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It is suppose to be molly and john throughout the whole question I apologize, I believe it was a typo Assignment #2 Calculating Payroll -
It is suppose to be molly and john throughout the whole question I apologize, I believe it was a typo
Assignment #2 Calculating Payroll - Hourly Employees Wilkins Enterprises has two hourly employees: Molly and John. Both employees earn overtime at the rate of 1% times the hourly rate for hours worked in excess of 40 per week. The following information is for the first week of January 2020. Each employee has $50 deducted for Medical Insurance. Federal income tax withholding is $280 and $250 for Molly and John respectively. The follow information pertains to the work week ending February 7, 2020. Employee Hours Worked Pay Rate Molly 55 $25 John 50 $35 a) Calculate the gross pay and net pay for each employee for the week. Employee Gross Pay Total Deductions Net Pay George Dylan MA State Income Tax FUTA SUTA b) Calculate the payroll taxes. Tax Rates & Amounts: Employee OASDI Medicare Rate: Rate: Clay Philip Rate: Rate: Rate: SUTA Payroll Taxes Rates & Amounts: Employee FUTA Rate: Clay Philip Rate: c) Calculate the fringe benefits expense for the pay period. Fringe benefits for both employees include: Vacation pay at the total amount of $500 per week. Medical insurance premiums at the total amount of $180 per week. Pension Plan at the rate of 1.5% of gross earnings for each employee. . d) Record all the required payroll entries in the general journal. The payroll is prepared on the following Monday, February 10. Employees are paid at the end of that week on February 14. General Journal Account Titles Debit Credit Date 2020 Feb. 10 10 10 14 Assignment #3 Impact of Employee Raises Explain why giving an employee a 50 cent per hour raise -- who is currently earning $13 per hour - results in more than a $20 per week expense to the business assuming the employee works the standard 40-hour week Step by Step Solution
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