Problem 10.2A (Algo) Computing gross earnings, determining deductions, preparing payroll register, Journalizing payroll transactions. LO 10-2, 10-3, 10-4, 10-5 Low Country Goods has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30, these employees worked the hours shown below. Information about hourly rates, marital status, federal income tax withheld, and cumulative earnings prior to the current pay period also appears below. Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate. Employee Amora Brandon Regular Hours Worked 47 Carlos Cortez 48 Hourly Rate $ 10.80 9.50 Marital Status Federal Income Tax Withheld Cumulative Earnings M 36.00 $ 17,440 M 10.00 16,775 Jane Jennings Sarah Wise 40 51 9.30 8.80 M 16.00 S 42.00 15,880 14,460 Required: 1. Enter the basic payroll information for each employee in a payroll register. Record the employee's name, marital status, total and overtime hours, and regular hourly rate. Note: Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate. 2. Compute the regular, overtime, and gross earnings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee's earnings. Assume a 6.2 percent social security rate on the first $142,800 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee's earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register. 5. Enter the amount of federal income tax to be withheld from each employee's total earnings. 6. Compute the net pay of each employee and enter the figures in the payroll register. 7. Prepare a general journal entry to record the payroll for the week ended June 30. 8. Record the general journal entry to summarize payment of the payroll on July 3. Complete this question by entering your answers in the tabs below. Payroll Register General Journal Analyze Compute the regular, overtime, gross earnings, social security tax and Medicare tax to be withheld from each employee's earnings. Assume a 6.2 percent social security rate on the first $142,800 earned by the employee during the year. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Determine the amount of federal income tax to be withheld from each employee's total earnings. (Use the table shown in Figure 10.1A & Figure 10.1B whichever is applicable). Finally compute the net pay of each employee. Note: Round your intermediate calculations and final answers to 2 decimal places. Payroll register Employee Amoral Brandon Carlos Cortez Jane Jennings Sarah Wise Week beginning: June 24, 20X1 And ending: June 30, 20X1 Paid: July 3, 20X1 Earnings Taxable wages Deductions Distribution Regular time earnings Overtime earnings Gross amount Cumulative earnings Social security Medicare Social security Medicare Income tax Net amount Wages expense $ 432.00 S 113.40 $ 545.40 $ 17,440.00 S 545.40 S 545.40 S 33.81 S 7.91 $ 36.00 $ 467.68 $ 545.40 380.00 114.00 372.00 0.00 494.00 372.00 16,775.00 x 494.00 15,880.00 x 372.00 494.00 372.00 30.63 7.16 10.00 448.21 494.00 23.08 5.39 16.00 327.55 372.00 352.00 145.20 $ 1,536.00 S 372.60 $ 497.20 1,908.60 14,480.00 x 497.20 497.20 $ 64,555.00 $ 1,908.60 $ 1,908.60 S 30.83 118.33 S 7.21 42.00 417.16 497.20 27.67 $ 104.00 $ 1,658.60 $1,908.60 < Payroll Register General Journal > Show less Prepare a general journal entry to record the payroll expenses and also summarize payment of the payroll for the week ended June 30, and July 3, 20X1. Note: Round your intermediate calculations and final answers to 2 decimal places. No 1 Date June 30, 20X1 Wages expense General Journal Social security tax payable Medicare tax payable Employee income tax payable Wages payable 2 July 03, 20X1 Wages payable Cash < Payroll Register Analyze > Debit 2,158.60 x Credit 118.33 27.67 104.00 1,908.60 x 1,908.60 x 1,908.60 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Payroll Register General Journal Analyze What are Amora Brandon's cumulative earnings on June 30, 20x1? Note: Round your intermediate calculations and final answer to 2 decimal places. Cumulative earnings $ 2,158.60 < General Journal Analyze >