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Thanks in advance for the assistance. Requlred Informatlon [The following Information applies to the (jestlons displayed below.] The following information Is avallable for the employees
Thanks in advance for the assistance.
Requlred Informatlon [The following Information applies to the (jestlons displayed below.] The following information Is avallable for the employees of Webber Packing Company for the first week of January Year 1 . 1. Kayla earns $26 per hour and 11/2 times her regular rate for hours over 40 per week. Kayla worked 49 hours the first week in January. Kayla's federal Income tax withholding is equal to 9 percent of her gross pay. Webber pays medical insurance of $75 per week for Kayla and contributes $55 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,400. Paula's federal income tax withholding is 14 percent of her gross pay. Webber pays medical insurance of $125 per week for Paula and contributes $130 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for Paula. Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salarles and the Medicare tax rate is 1.5 percent of total salarles. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of the first $7.000 of salary for each employee. Prepsre the joumal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week. if no entry is required for a transaction/event, select "No Journal entry required" In the flrst account fleld. Round your answers to 2 decimel places.) (If no entry is required for a transaction/event, select "No Journal entry required" In the flrst account fleld. Round you 2 decimal places.) e. Whaz stene cost of compensation expense for the first week of January Year 1 for Webber Packing Company? (Do not round Intermed ete calculations. Round your answer to 2 decimal places.)Step by Step Solution
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