10. The following information is for Grimsley Electrical Supplies Inc. payroll for the week ending October 26, 20X8: Hrs. worked Hourly Pay Rate Union Dues Federal Income Tax withheld Employee Year-to-Date Earnings, Previous week C. White J. Ward K. Hurt M. King $30 10 14 $240 $9 $81,000 23,200 5,100 49,500 44 46 39 65 82 42 22 169 7 All employees are paid overtime at 1.5 of the hourly rate for hours worked in excess of 40. The FICA rate is 7.5% (Social Sécurity 6% on the first $80,000 of accrued wages and Medicare 1.5%). The Employer pays unemployment benefits (Unemployment taxes) FUTA 0.6% and SUTA 5.4%, on the first $7,000 of accumulated salary for each employee.

10. The following information is for Grimsley Electrical Supplies Inc. payroll for the week ending October 26, 20X8: Hrs. worked Hourly Pay Rate Union Dues Federal Income Tax withheld Employee Year-to-Date Earnings, Previous week C. White J. Ward K. Hurt M. King $30 10 14 $240 $9 $81,000 23,200 5,100 49,500 44 46 39 65 82 42 22 169 7 All employees are paid overtime at 1.5 of the hourly rate for hours worked in excess of 40. The FICA rate is 7.5% (Social Sécurity 6% on the first $80,000 of accrued wages and Medicare 1.5%). The Employer pays unemployment benefits (Unemployment taxes) FUTA 0.6% and SUTA 5.4%, on the first $7,000 of accumulated salary for each employee.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Vaughn Company has the following data for the weekly payroll ending January 31. Employee M T L. Helton R. Kenseth D. Tavaras 9 (a) 7 7 9 10 10 Hours W T 9 7 F 10 S 2 7 7 8 5 8 8 8 0 Hourly Rate $12 14 15 Federal Income Tax Withholding $32 39 54 Health Insurance $10 27 Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) 26 Cumulative Earnings (Jan. 1- 24) $1,440 1,722 Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. 1,800
Empty fields company pays its salaried employees monthly on the last day of each month The annual salary payroll for 20-Follows. Compute the following for the payroll of December 31: Employer's OASDI Tax $____________ Employer's HI Tax $_____________
rr
The information for Titan Company, shown in the following chart, is available from Titan's time records and the employees' individual earnings records for the pay period ended December 22. Name Hours Worked Earnings at End of Previous Week Total Earnings Class. Federal Income Tax Other Deductions Albee, C. 44 63,365.00 1,645.00 Sales 197.05 UW 25.00 Don, V. 40 136,378.00 2,837.00 Sales 494.80 AR 95.00 Fine, J. 40 76,835.00 1,504.00 Sales 173.70 UW 20.00 Ginny, N. 46 33,507.00 662.00 Office 47.15 UW 40.00 Johnson, J. 47 57,079.00 1,112.00 Office 115.10 UW 20.00 Lund, D. 43 111,820.00 2,098.00 Sales 309.55 UW 25.00 Maya, R. 42 66,834.00 1,307.00 Sales 144.85 AR 75.00 Nord, P. 41 36,761.00 722.00 Sales 55.95 UW 25.00 Oscar, T. 43 93,582.00 1,831.00 Sales 242.80 UW 30.00 Troy, B. 40 47,255.00 931.00 Sales 87.95 UW 15.00…
An employee receives an hourly rate of $25.00, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 42; federal income tax withheld, $281.00; social security tax rate, 6.0%; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid to the employee? Select the correct answer. $769.00 $1,075.00 $688.38 $713.38
Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15–31. Gross payroll $12,387 Federal income tax withheld $2,395 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of a.$12,387.00 b.$9,062.98 c.$8,294.98 d.$9,224.01
An employee receives an hourly rate of $17, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 49; federal income tax withheld, $80; state income tax withheld is $22; social security tax rate, 6.2%; and Medicare tax rate, 1.45%. What is the net amount to be paid to the employee? Multiple Choice ) $737.92 $680.00 $909.50 $171.58
Accounting The following totals for the month of June were taken from the payroll register of Mike Corp.: Gross salaries $28400 CPP withheld 1370 Employee income taxes withheld 5740 Medical insurance deductions 920 El withheld 477 Union dues withheld 459 The journal entry to record payment of the net payroll would include a:
Vishnu
Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31. Gross payroll| $19,738 Federal income tax withheld $2,900 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of Oa. $15,614.24 Ob. $19,738.00 Oc. $14,133.89 Od. $15,357.65
Question Trapper Company has the following data for the weekly payroll ended March 31: Employee Hours Hourly Rate CPP EI Income Tax Health Insurance Total Deductions Net Pay Allen 48 $25 $58.54 $23.50 $ 350.00 $10.00 Broady 40 25 46.17 18.80 240.00 15.00 Camaron 25 13 12.76 6.11 65.00 5.00 Diaz 45 15 15.60 12.83 190.00 15.00 Evana 10 13 3.10 2.44 0.00 5.00 TOTAL Employees are paid 1.5 times the regular hourly rate for all hours worked over 44 hours per week. Trapper Company must make payments to the workers' compensation plan equal to 2% of the gross payroll. In addition, Trapper matches the employees' health insurance contributions and accrues vacation pay at a rate of 4%. Instructions Prepare the payroll register for the weekly payroll. Record the payroll and Trapper Company's employee benefits. Pay and remit the salary and post it in journals. please answer like we are writing it on notebook
Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator $55 per hour Regular earnings rate Overtime earnings rate 2 times hourly rate Federal income tax withheld $452 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 46 hours and the administrator worked 50 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Determine the gross pay and the net pay for each of the three employees for the current pay period. When required round intermediate calculations and final answers to two decimal places. Computer Programmer Consultant Gross pay Net pay $6,000 per week Not applicable $1,380 $70 per hour 1.5 times hourly rate $642 Administrator