Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need Help Filling out Accounting worksheet Stark Company has five employees. Employees paid by the hour receive a $10 per hour pay rate for the
Need Help Filling out Accounting worksheet
Stark Company has five employees. Employees paid by the hour receive a $10 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 biweekly payday of each month. FICA Social Security taxes are 6.2% 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 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 filling in all cells for the pay period ended August 31. (Round your answers to 2 decimal places.) Employee Net Pay Pay FICA FIT Current Period Gross Pay FICA S.S. Employee Plan Medicare FUTA Cumulative Pay Withholding Employee Withholding Employee Employee (Excludes FICA Current Period) Pay SIT Gross Pay Employer Plan FICA S.S. SUTA Medicare Type Hours Withholding Employer Employer Expense $ 2,000.00 Kathleen $ 116,700.00 Salary $ 7,000.00 300.00 80.00 25.00 Anthony 6,800.00 Salary 500.00 20.00 50.00 Regular 80 110.00 Nichole 15,000.00 Overtime 8 25.00 Regular 80 100.00 Zoey 6,500.00 Overtime 4 22.00 Regular 74 740.00 90.00 Gracie 5,000.00 Overtime 21.00 $ 2,380.00 $0.00 $ 0.00 $ 0.00 $ 25.00 Totals $ 150,000.00 388.00 0.00 0.00 0.00 50.00 $ 0.00 Journal entry worksheet Record the August 31 journal entry for the accrued biweekly payroll and related liabilities for deductions. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Record entry Clear entry View general journal Journal entry worksheet Record the employer's benefit expense related to the August 31 payroll. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Record entry Clear entry View general journal Journal entry worksheetStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started