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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.
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 29Step by Step Solution
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