M 3 - 1 Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time cards and employees' Individual eamings records for the pay period ended October 14 is shown in the following chart: Earnings at Daily Time Income End of Tax Previous Pay Allowances Name Week M T F s Rate or Amount Bardin, 43,627.00 8 8 8 B 8 2 21.30 2 Caris, A 44,340.00 8 8 8 8 8 8 21.60 Drew, W. 43,845.00 10 8 8 0 21.50 Garen, S. 117,600.00 8 8 0 49.00 $227.83 North, o. 43,875.00 8 8 5 21.40 3 Ovid, N. 40,150.00 B 21.50 1 Ross, 3. 6,430,00 8 8 8 20.50 1 Springer, 44,175.00 8 8 8 8 B 3 21.25 2 Table damnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000, 8 10 1 8 8 8 8 8 8 8 0 8 8 4 Required: 1. Complete the payroll register using the wage-bracket income tax withholding table in Figure 3. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Assume that all employees are married. In the payroll register begin Dayroll checks with No. 3945. If an amount is zero, enter "o". If required, round your intermediate calculations and the final answers to the nearest cant and use the rounded answers in subsequent computation 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general Journal entry to record the payment of wages. It required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF DEBIT CREDIT 20-- Oct. 14 Payrollregister for week ended October 14 Od 14 Paid wages for week ended Otober 14 M 3 - 1 Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time cards and employees' Individual eamings records for the pay period ended October 14 is shown in the following chart: Earnings at Daily Time Income End of Tax Previous Pay Allowances Name Week M T F s Rate or Amount Bardin, 43,627.00 8 8 8 B 8 2 21.30 2 Caris, A 44,340.00 8 8 8 8 8 8 21.60 Drew, W. 43,845.00 10 8 8 0 21.50 Garen, S. 117,600.00 8 8 0 49.00 $227.83 North, o. 43,875.00 8 8 5 21.40 3 Ovid, N. 40,150.00 B 21.50 1 Ross, 3. 6,430,00 8 8 8 20.50 1 Springer, 44,175.00 8 8 8 8 B 3 21.25 2 Table damnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000, 8 10 1 8 8 8 8 8 8 8 0 8 8 4 Required: 1. Complete the payroll register using the wage-bracket income tax withholding table in Figure 3. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Assume that all employees are married. In the payroll register begin Dayroll checks with No. 3945. If an amount is zero, enter "o". If required, round your intermediate calculations and the final answers to the nearest cant and use the rounded answers in subsequent computation 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general Journal entry to record the payment of wages. It required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF DEBIT CREDIT 20-- Oct. 14 Payrollregister for week ended October 14 Od 14 Paid wages for week ended Otober 14
