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I just need help with the analysis part. Thank you. Alexander Wilson operates Metroplex Courier and Delivery Service. He has four employees who are paid
I just need help with the analysis part. Thank you.
Alexander Wilson operates Metroplex Courier and Delivery Service. He has four employees who are paid on an hourly basis. During the workweek beginning December 15 and ending December 21, 2019, his employees worked the number of hours shown below. Information about their hourly rates, marital status, and withholding allowances also appears below, along with their cumulative earnings for the year prior to the December 1521 payroll period. Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate. Employee Gloria Bahamon Alex Garcia Ron Price Sara Russell Hours Regular Worked Hourly Rate 47 $16.70 43 28.50 49 26.90 40 13.70 Marital Withholding Cumulative Status Allowances Earnings M 4 $32, 860 S 1 57,300 53,972 S 0 26,620 M 3 Required: 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's gross earnings. Assume a 6.2 percent social security rate on the first $122,700 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's gross earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register. 5. Determine the amount of federal income tax to be withheld from each employee's total earnings. Use the tax tables in Figure 10.2a & Figure 10.2b to determine the withholding for Russell. Withholdings are $112.00 for Bahamon, $323.00 for Garcia, and $258 for Price. Enter the figures in the payroll register. 6. Compute the net amount due each employee and enter the figures in the payroll register. 7. Total and prove the payroll register. Bahamon and Russell are office workers. Garcia and Price are delivery workers. 8. Prepare a general journal entry to record the payroll for the week ended December 21, 2019. 9. Prepare a general journal entry on December 23 to summarize payment of wages for the week. Analyze: What percentage of total taxable wages was delivery wages? Payroll Register General Journal Analyze Compute the regular, overtime, gross earnings; social security tax and Medicare tax to be withheld from each employee's earnings. Assume a 6.2 percent social security rate on th employee during the year. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Determine the amount of federal income ta: employee's total earnings. (Use the table shown in Figure 10.2A & Figure 10.2B whichever is applicable) to determine the withholding for Russell. Withholdings for Bahamon is $ $258 for Price. Finally compute the net amount due of each employee. (Bahamon and Russell are office workers. Garcia and Price are delivery workers.) (Round your intermediate 2 decimal places.) Payroll Register Employee Gloria Bahamon Alex Garcia Ron Price Sara Russell Week Beginning: December 15, 2019 And ending: December 21, 2019 Paid: December 23, 2019 Earnings Taxable wages Deductions Distribution Regular Cumulative Gross Overtime time Social earnings Social Income Office Delivery Medicare Medicare Net amount earnings earnings earnings security security tax wages wages $ 668.00 $ 175.35 S 843.35 $33,703.35s 843.35 S 843.35 $ 52.29 S 12.23 S 112.00 s 666.83 S 843.35 1,140.00 128.25 1,268.25 58,568.25 1,268.25 1,268.25 78.63 18.39 323.00 848.23 1,268.25 1,076.00 363.15 1,439.15 55,411.15 1,439.15 1,439.15 89.23 20.87 258.00 1,071.05 1,439.15 548.00 0.00 548.00 27,168.00 548.00 548.00 33.98 7.95 67.00 439.07 548.00 S S s $3,432.00 S 666.75 S 4,098.75 S 4,098.75 $ 4,098.75 S 174,850.75 254.13 S S 59.44 $ 760.00 3,025.18 1,391.35 2,707.40 Complete this question by entering your answers in the tabs below. Payroll General Register Journal Analyze What percentage of total taxable wages was delivery wages? (Round your intermediate calculations and final answer to 2 decimal places.) Percentage of delivery wages %Step by Step Solution
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