Williams Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time records and employees' individual earnings records for the pay period ended September 21 is shown in the following chart: Earnings at Daily Time Income Tax Previous Pay Allowances M TW Rate or Amount 1000 525230 24.50 End of Name Week s Botto 8 1 6,745.00 136,240.00 32,730.00 25.00 49.50 Dore, Gayle, a 8 0 2 Hi, + 40.00 117,560.00 35,154.00 $195.50 1291.25 y. 49.50 Kam s 29,938.00 2 ON 6,795.00 20.50 21.00 20.00 1 Wone. 27,252.00 # 0 2 10 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Required: 1. Complete the payroll register using the wage-bracket income tax withholding table in Figure 3. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Assume that all employees are married. In the payroll register, begin payroll checks with No. 1863. If an amount is zero, enter "o". If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. PAYROLL EARNINGS BEGINNING CUMULATIVE EARNINGS CU TOTAL HOURS NAME REGULAR OVERTIME TOTAL Bolt, $ 25.00 3 35.00 $ $ Dore, c. $ 3 3 Gayle, A $ $ Halt, 5 $ $ LLLL Kans S ON Wong WILLIAMS COMPANY KOLL REGISTER FOR WEEK ENDED September 21, 20-- TAXABLE EARNINGS ENDING CUMULATIVE SOCIAL EARNINGS UNEMPLOYMENT SECURITY MEDICARE 70.00 $ DEDUCTIONS FEDERAL INCOME TAX SOCIAL SECURITY TAX MEDIC TAX 16.00 $ $ $ $ $ 5 $ $ DEDUCTIONS PAYMENTS FEDERAL INCOME TAX SOCIAL SECURITY TAX MEDICARE TAX NET AMOUNT . NO. EDICARE TOTAL 16.00 $ $ $ $ $ $ $ $ $ $ $ percent. Assume that all employees are married. In the payroll register, begin payroll checks with No. 1863. If an amount is zero, enter "0". If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. PAYROLL EARNINGS BEGINNING CUMULATIVE EARNINGS TOTAL HOURS CU NAME REGULAR TOTAL OVERTIME 30.00 Bot, 42 25.00 Dore, c Gayle, A S 5 5 Hale, . . 5 Ober 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. PAGE GENERAL JOURNAL DESCRIPTION DATE POST. REF DEBIT CREDIT 20 Sep 2: Para retor de Sep 21 Paid was funded 21 Williams Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time records and employees' individual earnings records for the pay period ended September 21 is shown in the following chart: Earnings at Daily Time Income End of Tax Previous Pay Allowances Week or Amount 6,745.00 136,240.00 $252.30 Name M w T F s Rate Bolt, D. 8 8 8 10 8 0 25.00 1 Dore, C 8 8 8 8 8 0 49.50 Gayle, A 32,730.00 8 10 8 8 8 0 24.50 2 Hale, R. 8 8 8 8 8 4 40.00 $195.50 Milly, B. 8 8 8 8 8 0 49.50 $291.25 Kamn, S. 117,560.00 35,154.00 29,938.00 6,795.00 27,252.00 8 8 9 8 8 0 20.50 2 Ober, N. 8 8 8 9 9 4 21.00 1 Wong, 8 8 10 8 0 20.00 2 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Required: 1. Complete the payroll register using the wage-bracket income tax withholding table in Figure 3. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Assume that all employees are married. In the payroll register, begin payroll checks with No. 1863. If an amount is zero, enter "0". If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. PAYROLL EARNINGS BEGINNING CUMULATIVE EARNINGS CU TOTAL HOURS NAME E. REGULAR OVERTIME TOTAL Bolt, D. 42 $ 25.00 $ $ 38.00 $ Dore, C $ $ $ $ Gayle, A $ $ $ Hale, R 5 $ Jilly, B. 5 $ Karn, s. $ Ober, N. $ Wong, $ $ $ WILLIAMS COMPANY PAYROLL REGISTER FOR WEEK ENDED Sep EARNINGS TAXABLE EARNI ENDING CUMULATIVE EARNINGS SOCIAL SECURITY OVERTIME TOTAL UNEMPLOYMENT 38.00 $ 70.00 $ $ $ $ $ $ $1 $ $ $ $ $ $ $ $ $ $ $ $ DEDUCTIONS PAYMENTS RAL ME SOCIAL SECURITY . MEDICARE TAX NET AMOUNT
