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need help asnwering Stark Company has five employees. Employees paid by the hour receive a $10 per hour pay rate for the regular 40hour workweek

need help asnwering

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Stark Company has five employees. Employees paid by the hour receive a $10 per hour pay rate for the regular 40hour workweek plus one and onehalf 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 biweekly payday of each month. FICA Social Security taxes are 6.2% ofthe rst $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 5.4% 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 lling in all cells for the pay period ended August 31. (Round your answers to 2 decimal places.) 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 benets plan. e. Pay all liabilities [except for the net payroll in part c] for this biweekly period. 9 Answer is complete but not entirely carrect. 1 Aug 31 Salaries (or Wages} expense 0 10,020.00 0 FICASocial sec. taxes payable 0 293.34 a FICAMedicare taxes payable 0 145.29 9 Employee fed. inc. taxes payable 0 2,330.00 0 Employee state inc. taxes payable 0 333.00 9 Employee benefits plan payable 0 501.00 9 Salaries (or Wages} payable 0 6,306.3? e 2 Aug 31 Salaries (or Wages} payable 0 6,306.3? 0 Cash 0 6,306.3? a 3 Aug 31 Payroll taxes expense 0 530.53 0 FICASocial sec. taxes payable 0 293.34 a FICAMedicare taxes payable 0 145.29 a State unemployment taxes payable 0 3.64 6 Federal unemployment taxes payable 0 77.?6 6

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