Problem 10.2B Objectives 10-2, 10-3, 10-4, 10-5 Computing earnings, determining deductions and net amount a preparing payroll register, journalizing payroll transactions. The four employees for ACWorks are paid on an hourly basis. During the week om 25-31, 2019, these employees worked the hours indicated. Information about their hourly rates marital status, withholding allowances, and cumulative earnings prior to the current pay appears below. Hours Employee Worked Regular Hourly Rate Marital Status Withholding Allowances Allowances Cumulative Earnings Betty Brooks Cynthia Carter Mary Easley James Periot $12.80 13.40 29.50 37.00 ng $ 44,179.00 53,015.00 82.748.00 104,486.00 INSTRUCTIONS 1. Enter the basic payroll information for each employee in a payroll register. Record the employ- ee's name, number of withholding allowances, marital status, total hours, overtime hours, and regular hourly rate. Consider any hours worked beyond 40 in the week as overtime hours. 2. Compute the regular earnings, overtime premium, and gross carnings 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 gross earn. ings. Assume a 6.2 percent social security tax rate on the first $122.700 earned by ench 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 gro Assume a 1.45 percent Medicare tax rate on all earnings for each employee during the Enter the figure on the payroll register. 5. Determine the amount of federal income tax to be withheld from each emplov ings. Income tax withholdings are $235 for Easley and $238 for Periot. Enter the the payroll register. 6. Compute the net amount due each employee and enter the figures in the payroll re 7. Complete the payroll register for the store employees. thheld from each employee's gross earnings. withheld from each employee's gross earn- and $238 for Periot. Enter these figures in 8. Prepare a general journal entry to record the payroll for the week ended December 31, 2019, Use page 18 for the journal. 9. Record the general journal entry to summarize the payment on December 31, 2019, of the net amount due employees. Analyze: What is the difference between the amount credited to the Cash account on December 31, 2019, for the payroll week ended December 31 and the amount debited to Wages Expense for the same payroll period? What causes the difference between the two figures