Please answer all parts of the question. Thank you!
Required Information {The following information applies to the questions displayed below) The following Information is avallable for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $28 per hour and 14 times her regular rate for hours over 40 per week. Kayla worked 52 hours the first week in January, Kayla's federal income tax withholding is equal to 15 percent of her gross pay. Webber pays medical Insurance of $50 per week for Kayla and contributes $50 per week to a retirement plan for her. 2. Paulo earns a weekly salary of $1,600. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber pays medical Insurance of $80 per week for Paula and contributes $100 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $60 per week for Paula. Assume the Social Security tax rate is 6 percent on the first $110,000 of salaries and the Medicare tax rate is 15 percent of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of the first $7,000 of salary for each employee b. Compute the net pay for both Kayla and Paula for the first week in January (Do not round Intermediate calculations. Round your answers to 2 decimal places.) NetPay Kayla Paula Required Information [The following information apples to the questions displayed below.) The following Information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $28 per hour and 1 times her regular rate for hours over 40 per week. Kayla worked 52 hours the first week in January, Kayla's federal income tax withholding is equal to 15 percent of her gross pay. Webber pays medical Insurance of $50 per week for Kayla and contributes $50 per week to a retirement plan for her. 2. Paulo earns a weekly salary of $1,600. Paula's federal income tax withholding is 18 percent of her gross pay. Webber pays medical insurance of $80 per week for Poule and contributes $100 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $60 per week for Paula Assume the Social Security tax rate is 6 percent on the first $110,000 of salaries and the Medicare tax rate is 15 percent of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of the first $7,000 of salary for each employee. c. Prepare the journal entry to record the payment of the payroll for the week of no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round Intermediate calculations, Round your answers to 2 decimal places.) View transaction list View journal entry worksheet No Data Dubit Credit 1 Jan General Journal Salaries expense Income tax payable FICA tax-SS payable FICA tax . Medicare payable Cash 1. kayia earns 328 per nour ana la urmes ner reguiar rate for nours over 40 per week. Kayla worked 2 hours the Trst week in January, Kayla's federal Income tax withholding is equal to 15 percent of her gross pay. Webber pays medical Insurance of $50 per week for Kayla and contributes $50 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,600. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber pays medical insurance of $80 per week for Paula and contributes $100 per week to a retirement plan for her 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $60 per week for Paula Assume the Social Security tax rate is 6 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of the first $7,000 of salary for each employee. d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week. (Round your answers to 2 decimal places.) View transaction list View journal entry worksheet General Journal Dobit Credit No 1 Date Jan Payroll tax expenso FICA tax - Ss payable FICA tax - Medicare payable Federal unemployment tax payable State unemployment tax payablo 2 Jan Vacation pay expensie Employee medical insurance expenso Employen pension expense Vacation pay payable Employee medical insurance playable Employee pension payable
