc. Sec. Tax Withheld Amount of Medicare Tax Withheld EXERCISE 8-7A: PAYROLL JOURNAL ENTRY. Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20--. Regular Earnings $5,715.00 Overtime Earnings 790.00 Deductions: Federal Income Tax 625.00 Social Security Tax 403.31 Medicare Tax 94.32 Pension Plan 80.00 Health Insurance Premiums 270.00 United Way Contributions 100.00 GENERAL JOURNAL DATE DESCRIPTION PAGE POST. REF. DEBIT CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 PROBLEM 8-9A PAYROLL REGISTER AND PAYROLL JOURNAL ENTRY. Mary Losch operates a travel agency called Mary's Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Mary's Luxury Travel uses a weekly federal income tax withholding table like the one in Figure 8-4. The payroll data for each employee for the week ended March 22, 20--, are given below. Employees are paid 1 times the regular rate for working over 40 hours a week. Total Earnings Jan. 1-Mar. 15 No. of Allowances Marital Status Total Hours Worked Rate of Pay Bacon, Andrea 4 M 45 $12.00 $5,480.00 Cole, Andrew 1 S 40 12.00 5,760.00 Hicks, Melvin 3 M 44 10.50 4,960.00 Leung, Cara 1 S 36 11.00 5,125.50 Melling, Melissa 2 M 40 10.50 4,720.50 Name Social Security tax is withheld from the first $110,100 of earnings at the rate of 6.2%. Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of 1%, both applied to gross pay. Bacon and Leung have $15 withheld and Cole and Hicks have $5 withheld for health insurance. Bacon and Leung have $20 withheld to be invested in the travel agency's credit union. Cole has $38.75 withheld and Hicks has $18.75 withheld under a savings bond purchases plan. Mary's Luxury Travel's payroll is met by drawing checks on its regular bank account. The checks were issued in sequence, beginning with check No. 423. Required 1. Prepare a payroll register for Mary's Luxury Travel for the week ended March 22, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) Total the amount columns, verify the totals, and rule with single and double lines. 2. Assuming that the wags for the week ended March 22 were paid on March 24, prepare the journal entry for the payment of the payroll. GENERAL JOURNAL DATE DESCRIPTION PAGE POST. REF. DEBIT CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 PROBLEM 8-9A (Continued) 1. PAYROLL REGISTER EARNINGS NAME 1 2 3 4 5 6 7 8 9 10 11 12 13 14 NO. MARIT. ALLOW. STATUS REGULAR OVERTIME TOTAL TAXABLE EARNINGS CUMULATIVE TOTAL UNEMPLOY. COMP. SOCIAL SECURITY PROBLEM 8-9A (Concluded) FOR PERIOD ENDED March 22 20-- DEDUCTIONS FEDERAL INCOME TAX SOCIAL SECURITY TAX MEDICARE TAX CITY TAX HEALTH INSUR. OTHER TOTAL NET PAY CK. NO. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 EXERCISE 9-3A CALCULATION OF TAXABLE EARNINGS AND EMPLOYER PAYROLL TAXES AND PREPARATION OF JOURNAL ENTRY. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as fallows. Social Security Tax is 6.2% on the first $110,100 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Employee Name Cumulative Pay BEFORE Current Earnings Jordahl, Stephanie $6,600 Keesling, Emily 6,150 Palmer, Stefan 55,200 Soltis, Robin 54,300 Stout, Hannah 29,050 Xia, Xu 108,230 Taxable Earnings Name Current Earnings Jordahl Social Security $ 1,190 Keesling 1,070 Palmer 2,410 Soltis 2,280 Stout 2,030 Xia 2,850 Total Unemploy. Comp. $11,830 Calculate the TOTAL amount of taxable earnings for unemployment, Social Security, and Medicare taxes, and prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. (Note: percentages will be figured on TOTAL taxable earnings for the columns above.) Social Security tax = Medicare tax = FUTA tax = SUTA tax = Total employer payroll taxes = = = = GENERAL JOURNAL DATE DESCRIPTION PAGE POST. REF. DEBIT CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7Step by Step Solution
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