OCTOBER 23 PAYDAY: (As you complete your work, answer the following questions.) All of them are for October 23rd

What is the amount of OASDI withheld for Catherine L. Ford?

What is the total net pay for all employees? Is 12,401.43

What is the amount of the credit to Employees FIT Payable?

What is the amount of the debit to Payroll Taxes?

What is the amount of the credit to SUTA Taxes PayableEmployer?

What is the amount of the debit to Employees SIT Payable on October 20?

What is the balance of FICA Taxes PayableOASDI?

What is the balance of Union Dues withheld for the employees?

October 23

LO 1

• No. 3

Prepare the payroll for the last pay period of October from Time Clerks

Report Nos. 40 and 41.

The proper procedure in recording the payroll follows:

Complete the payroll register.

In as much as only a portion of the payroll register sheet was used in recording the October 9 payroll, the October 23 payroll should be recorded on the same sheet to save space. On the first blank ruled line after the October 9 payroll, insert Payday October 23For Period Ending October 17, 20--. On the following lines, record the payroll information for the last pay date of October. When recording succeeding payrolls, continue to conserve space by recording two payrolls on each separate payroll register sheet.

Project Audit Test

Net Paid $12,401.43

The workers in the plant (Bonno and Ryan) are paid time and a half for any hours worked over eight each workday and for work on Saturdays and are paid twice the regular hourly rate for work on Sundays or holidays.

Pay Points

Even though they are not on the time clerks report, remember to pay the president, sales manager, sales representatives, and supervisors.

With this pay period, the cumulative earnings of several employees exceed the taxable income base set up by FUTA and SUTA. This factor must be considered in preparing the payroll register and in computing the employers payroll taxes. Refer to each employees earnings record to see the amount of cumulative earnings.

LO 2

LO 3

Make the entry transferring from Cash to Payroll Cash the net amount of the total payroll, and post.

Post the required information from the payroll register to each employees earnings record.

Record in the journal the salaries, wages, taxes withheld, group insurance premiums collected, union dues withheld, and net amount paid, and post to the proper ledger accounts.

The entry required to record the October 23 payroll is the same as that to record the October 9 payroll, except it is necessary to record the liability for the amount withheld from the employees wages to pay their part of the group insurance premium. The amount withheld should be recorded as a credit to Group Insurance Premiums Collected.

Pay Points

The employees Pennsylvania State Unemployment Tax (SUTA) is calculated (0.0006) on the total wages of each employee. There is no taxable wage limit on the employees portion of the tax.

Record in the journal the employers payroll taxes and the liabilities created; post to the appropriate ledger accounts.

Please show me how you did it so I can learn how to do it for the other problems. I'm just so lost right now and this is online which the professor doesn't help you at all.

Time Clerk's Report No. 40 For the Week Ending October 10, 20-- Time Clerk's Report No. 40 For the Week Ending October 10, 20