Problem 10.2A (Algo) Computing gross earnings, determining deductions, preparing payroll register, journalizing payroll transactions. LO 10-2, 10-3, 10-4, 10-5 City Place Movie Theaters 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, withholding allowances, 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. eBook Print References Regular Hourly MaritalWithholdingCumulative Hours Employee Rate Worked Status Allowances Earnings Andy 47 $12.30 M 1 $17,600 Anderson Roma 49 11.10 M 16,935 Benson Frank 40 10.80 M 1 16,040 Cortez Winter 52 10.30 S 2 14,620 Wise S Required: 1. Enter the basic payroll information for each employee in a payroll register. Record the employee's name, number of withholding allowances, marital status, total and overtime hours, and regular hourly rate. Note: Consider any hours worked MC lavt ok ences Required: 1. Enter the basic payroll information for each employee in a payroll register. Record the employee's name, number of withholding allowances, 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 $122,700 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. Determine the amount of federal income tax to be withheld from each employee's total earnings. Use the tax tables in Figure 10.2a & Figure 10.2b. Enter the figures in the payroll register. 5. 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. 3. Record the general journal entry to summarize payment of the payroll on July 3. Analyze: What are And Andarean's cumulative arninnc on line 20 2012 HH Analyze: What are Andy Anderson's cumulative earnings on June 30, 20X1? Complete this question by entering your answers in the tabs below. Payroll General Register Journal Analyze Compute the regular, overtime, gross earnings, social security tax and Medicare tax to be withheld from each employee's earnings. earned by the employee during the year. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employe withheld from each employee's total earnings. (Use the table shown in Figure 10.2A & Figure 10.2B whichever is applicable). Fin. intermediate calculations and final answers to 2 decimal places.) es Payroll register Deductions Week beginning: June 24 Earnings Regular Overtime time Gross amount earnings earnings Employee Cumulative earnings And ending: June 30 Taxable wages Social Social Medicare security security Medicare Income Andy Anderson Roma Benson Frank Cortez Winter Wise Journal entry worksheet 1 2 ces Record the company's payroll to be paid at a later date. Note: Enter debits before credits. Date General Journal Debit redit June 30 Record entry Clear entry View general Journal Problem 10.2A (Algo) Computing gross earnings, determining deductions, preparing payroll register, journalizing payroll transactions. LO 10-2, 10-3, 10-4, 10-5 City Place Movie Theaters 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, withholding allowances, 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. eBook Print References Regular Hourly MaritalWithholdingCumulative Hours Employee Rate Worked Status Allowances Earnings Andy 47 $12.30 M 1 $17,600 Anderson Roma 49 11.10 M 16,935 Benson Frank 40 10.80 M 1 16,040 Cortez Winter 52 10.30 S 2 14,620 Wise S Required: 1. Enter the basic payroll information for each employee in a payroll register. Record the employee's name, number of withholding allowances, marital status, total and overtime hours, and regular hourly rate. Note: Consider any hours worked MC lavt ok ences Required: 1. Enter the basic payroll information for each employee in a payroll register. Record the employee's name, number of withholding allowances, 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 $122,700 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. Determine the amount of federal income tax to be withheld from each employee's total earnings. Use the tax tables in Figure 10.2a & Figure 10.2b. Enter the figures in the payroll register. 5. 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. 3. Record the general journal entry to summarize payment of the payroll on July 3. Analyze: What are And Andarean's cumulative arninnc on line 20 2012 HH Analyze: What are Andy Anderson's cumulative earnings on June 30, 20X1? Complete this question by entering your answers in the tabs below. Payroll General Register Journal Analyze Compute the regular, overtime, gross earnings, social security tax and Medicare tax to be withheld from each employee's earnings. earned by the employee during the year. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employe withheld from each employee's total earnings. (Use the table shown in Figure 10.2A & Figure 10.2B whichever is applicable). Fin. intermediate calculations and final answers to 2 decimal places.) es Payroll register Deductions Week beginning: June 24 Earnings Regular Overtime time Gross amount earnings earnings Employee Cumulative earnings And ending: June 30 Taxable wages Social Social Medicare security security Medicare Income Andy Anderson Roma Benson Frank Cortez Winter Wise Journal entry worksheet 1 2 ces Record the company's payroll to be paid at a later date. Note: Enter debits before credits. Date General Journal Debit redit June 30 Record entry Clear entry View general Journal