Question
Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ?
Summary Payroll Data
In the following summary of data for a payroll period, some amounts have been intentionally omitted:
Earnings: | ||
1. At regular rate | ? | |
2. At overtime rate | $74,800 | |
3. Total earnings | ? | |
Deductions: | ||
4. Social security tax | 29,940 | |
5. Medicare tax | 7,485 | |
6. Income tax withheld | 127,200 | |
7. Medical insurance | 17,200 | |
8. Union dues | ? | |
9. Total deductions | 185,000 | |
10. Net amount paid | $314,000 | |
Accounts debited: | ||
11. Factory Wages | 264,500 | |
12. Sales Salaries | ? | |
13. Office Salaries | 99,800 |
Question Content Area
a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5%.
(1) | $fill in the blank 4249c60a6000f82_1 |
(3) | $fill in the blank 4249c60a6000f82_2 |
(8) | $fill in the blank 4249c60a6000f82_3 |
(12) | $fill in the blank 4249c60a6000f82_4 |
Question Content Area
b. Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank.
blank | Employees Income Tax PayableFactory Wages ExpenseFactory Wages PayableSalaries PayableUnion Dues Expense | - Select - | - Select - |
Employees Income Tax PayableSalaries PayableSales Salaries ExpenseSales Salaries PayableUnion Dues Expense | - Select - | - Select - | |
Medical Insurance PayableOffice Salaries ExpenseOffice Salaries PayableSalaries PayableUnion Dues Expense | - Select - | - Select - | |
CashFactory Wages ExpenseSocial Security Tax ExpenseSocial Security Tax PayableUnion Dues Expense | - Select - | - Select - | |
CashMedicare Tax ExpenseMedicare Tax PayableSales Salaries ExpenseUnion Dues Expense | - Select - | - Select - | |
CashEmployees Income Tax ExpenseEmployees Income Tax PayableMedicare Tax ExpenseOffice Salaries Expense | - Select - | - Select - | |
Accounts PayableCashMedical Insurance ExpenseMedical Insurance PayableSales Salaries Expense | - Select - | - Select - | |
Accounts PayableCashFactory Wages ExpenseUnion Dues ExpenseUnion Dues Payable | - Select - | - Select - | |
CashFactory Wages ExpenseOffice Salaries ExpenseSalaries PayableSales Salaries Expense | - Select - | - Select - |
Question Content Area
c. Journalize the entry to record the payment of the payroll.
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