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Stark Company has five employees. Employees paid by the hour earn $11 per hour for the regular 40-hour workweek and $16 per hour beyond the
Stark Company has five employees. Employees paid by the hour earn $11 per hour for the regular 40-hour workweek and $16 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 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% 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. b, c, d & e. Prepare the August 31 journal entry to: 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. Complete this question by entering your answers in the tabs below. Reg A Req 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 Employee Plan Withholding Cumulative Pay Employee (Excludes Current Period) FICA Medicare Employee FICA Medicare Employer Employee Net Pay Pay Type Pay Hours Gross Pay SIT Withholding SUTA FICA S.S. Employer Employer Plan Expense Kathleen $ 126,700.00 Salary $ 7,000.00 $ 2,050.00 320.00 82.00 25.50 Anthony 6,850.00 Salary 510.00 21.00 51.00 80 112.00 Nichole 8 26.00 80 102.00 Zoey Regular 15,200.00 Overtime Regular 6,550.00 Overtime Regular 5,050.00 Overtime 4 23.00 70 770.00 92.00 Gracie 22.00 $ 2,438.00 $ 0.00 $ 0.00 $ 0.00 $ 25.50 Totals $ 160,350.00 0.00 412.00 0.00 0.00 0.00 51.00
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