Question
Stark Company has five employees. Employees paid by the hour receive a $10 per hour pay rate for the regular 40-hour work week plus one
Stark Company has five employees. Employees paid by the hour receive a $10 per hour pay rate for the regular 40-hour work week plus one and one-half times the hourly rate for each overtime hour beyond the 40-hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $113,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5 percent of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August. |
a. Complete this payroll register by filling in all cells for the pay period ended August 31. (Round your answers to 2 decimal places.) FICA Employee Plan Current Period Gross Pay FICA S.S Medicare Withholding Employee FUTA Employee Employee Withholding Cumulative Pay Employee (Excludes FICA Employer Plan Medicare Withholding Net Pay Current Period) Pay Pay Gross SIT FICA S.S SUTA Employer Employer Type Hou rs Pay Withholding $ 2,000.00 300.00 80.00 20.00 110.00 25.00 100.00 22.00 90.00 21.00 2,380.00 388.00 Kathleen S 111,900.00 Salary 7,000.00 Anthony 6,800.00 Salary 500.00 Regular 80 Overtime8 Regular80 Overtime 4 Regular 74 Overtime 800.00 120.00 800.00 60.00 740.00 Nichole 15,000.00 Zoey 6,500.00 Gracie 5,000.00 10,020.00 180.00 Totals $145,200.00
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