Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please please i need help filling this out ! Check Figure Net amount, $9,934.14 Taxable earnings for Social Security are based on the first $118,500.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

please please i need help filling this out !

Check Figure Net amount, $9,934.14 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. The company does not pay for overtime hours. Required 1. Complete the payroll register using a Social Security tax rate of 6.2 percent and a Medicare tax rate of 1.45 percent. Concerning Other Deductions, AR refers to Accounts Receivable and UW refers to United Way. Begin payroll checks in the payroll register with No. 2914. 2. Prepare the general journal entry to record the payroll . The firm's general ledger contains a Salary Expense account and a Salaries Payable account. 3. Prepare the general journal entry to pay the payroll. Assume that funds for this payroll have been transferred to Cash-Payroll Bank Account and that this entry has been made. Best Sports Company Payroll Register for Week Ended December 29, 20- Taxable Earnings Deductions Ending Cumulative Earnings Unemploy- ment Social Security Social Security Tax Medicare Tax Medicare Other deductions AR 80.00 UW 20.00 UW 25.00 Name Chang, C. Dugan, T. Fancher, K. Gannon, T. Jones, L. Lange, M. Milton, D. Naylor, B. Orton, A. Tiosha, J. Total Hours 40 42 40 40 40 40 40 40 44 42 Beginning Cumulative Earnings 33,900.00 38,270.00 37,680.00 33,245.00 37,789.00 117,000.00 37,684.00 37,499.00 94,338.00 48,120.00 515,525.00 Total Earnings 680.00 2,841.00 725.00 660.00 750.00 2,100.00 1,310.00 720.00 1,780.00 1,065.00 12,631.00 Federal Income Tax 49.00 487.03 55.00 46.00 59.00 301.78 143.00 55.00 221.78 106.00 1,523.59 UW UW UW 25.00 35.00 20.00 Total 129.00 507.03 80.00 46.00 84.00 336.78 163.00 55.00 291.78 131.00 1,823.59 AR UW 70.00 25.00 300.00 Payments Expense Account Debited Net Amount Check No. Sales Salary Office Salary 3 3 3 2 GENERAL JOURNAL Description Debit Credit Date 20- Dec. 29 Sales Salary Expense Office Salary Expense Employees' Fed. Inc. Tax Pay. FICA Soc. Sec. Tax Payable FICA Medicare Tax Payable Accounts Receivable Employees' United Way Payable Salaries Payable Payroll register for week ended December 29. 29 Salaries Payable Cash - Payroll Bank Account Paid salaries for week ended December 29. Check Figure Net amount, $9,934.14 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. The company does not pay for overtime hours. Required 1. Complete the payroll register using a Social Security tax rate of 6.2 percent and a Medicare tax rate of 1.45 percent. Concerning Other Deductions, AR refers to Accounts Receivable and UW refers to United Way. Begin payroll checks in the payroll register with No. 2914. 2. Prepare the general journal entry to record the payroll . The firm's general ledger contains a Salary Expense account and a Salaries Payable account. 3. Prepare the general journal entry to pay the payroll. Assume that funds for this payroll have been transferred to Cash-Payroll Bank Account and that this entry has been made. Best Sports Company Payroll Register for Week Ended December 29, 20- Taxable Earnings Deductions Ending Cumulative Earnings Unemploy- ment Social Security Social Security Tax Medicare Tax Medicare Other deductions AR 80.00 UW 20.00 UW 25.00 Name Chang, C. Dugan, T. Fancher, K. Gannon, T. Jones, L. Lange, M. Milton, D. Naylor, B. Orton, A. Tiosha, J. Total Hours 40 42 40 40 40 40 40 40 44 42 Beginning Cumulative Earnings 33,900.00 38,270.00 37,680.00 33,245.00 37,789.00 117,000.00 37,684.00 37,499.00 94,338.00 48,120.00 515,525.00 Total Earnings 680.00 2,841.00 725.00 660.00 750.00 2,100.00 1,310.00 720.00 1,780.00 1,065.00 12,631.00 Federal Income Tax 49.00 487.03 55.00 46.00 59.00 301.78 143.00 55.00 221.78 106.00 1,523.59 UW UW UW 25.00 35.00 20.00 Total 129.00 507.03 80.00 46.00 84.00 336.78 163.00 55.00 291.78 131.00 1,823.59 AR UW 70.00 25.00 300.00 Payments Expense Account Debited Net Amount Check No. Sales Salary Office Salary 3 3 3 2 GENERAL JOURNAL Description Debit Credit Date 20- Dec. 29 Sales Salary Expense Office Salary Expense Employees' Fed. Inc. Tax Pay. FICA Soc. Sec. Tax Payable FICA Medicare Tax Payable Accounts Receivable Employees' United Way Payable Salaries Payable Payroll register for week ended December 29. 29 Salaries Payable Cash - Payroll Bank Account Paid salaries for week ended December 29

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren

3rd Canadian edition

1-119-40285-5, 111940276X, 978-1119566007

More Books

Students also viewed these Accounting questions

Question

Does your strategic intent lay out the priorities?

Answered: 1 week ago

Question

What is the average age of members of your key public?

Answered: 1 week ago

Question

How likely is this public to act on information it receives?

Answered: 1 week ago

Question

What does this public think about your organization?

Answered: 1 week ago