Answered step by step
Verified Expert Solution
Question
1 Approved Answer
THERE IS NOTHING MISSING !! THAT IS THE WHOLE QUESTION !! Nashville Publishing Company pays its employees monthly. Payments made by the company on October
THERE IS NOTHING MISSING !! THAT IS THE WHOLE QUESTION !!
Nashville Publishing Company pays its employees monthly. Payments made by the company on October 31, 2019, follow. Cumulative amounts pald to the persons named prior to October 31 are also given 1. Paul Parker, president, gross monthly salary of $19,100; gross earnings prior to October 31, $170,400. 2. Carolyn Wells, vice president, gross monthly salary of $15,300; gross earnings paid prior to October 31, $151,400. 3. Michelle Clark, Independent accountant who audits the company's accounts and performs consulting services. $15,200; gross amounts paid prior to October 31, $43,600. 4. James Wu, treasurer, gross monthly salary of $4,700; gross earnings prior to October 31, $51,500. 5. Payment to Editorial Publishing Services for monthly services of Betty Jo Bradley, an editorial expert, $4,700; amount paid to Editorial Publishing Services prior to October 31, 2019, $32,800. Required: 1. Use an earnings ceiling of $122,700 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following information: a. Each employee's cumulative earnings prior to October 31 b. Each employee's gross earnings for October c. The amounts to be withheld for each payroll tax from each employee's earnings; the employee's income tax withholdings are Paul Parker, $5,008: Carolyn Wells, $4,303; James Wu. $1,079, d. The net amount due each employee. e. The total gross earnings, the total of each payroll tax deduction, and the total net amount payable to employees. 2. Prepare the general Journal entry to record the company's payroll on October 31 3. Prepare the general Journal entry to record payments to employees on October 31. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Use an earnings ceiling of $122,700 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following Information (Round your answers to 2 decimal places.): Emnaven Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Use an earnings ceiling of $122,700 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following information (Round your answers to 2 decimal places.): Employee Name Cumulative earnings Monthly pay Social security Medicare Employeo Income tax withholding Net pay Totals Reg 2 and 3 Reg 1 Reg 2 and 3 Prepare the general journal entry to record the company's payroll expenses and also payments to employees on October 31, 2019, (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the company's payroll to be paid at a later date. Note: Enter debits before credits Date General Journal Debit Credit Oct 31, 2019 Record entry Clear entry View general Journal Check my work 4. Nashville Publishing Company pays its employees monthly Payments made by the company on October 31, 2019, follow. Cumulative amounts paid to the persons named prior to October 31 are also given 1. Paul Parket president, gross monthly salary of $19.500 gross earnings prior to October 31, $170.400 2. Carolyn Wels vice president, gross monthly salary of $15.300 gross earnings paid prior to October 31, S151,400 3. Michelle Clark, Independent accountant who audits the company's accounts and performs consulting services. $15.200 gross 4. James Wu, treasurer gross monthly salary of $4700: gross earnings prior to October 31, $54,500 5. Payment to Editorial Publishing Services for monthy services of Betty so Bradley, an editorial expert. 84.700amount paid to Editorial Publishing Services prior to October 31, 2019, $32.800 escu Print Required: 1. Use an earnings ceting of $122.700 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following information a. Each employee's cumulative earnings prior to October 31 b. Each employee's gross earnings for October c. The amounts to be withheld for each payroll tax from each employee's earnings: the employee's income tax withholdings are Paul Parker, 55,008. Carolyn Weis, 54 303, James Wu $1079 d. The net amount due each employee e. The total gross earnings, the total of each payroll tax deduction, and the oti net amount payable to employees. 2. Prepare the general journal entry to record the company's payroll on October 31 3. Prepare the general journal entry to record payments to employees on October 31 Complete this question by entering your answers in the tabs below. R2 Use an eingsing of $122.700 for social laves and a tax rate 62 percent and a tax rate of 1.45 percent on a earnings for Medicaretes. Prepare a schedule showing the following information and us to 2 decimal G Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Use an earnings ceiling of $122,700 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following information (Round your answers to 2 decimal places.): Employee Name Cumulative samnings Monthly pay Social security Medicare Employee Income tax withholding Net pay Totals $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.005 0.00 Reg 2 and 3 > Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Prepare the general journal entry to record the company's payroll expenses and also payments to employees on October 31, 2019. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 > Record the company's payroll to be paid at a later date. Note: Enter debits before credits Dato General Journal Debit Credit Oct 31, 2019
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started