Based on the information in the screenshot below, Shaniya's gross compensation for the period will be -(Assume overtime is paid at time and a half.)Run Payroll: Twice a monthPay fromChedingPay periodPay dateBale $10.000.00EMPLOYEEPAY METHODSALARYREGULAR PAY H..OT HISPDTIME OFF..MEMOMark AbePaper check$55.000.00/yearMorters, ShaniyaPaper checkAD CD2.00530.00/hourSelect one:a. $1,290Ob. $1,200Oc. $1,320d. $1,260TOTAL PAYCustomize tableTOTAL HIS42.00

Detailed explanation:Total hours worked = 42 hoursRegular rate = $ 30 per hourOvertime rate = time…

Answered: Based on the information in the…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter10: Payroll Register (pr)

Section: Chapter Questions

Problem 6R: In the space provided below, prepare the journal entry to record the November payroll for all...

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Complete the following weekly payroll: Assume: (1) FIT calculated by percentage method and (2) Social Security 6.2% on $118,500; Medicare 1.45%. Cumulative earnings before this payroll are $118,100. (Use Table 71 and Table 7.2) (Round your answers to the nearest cent.) Marital Status Exemptions Claimed Gross FIT A Soc. Sec. B Medicare C Net Pay D Joe Riense M 3 1,400
Complete the following weekly payroll: Assume: (1) FIT calculated by percentage method assuming joint filing: (2) Social Security 6.2% on $142,800; and Medicare 1.45% Cumulative balance before this payroll is below maximum as related to cumulative earnings in calculating Social Security. Note: Round your answers to the nearest cent. Name Joe Riense. Marital Status M $ Gross 1,400 $ FIT Social Security 86.80 210.00 $ $ Medicare 20.30 $ Net Pay 1,082.90
In the space provided below, prepare the journal entry to record the November payroll for all employees assuming that the payroll is paid on November 30 and that Joness cumulative gross pay (cell I13) is 85,000.
Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll: *All Subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, re9eetivety. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny) 2. CONCEPTUAL CONNECTION McLaughlin Manufacturing would like to hire a new employee at a salary of $80,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: *All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny.) 2. CONCEPTUAL CONNECTION Jet would like to hire a new employee at a salary of $65,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $9,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 25% of gross pay, what will be the total cost of this employee for Jet?
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $ 30,300 $1,500 $ $128,400 $ $ $ $ 53,600 2,980 128,400 126,700 3,140 128,400 127,900 2,880 128,400
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $ 30,200 $1,460 $fill in the blank 1 $128,400 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 54,000 2,960 fill in the blank 6 128,400 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 125,700 3,340 fill in the blank 11 128,400 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 127,100 2,940 fill in the blank 16 128,400 fill in…
Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. Jan 15 - Paid an employee B. Vaughn gross pay of $2,000 for January 1-15 salary, calculated as follows: Deductions FICA Medicare Gross Pay Net Pay Income taxes 15% FICA Social Total deductions Security 6.2% 1.45% $2,000 The company matches FICA deductions. Required: a. Calculate B. Vaughn's net pay and journalize the entries to record her payroll. b. Prepare journal entries to record the above transactions. Show necessary calculations.
On December 31, 2019, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This representsthe employer’s liability for the fourth quarter taxes. Journalize the entry Reuter Company should make in January2020 to record the last transfer (payment) of FUTA taxes for 2019.
Paradise Hills Berry Farm has 23 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay EI Premium Income Taxes 80,950.00 1,343.77 11,165.00 CPP 3,853.77 View transaction list View journal entry worksheet Date March 23 El payable No Medical Ins. 1,525.00 Required: Using the information provided, prepare the journal entry to record the payroll expenses. (Round the final answers to 2 decimal places.) United Way 1,694.00 General Journal Debit Credit
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 41,500Accounts Receivable 25,700Land 110,800Accounts Payable $ 15,300Notes Payable (due in 2 years) 30,000Common Stock 100,000Retained Earnings 32,700Totals $178,000 $178,000The following is a summary of the transactions for the year:1. January 12 Provide services to customers on account, $62,400.2. February 25 Provide services to customers for cash, $75,300.3 March 19 Collect on accounts receivable, $45,700.4. April 30 Issue shares of common stock in exchange for $30,000 cash.5. June 16 Purchase supplies on account, $12,100.6. July 7 Pay on accounts payable, $11,300.7. September 30 Pay salaries for employee work in the current year,…
dathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. Month PreviousMonth'sBalance FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) March $640.00 $ $123.97 $75.00 $

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