In this last phase of your work on the Continuing Payroll Problem B, you will record...
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In this last phase of your work on the Continuing Payroll Problem B, you will record the amounts withheld for group and health insurance and calculate the net pay for each employee. Refer to Home Study tools My courses v My books My folder Career Life Chapter 6, Problem 1CPB Bookmark Show all steps: ON Coverage, with the exception for coverage under the company plan. Omnity Company, who are ful yet eliyinIC 2. Record the amount to be withheld for health insurance. Each employee contributes $1.65 each week toward the cost of health insurance. 3. Record the net pay for each employee. The net pay for each employee is obtained by subtracting the total amount of all deductions from the total earnings. 4. Each worker is to be paid by check. Assign check numbers commencing with No. 313. 5. Foot all money columns of the payroll register, and prove the accuracy of the column totals. 6. On a separate sheet of paper: a. Prepare the journal entries as of January 12 to record the payroll and the payroll taxes for the week ending January 8. Credit Salaries Payable for the total net pay. Use the following tax rates and bases: employer's FICA-OASDI, 6.2% on the first $118,500; employer's FICA-HI, 1.45% on total earnings; FUTA, 0.6% on the first $7,000; and SUTA, 3.6785% on the first $9,000. b. Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers. In this last phase of your work on the Continuing Payroll Problem B, you will record the amounts withheld for group and health insurance and calculate the net pay for each employee. Refer to Home Study tools My courses v My books My folder Career Life Chapter 6, Problem 1CPB Bookmark Show all steps: ON Coverage, with the exception for coverage under the company plan. Omnity Company, who are ful yet eliyinIC 2. Record the amount to be withheld for health insurance. Each employee contributes $1.65 each week toward the cost of health insurance. 3. Record the net pay for each employee. The net pay for each employee is obtained by subtracting the total amount of all deductions from the total earnings. 4. Each worker is to be paid by check. Assign check numbers commencing with No. 313. 5. Foot all money columns of the payroll register, and prove the accuracy of the column totals. 6. On a separate sheet of paper: a. Prepare the journal entries as of January 12 to record the payroll and the payroll taxes for the week ending January 8. Credit Salaries Payable for the total net pay. Use the following tax rates and bases: employer's FICA-OASDI, 6.2% on the first $118,500; employer's FICA-HI, 1.45% on total earnings; FUTA, 0.6% on the first $7,000; and SUTA, 3.6785% on the first $9,000. b. Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers.
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