total pay 2. Net pay, 5845.12 Computing the payroll expense of an employer hours worked above 40. 1. Compute Klyn's gross pay for working 50 hours during the first week of February 2. Klyn is single, and his income tax withholding is 20 percent of total pay. His only payroll deductions are taxes withheld, CPP of 4.95 percent, and El of 1.88 percent. Compute Klyn's net pay for the week. Starter 11-14 Return to the Mike Klyn payroll situation in Starter 11-13. Klyn's employer, Jones Golf Corp. pays all the standard payroll expenses plus benefits for employee pensions (5 percent of gross pay), BC health insurance ($60 per employee per month), and disability insurance ($8 per employee per month). Assume February has four pay periods. Compute Jones Golf Corp.'s total expense of employing Mike Klyn for the 50 hours that he worked during the first week of February. Carry amounts to the nearest cent. 3 Total expense, $1,317.31 Making payroll entries a. Salary Expense, 51,155 Starter 11-15 After solving Starters 11-13 and 11-14, journalize for Jones Golf Corp. the following expenses related to the employment of Mike Klyn on February 17: a. Salary expense b. Benefits c. Employer payroll expenses Round all amounts to the nearest cent. 650 Part 2 Accounting for Assets and Liabilities The Company self-insures its product liability losses in the United States up to $3 million Catastrophic coverage is maintained for individual claims in excess of $3 million up to $25 million Start Computing payroll amounts 3 Net Day 52.980 1. Why are these contingent (versus real) liabilities? 2. How can a contingent liability become a real liability for Harley- Davidson? What are the limits to the company's product liabilities in the United States? Starter 11-12 Suppose you work for an accounting firm all year and earn a monthly salary of $4,000. There is no overtime pay. Your withheld deductions are 20 percent of gross pay. In addition to payroll deductions, you choose to contribute 4 percent monthly to your pension plan. Your employer also deducts $60 monthly for your payment of the health insurance premium. Compute your net pay for November Starter 11-13 Mike Klyn is paid $40 for a 40-hour workweek and time and a half for hours worked above 40. 1. Compute Klyn's gross pay for working 50 hours during the first week Computing an employee's total pay 2 eta 55.05.12 Computing the payroll expense of an employer EXERCI To 5131731 of February 2. Klyn is single, and his income tax withholding is 20 percent of total pay. His only payroll deductions are taxes withheld, CPP of 4.95 percent. and El of 188 percent. Compute Klyn's net pay for the week. Starter 11-14 Return to the Mike Klyn payroll situation in Starter 11-13. Klyn's employer, Jones Golf Corp.pays all the standard payroll expenses plus benefits for employee pensions (5 percent of gross pay). BC health insurance (560 per employee per month), and disability insurance (58 per employee per month). Assume February has four pay periods. Compute Jones Golf Corp.'s total expense of employing Mike Klyn for the 50 hours that he worked during the first week of February Carry amounts to the nearest cent Starter 11-15 After solving Starters 11-13 and 11-14, journalize for Jones Golf Corp. the following expenses related to the employment of Mike Klyn on February 17 Salary expense b. Benefits Employer payroll expenses Round all amounts to the nearest cent. Exercise 11- Prepare the jo Merchandising all its sales at the Explanations are Making payrol entries Salary Expense 51.155 May 8 650 Part 2 Accounting for Assets and liabilities 12 Purchase $2,000 pl Returned Sold mere Cost of the 28 30 June 15 Collected by Paid balance Prepare the May
