Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Stark Company has five employees Employees paid by the hour earn $11 per hour for the regular 40-hour workweek and 516 per hour beyond the

image text in transcribed
image text in transcribed
image text in transcribed
Stark Company has five employees Employees paid by the hour earn $11 per hour for the regular 40-hour workweek and 516 per 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 $128.400 paid to each employee, and FICA Medicare taxes are 145% 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% of the 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, o. Complete this payroll register by filling in all cells for the pay period ended August 31 b, c, d & Prepare the August 31 journal entry to b. Record the accrued biweekly payroll and related liabilities for deductions c. Record the employer's coin pynt of the net payroll of part d. Record the employer's payroll taxes including the contribution to the benefits plan Pay all liabuties (except for the net payroll in part for this biweekly period Complete this question by entering your answers in the tabs below. Realto Complete this payroll register by anginan call for the pay period ended August Hound your answer to decimal places Req A Reg B to E Complete this payroll register by filling in all cells for the pay period ended August 31. (Round your answers to 2 decimal places.) Current Period Gross Pay FIT Withholding FUTA FICA S.S. Employee Cumulative Pay Employee (Excludes Current Period) FICA Medicare Employee FICA Medicare Employee Employee Plan Withholding Employer Plat Expense Employee Net Pay Pay Type Pay Hours SUTA FICA S.S. Employer Kathleen $ 127450.00 Salary Anthony 5.850.00 Salary SIT Gross Pay Withholding 5 2.950.00 $ 7.000.00 63000 11800 1.490 00 39.00 145.00 4400 130.00 11.00 35800 128.00 40.00 74.50 149.00 BO Nicholo 11 80 Zomy Regular 17.000.00 Overtime Regular 5.000.00 Ovortii Rogue 5 400.00 Overtime 78 Gracie 53402.001s 0.00 00015 0001 150 ReqA Reg B to E Prepare the August 31 journal entry to: (Round your answers to 2 decimal places.) b. Record the accrued biweekly payroll and related liabilities for deductions. c. Record the employer's cash payment of the net payroll of part b. d. Record the employer's payroll taxes including the contribution to the benefits plan. e. Pay all liabilities (except for the net payroll In part c) for this biweekly period. Show less View transaction list Journal entry worksheet 2 3 4 5 Record the August 31 journal entry for the accrued blweekly payroll and related abilities for deductions Enter debit

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

The Marketing Audit Translating Marketing Theory Into Practice The Marketing Series

Authors: Malcolm McDonald

1st Edition

0750600896, 978-0750600897

More Books

Students also viewed these Accounting questions

Question

x-3+1, x23 Let f(x) = -*+3, * Answered: 1 week ago

Answered: 1 week ago

Question

7. Understand the challenges of multilingualism.

Answered: 1 week ago

Question

5. Give examples of variations in contextual rules.

Answered: 1 week ago