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Exercise 9-17 Preparing payroll register and related entries LO P5 Stark Company has five employees. Employees paid by the hour receive a $11 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. FIICA 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 $7000 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.) FICA FIT FICA S.S. Medicare Employee Plan Current Period Gross Pay Employee Employee Withholding Cumulative Pay Withholding FUTA Employee Net Pay Employee (Excludes Current Period) FICA Medicare Employer Employer Employer Plan Expense Pay Type Pay Hours SIT Gross Pay Withholding FICA S.S. SUTA 2,650.00 Kathleen $7,000.00 116.500.00 Salary ces 560.00 106.00 31.50 Anthony 6,550.00 Salary 630.00 33.00 63.00 Regular 80 136.00 Nichole 16,300.00 Overtime Regular 38.00 10 80 126.00 Zoey 6,500.00 Overtime Regular 35.00 77 847.00 116.00 Gracie 5,650.00 Overtime 34.00 $ 0.00 $ 0.00 $ 0.00 S $3,134.00 31.50 S Totals 151,500.00 0.00 700.00 0.00 0.00 0.00 63.00 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 benefits plan. e. Pay all liabilities (except for the net payroll in part c) for this biweekly period. View transaction list Journal entry worksheet 1 Record the August 31 journal entry for the accrued blweekly payroll and related llabilities for deductions. Note: Enter debits before credits. Date General Journal Debit Credit Salaries (or Wages) expense FICA-Social sec. taxes payable Aug 31 FICA-Medicare taxes payable Employee fed. inc. taxes payable Employee state inc. taxes payable Employee benefits plan payable Salaries (or Wages) payable Record entry Clear entry View general journal
