Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information The following information applies to the questions disployed below] The following information is avallable for the employees of Webber Packing Company for the

image text in transcribed
image text in transcribed
Required information The following information applies to the questions disployed below] The following information is avallable for the employees of Webber Packing Company for the first week of Januory Year t : 1. Kayla earns $27 per hour and th times her repular rate for hours over 40 per week Kayla worked 48 hours the first week in January. Kayla's federal income tax withholding is equal to 9 percent of her gross pay. Webber pays medical insurance of $100 per week for Kayla and contributes $47 per week to a retirement plan for her 2. Paula earns a weekly salary of $1,250. Paula's federal income tax withholding is 15 percent of her gross pay. Webber pays medical insurance of $150 per week for Pauls and contributes $125 per week to o retirement plon for her: 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for Pauta. Assume the Social Security tax rate is 6.0 percent on the first $110.000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of the first $7.000 of satary for each employee. c. Prepare the journal entry to record the payment of the payroll for the week. Of no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Journal entry worksheet c. Prepare the journal entry to record the payment of the payroll for the week. (If no entry is required for a transaction/eve select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answer to 2 decimal places.) Journal entry worksheet Record the entry for payment of the payroll for the week. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Lean Audit The 20 Keys To World Class Operations A Health Check For Factory And Office

Authors: Joerg Muenzing

1st Edition

1514817829, 978-1514817827

More Books

Students also viewed these Accounting questions