Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Stark Company has five employees. Employees paid by the hour earn $15 per hour for the regular 40-hour workweek and $20 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 $15 per hour for the regular 40-hour workweek and $20 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 06% 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 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 perlod 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 b. c, d & e. Prepare the August 31 journal entry to: b. Record the accrued biweekly payroll and related liabilities for deductions Record the employer's cash payment of the net payroll of part d Record the employer's payroll taxes including the contribution to the benefits plan ePay all abities except for the net payroll in part c) for this biweekly period Employee Net Pay FIT FICA FICA S.S. Current Period Gross Pay FUTA Cumulative Pay Employee Plan Withholding Medicare Employee Employee Withholding Employee (Excludes Current Period) Pay FICA Pay FICA S.S. SIT Gross Pay Hours SUTA Type Employer Plan Medicare Withholding Employer Employer Expense $ 3.150.00 5 0.00 $ 5270 s 10150 Kathleen 5 127,550 00 Salary $ 7000.00 760 00 000 52.70 101.50 126 00 76.50 Anthony 6,050.00 Salary 1.530.00 4300 15300 Regular 80 1.200.00 156.00 0.00 (Nichole 17.400.00 Overtime 11 22000 40.00 000 Regular 80 1200 00 146.00 Zoey 6,550 00 Overtime 7 140.00 4500 Regular 71 1.065.00 136.00 Grade 5.100.00 Overtone 4400 $ 3.714005 0.00 $ 52.70 S 10150 $ 76.50 Totals $ 182.650.00 12,35500 $ 0.00 52.70 10150 15300 000 Reg B to > Journal entry worksheet 1 2 3 4 5 Record the August 31 journal entry for the accrued biweekly payroll and related liabilities for deductions. Note: Enter debits before credits. General Journal Debit Date Aug 31 Credit

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

Ebook Principles Of Financial Accounting

Authors: John Wild, Ken Shaw, Barbara Chiappetta

2nd Edition

0077166183, 9780077166182

More Books

Students also viewed these Accounting questions

Question

finding entry-level positions;

Answered: 1 week ago

Question

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

Answered: 1 week ago