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I have 4 Accounting questions that I need help with, I need this information by the end of Monday. Question # 1: Charles Giles worked
I have 4 Accounting questions that I need help with, I need this information by the end of Monday.
Question # 1: Charles Giles worked 46 hours during this pay-week. He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. What was his overtime premium pay for this workweek? Use the following information to answer Questions 2, 3 & 4: The totals from the first payroll of the year are shown below. Total Pay = $36,195.10 FICA/OASDI = $ 2,244.10 FICA/HI = $ 524.83 FIT W/H = $ 6,515.00 State Tax W/H = $ 361.95 Union Dues = $ 500.00 Net Pay = $26,049.22 Assume the following tax rates: 1. * FICA taxOASDI on employees: 6.2%. 2. FICA taxHI on employees: 1.45%. 3. FIT withheld from employees. 4. FICA taxOASDI on employers: 6.2%. 5. FICA taxHI on employers: 1.45%. 6. Net FUTA tax: 0.6%. 7. SUTA tax: 3.7%. Note - Correction to the Textbook - The 2% reduction on the Employee's share of the OASDI expired on December 31, 2012. So, the correct rate to apply is 6.2% for both the employee and the employer. Question # 2: Journalize the entry to record the payroll. Question # 3: Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). Question # 4: Journalize the entry to deposit the FICA and FIT taxes. Your answer to this Assignment should be submitted in a single Excel Workbook documentStep by Step Solution
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