Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is for a single employee, Carrie Cane for the week ended May 24. Total hours worked: 51 Rate: $36 per hour, with

The following information is for a single employee, Carrie Cane for the week ended

May 24.

Total hours worked: 51

Rate: $36 per hour, with time and a half for all hours in excess of 40

Federal income tax withheld: $339

State income tax withheld: $143

United Way deduction: $18

Cumulative earnings prior to current week: $6,400

Tax rates:

Social security: 6.2% on maximum earnings of $137,800. Medicare tax:

1.45% on all earnings; on both employer and employee

State unemployment: 5.4% on maximum earnings of $7,000; on employer

Federal unemployment: 0.8% on maximum earnings of $7,000; on employer

Note: Write down your answers to this problem, you'll need them for the next problem.

(a) Determine (1) total earnings, (2) total deductions, and (3) cash paid <-- (Three Dollar Amount Answers!)

(b) Determine each of the employers payroll taxes related to the earnings of Carrie Cane for the week ended May 24 and provide the total.

now assume that Carrie is the companys only employee (youve already done the math). Record the following:

(c) Journal entry for the weeks payroll.

(d) Journal entry for the employers payroll tax expense.

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

Report On Trade Conditions In China

Authors: Harry R. Burrill, Raymond F. Crist

1st Edition

1138617806, 9781138617803

More Books

Students also viewed these Accounting questions

Question

Do you agree with the results/recommendations?

Answered: 1 week ago