Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please see attachment regarding R Tyron payroll. R Tryon Consulting Company The payroll records of a company provided the following data for the weekly pay

Please see attachment regarding R Tyron payroll.

R Tryon Consulting Company
The payroll records of a company provided the following data for the weekly pay period ended December 7:
EmployeeYTD earningsGross PayFITSIT
Ronald Arthur54,0001,20021660
John Baines40,50090016245
Ted Carter45,0001,00018050

@77=qhimage text in transcribed R Tryon Consulting Company The payroll records of a company provided the following data for the weekly pay period ended December 7: Employee Ronald Arthur John Baines Ted Carter YTD earnings Gross Pay 54,000 1,200 40,500 900 45,000 1,000 FIT SIT 216 162 180 60 45 50 The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages pa The federal and state unemployment tax rates are 0.8% and 5.4%, respectively, on the first $7,000 paid to eac Each employee has a deduction of $50 per week for medical insurance, $10 per week for union dues and $5 per we Complete the Payroll register below and Prepare the journal entries to (a) accrue the payroll and (b) record employer payroll taxes expense. (Don't forget yo Employee Ronald Arthur John Baines Ted Carter YTD earnings Gross Pay 54,000 1,200 40,500 900 45,000 1,000 Totals 3,100 FIT SIT 216 162 180 558 60 45 50 155 Debit Dec. 7 Salaries and wages expense Federal Income taxes payable State Income Taxes Payable FICA - Social Security Taxes Payable FICA - Medicare Taxes Payable Medical Insurance Payable Union Dues Payable United Way Payable Salaries Payable Payroll Taxes Expense FICA - Social Security Taxes Payable FICA - Medicare Taxes Payable FICA-SS Credit FICA-Med Each entry 2.6 points ended December 7: of this week's wages paid to each employee. first $7,000 paid to each employee. nion dues and $5 per week for United Way. expense. (Don't forget your descriptions for each entry.) Medical Ins. Union dues United Way Net Pay

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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 Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

0130674842, 978-0130674845

Students also viewed these Accounting questions

Question

Are the hours flexible or set?

Answered: 1 week ago