it has 2 parts
Stark Company has five employees. Employees paid by the hour receive a S11 per hour pay rate for the regular 40-hour workweek plus one and one-half times the hourly rate for each overtime hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last b/weekly payday of each month. FiCA Social Security taxes are 62% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 54% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5 percent of their gross income as a payroll withholding. which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August a. Complete this payroll register by filling in all cells for the pay period ended August 31. (Round your answers to 2 decimal places.) FICAS.S. Medicare: withholding Employee Current Period Gross Pay FICA S.s. Withholding Cumulative Pay Employee (Excludes Current Period) Pay Type Hours FICA S.5. Medicare Expense SIT sUTA Pay Gross Pay Withholding SUTA FICA S.s. FICA Employer Medicare Employer Plan Net Pay 000.00 2.35000 440.00 Kathleen 115,900.00 Salary 2850 94.00 570.00 6,250.00 Salary Anthony 57.00 Regular 80 Overtime 9 124.00 15,700.00 Nichole 32.00 114.00 Regular80 6,550.00 Zoey Overtime5 104.00 5.350.00 Regular 73 Gracie 28.00 Overtime $ 2,786.00 $ 149,750.00 Totals 556.00 b, c, d & e. Prepare the August 31 journal entry to: (Round your answers to 2 decimal places.) bilities for deductions b, c, d & e. Prepare the August 31 journal entry to: (Round your answers to 2 decimal places.) b. Record the accrued biweekly payroll and related liabilities for deductions. c. Record the employer's cash payment of the net payroll of part b. d. Record the employer's payroll taxes including the contribution to the benefits plan. e. Pay all liabilities (except for the net payroll in part c) for this biweekly period. Journal entry worksheet Record the August 31 journal entry for the accrued biweekly payroll and related liabilities for deductions. Note: Enter debits before credits Debit Credit General Journal Date Aug 31 Clear entry Record entry