Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Assume that the Social Security tax is 6.2 percent and Medicare tax is 1.45 percent. All earnings are subject to Social Security and Medicare taxes. Brown Ringness Total Regular earnings $ 3,501.00 $ 2,615.00 $ 6,116.00 Overtime earnings 147.00 112.00 259.00 Total earnings $ 3,648.00 $ 2,727.00 $ 6,375.00 Federal income tax withheld 320.00 $ 24 184.00 $ 504.00 State income tax withheld 32.00 36.80 68.80 Social Security tax withheld 226.18 169.07 395.25 Medicare tax withheld 52.90 39.54 92.44 Charity withheld 37.00 100.00 137.00 Total deductions $ 668.08 $ 529.41 2$ 1,197.49 Net pay $ 2,979.92 $ 2,197.59 $ 5,177.51 Assume that the employees are paid from the company's regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payroll in general journal form, dated September 30. If required, round amounts to the nearest cent. If an amount does not require an entry leave it blank.
Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Assume that the Social Security tax is 6.2 percent and Medicare tax is 1.45 percent. All earnings are subject to Social Security and Medicare taxes. Brown Ringness Total Regular earnings $ 3,501.00 $ 2,615.00 $ 6,116.00 Overtime earnings 147.00 112.00 259.00 Total earnings $ 3,648.00 $ 2,727.00 $ 6,375.00 Federal income tax withheld 320.00 $ 24 184.00 $ 504.00 State income tax withheld 32.00 36.80 68.80 Social Security tax withheld 226.18 169.07 395.25 Medicare tax withheld 52.90 39.54 92.44 Charity withheld 37.00 100.00 137.00 Total deductions $ 668.08 $ 529.41 2$ 1,197.49 Net pay $ 2,979.92 $ 2,197.59 $ 5,177.51 Assume that the employees are paid from the company's regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payroll in general journal form, dated September 30. If required, round amounts to the nearest cent. If an amount does not require an entry leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Assume that the Social Security tax is
6.2 percent and Medicare tax is 1.45 percent. All earnings are subject to Social Security and Medicare taxes.
Brown
Ringness
Total
Regular earnings
$ 3,501.00
$ 2,615.00
$ 6,116.00
Overtime earnings
147.00
112.00
259.00
Total earnings
$ 3,648.00
$ 2,727.00
$ 6,375.00
Federal income tax withheld
320.00
$
184.00
$ 504.00
State income tax withheld
32.00
36.80
68.80
Social Security tax withheld
226.18
169.07
395.25
Medicare tax withheld
52.90
39.54
92.44
Charity withheld
37.00
100.00
137.00
Total deductions
$
668.08
$
529.41
$
1,197.49
Net pay
$ 2,979.92
$ 2,197.59
$ 5,177.51
Assume that the employees are paid from the company's regular bank account (check numbers 981 and 982).
Prepare the entry to record and pay the payroll in general journal form, dated September 30. If required, round amounts to the nearest cent. If an amount does not require an
entry leave it blank.
Transcribed Image Text:Assume that the employees are paid from the company's regular bank account (check numbers 981 and 982).
Prepare the entry to record and pay the payroll in general journal form, dated September 30. If required, round amounts to the nearest cent. If an amount does not require an
entry leave it blank.
GENERAL JOURNAL
PAGE
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
|20--
Sept. 30
Issued checks 981 and 982 for the month of September.
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Assume that the employees are paid from the company's regular bank account check numbers 981 and 982 prepare the entry to record and pay the payroll in general journal from September 30th if required round amounts to the nearest cent if an amount does not require an entry leave it blank. College accounting 13th edition
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