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not sure how to solve City Place Movie Theaters has four employees and pays them on an hourly basis. During the week beginning June 24
not sure how to solve
City Place Movie Theaters 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, withholding allowances, 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. Employee Andy Anderson Roma Benson Frank Cortez Winter Wise Regular Hours Worked 47 49 40 51 Hourly Marital Withholding Rate Status Allowances $11.19 M 1 9.80 M 4 9.69 M 1 9.10 S 2. Cumulative Earnings $17, 470 16,805 15,910 14,490 Required: 1. Enter the basic payroll information for each employee in a payroll register. Record the employee's name, number of withholding allowances, 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 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. 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 $122,700 earned by the employee during the year. Enter the figures in the payroll register 4. 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 register 5. Determine the amount of federal income tax to be withheld from each employee's total earnings. Use the tax tables in Figure 10.2a & Figure 10.2b. Enter the figures in the payroll register. 6. Compute the net pay of each employee and enter the figures in the payroll register. 7. Prepare a general journal entry to record the payroll for the week ended June 30. 8. Record the general journal entry to summarize payment of the payroll on July 3. Analyze: What are Andy Anderson's cumulative earnings on June 30, 20X1? Complete this question by entering your answers in the tabs below. Payroll Register General Journal Analyze Compute the regular, overtime, gross earnings, social security tax and Medicare tax to be withheld from each employee's earnings earned by the employee during the year. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employ withheld from each employee's total earnings. (Use the table shown in Figure 10.2A & Figure 10.2B whichever is applicable). Fir intermediate calculations and final answers to 2 decimal places.) Payroll register And ending: June 30 Taxable wages Deductions Employee Week beginning: June 24 Earnings Regular Overtime time Gross amount earnings earnings $ 444.00 $ 116.55 $ 560.55 392.00 132.30 524.30 Cumulative earnings Social security Medicare Social security Medicare Income Andy Anderson Roma Benson Frank Cortez Winter Wise $ 836.00 $ 248.85 $ 1,084.85 $ 17,470.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ (Payroll Register General Journal Journal entry worksheet 1 2 Record the company's payroll to be paid at a later date. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Record entry Clear entry View general journal Journal entry worksheet 1 2 > Record the entry to summarize payment of the payroll. Note: Enter debits before credits. Date General Journal Debit Credit July 03 Record entry Clear entry View general journal Analyze: What are Andy Anderson's cumulative earnings on June 30, 20X1? Complete this question by entering your answers in the tabs below. Payroll Register General Journal Analyze What are Andy Anderson's cumulative earnings on June 30? (Round your intermediate calculations and final answer decimal places.) Cumulative earnings
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