Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Low Country Goods has four employees and pays them on an hourly basis. During the week beginning June 2 4 and ending June 3 0

Low Country Goods has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30,
these employees worked the hours shown below. Information about hourly rates, marital status, federal income tax witheld, and
cumulative earnings prior to the current pay period also appears below. 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.
Required:
Enter the basic payroll information for each employee in a payroll register. Record the employee's name, marital status, total and
overtime hours, and regular hourly rate. Note: 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.
Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register.
Compute the amount of social security tax to be withheld from each employee's earnings. Assume a 6.2 percent social security
rate on the first $142,800 earned by the employee during the year. Enter the figures in the payroll register.
Compute the amount of Medicare tax to be withheld from each employee's 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.
Enter the amount of federal income tax to be withheld from each employee's total earnings.
Compute the net pay of each employee and enter the figures in the payroll register.
Prepare a general journal entry to record the payroll for the week ended June 30.
Record the general journal entry to summarize payment of the payroll on July 3.
Analyze:
What are Amora Brandon's cumulative earnings on June 30,201?Return to q
8. Record the general journal entry to summarize payment of the payroll on July 3.
Analyze:
What are Amora Brandon's cumulative earnings on June 30,20X1?
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Payroll
Register
Note: Round your intermediate calculations and final answers to 2 decimal places.
\table[[\table[[\table[[Payroll],[register]]],[Employee]],{
\table[[Week beginning: June 24,20X1],[Earnings]]},\table[[Cumulative],[earnings]],And ending: June 30,20X1,Paid: July 3,20X1],[Taxable wages,Deductions,Distribution],[\table[[Regular],[time],[earnings]],\table[[Overtime],[earnings]],\table[[Gross],[amount]],\table[[Social],[security]],Medicare,\table[[Social],[security]],Medicare,\table[[Income],[tax
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

23rd Edition

978-0324662962

More Books

Students also viewed these Accounting questions