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Stark Company has five employees. Employees paid by the hour receive a $12 per hour pay rate for the regular 40-hour workweek plus one and
Stark Company has five employees. Employees paid by the hour receive a $12 per hour pay rate for the regular 40-hour workweek 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 $117,000 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 S.S. FICA Withholding FUTA Employee Net Pay Cumulative Pay Current Period Gross Pay ..... FIT Employee Plan Medicare Employee (Excludes Employee Employee Withholding Current Period) Pay Tune Pay Gross Pay. FICA S.S. FICA ype Hours Gross Pay Employer Plan Withholding SUTA Medicare Employer Employer Expense Kathleen $ 115,650.00 Salary $ 3.000.00 $ 0.00 $ 7,000.00 700.000.00 Anthony 5,900.00 Salary 120.00 42.00 700.00 40.00 Regular 1,440 00 150 00 Nichole 17,000 00 Overtime 198.00 45.00 Regular 120 1,440.00 140.00 Zoey 6,850.00 Overtime 126.00 42.00 Regular 1,368 00 130 00 Gracie 5,450.00 Overtime 41.00 $ 3,540.00 42.00 $ 0.00 $ 0.00 $ 0.00 Totals $ 150,850.00 $ 12 272.00 868 00 0000.00 0.00 0.00 120 $ 0.00
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