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I will need help with payroll. So far I have al asterisk which means I make mistakes. Thank you! Karen Jolly operates a bakery called

I will need help with payroll. So far I have al asterisk which means I make mistakes. Thank you! image text in transcribed
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Karen Jolly operates a bakery called Karen's Cupcakes. She has five employees, all of whom are paid on a weekly basis. Karen's Cupcakes uses a payroll register, individual employee earnings records, and a general journal Karen's Cupcakes 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 February 15, 20--, are given below. Employees are paid 17 times the regular rate for working over 40 hours a week. Name Rate No. of Allowances Marital Status Total Hours Worked Feb. 9- 15 Total Earnings Jan. 1-Feb. 8 1 Barone, William Hastings, Gene Nitobe, Isako Smith, Judy Tarshis, Dolores 4 3 2 S M M M S 40 45 46 42 39 $14.00 15.00 12.00 13.00 14.50 $3,360.00 3,870.00 3,168.00 3,276.00 3,480.00 1 Social Security tax is withheld from the first $128,400 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. Hastings and Smith have $35 withheld and Nitobe and Tarshis have $15 withheld for health insurance. Nitobe and Tarshis have $25 withheld to be invested in the bakers' credit union. Hastings has $18.75 withheld and Smith has $43.75 withheld under a savings bond purchase plan. Karen's Cupcakes' payroll is met by drawing checks on its regular bank account. The checks were issued in sequence, beginning with No. 365. Required 1. Prepare a payroll register for Karen's Cupcakes for the week ended February 15, 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 wages for the week ended February 15 were paid on February 17, prepare the journal entry for the payment of this payroll. Enter the appropriate answers in the shaded (gray) cells. An asterisk (*) will appear in the column to the right of an incorrect answer. 1. No. Allow. Cum. Total 1 Name Barone, William Hastings, Gene Nitobe, Isako Smith, Judy Tarshis, Dolores 4 3 2 1 Marital Status S M M M S Regular 560.00 600.00 480.00 520.00 546.00 2,706.00 Earnings Overtime Total 560.00 112.50 712.50 108.00 588.00 39.00 559.00 546.00 259.50 2,965.50 PAYROLL REGISTER For the Period Ended February 15, 20- Taxable Earnings Unemp. Comp. Soc. Sec. FIT Soc. Sec. Medicare Deductions City Tax Health Ins. ins Other Total Net Pay Bonds Credit Union Bonds Credit Union Ck. No. 365 366 367 368 369 GENERAL JOURNAL Account / Description Debit Credit Date 20- Feb. 17 Wages and Salaries Expense Employee Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable City Tax Payable Health Insurance Premiums Payable Credit Union Payable U.S. Savings Bonds Payable Cash Payroll for week ended February 15

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