Take me to the text An employer has calculated the following amounts for an employee during the last week of June 2021. Gross Wages $1,800.00 Income Taxes $414.00 Canada Pension Plan $94.00 Employment Insurance $28.00 Workers' Compensation $59.00 Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Required a) Calculate the employee's net pay. Net Pay = $ b) Assuming the employer's contribution is 100% for CPP and 140% for El, what is the employer's total expense? Total Employer Expense = $ c) Prepare the journal entries to record payroll for the employee and record the employer's contribution. Assume the e was paid immediately. For transactions with more than one credit, enter the credit accounts in alphabetical order.

Take me to the text An employer has calculated the following amounts for an employee during the last week of June 2021. Gross Wages $1,800.00 Income Taxes $414.00 Canada Pension Plan $94.00 Employment Insurance $28.00 Workers' Compensation $59.00 Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Required a) Calculate the employee's net pay. Net Pay = $ b) Assuming the employer's contribution is 100% for CPP and 140% for El, what is the employer's total expense? Total Employer Expense = $ c) Prepare the journal entries to record payroll for the employee and record the employer's contribution. Assume the e was paid immediately. For transactions with more than one credit, enter the credit accounts in alphabetical order.

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

Completing the Payroll Register The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period. Complete the following steps (if a field should be blank, leave it blank): Record the amount to be withheld for group insurance. Record the amount to be withheld for health insurance. Each worker is to be paid by check. Assign check numbers provided to the correct employee. Compute the net pay for each employee. Total the input columns. KIPLEY COMPANY, INC.Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $0.42 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 0.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 0.41 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 0.53 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00…
on 4 An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer's payroll taxes and otl expenses? Debit Crédit $535.50 $420.00 FICA Expenses Federal Unemployment Expense State Unemployment $378.00 Expense FICA Payable Federal Unemployment Expense State Unemployment Expense $535.50 $420.00 $378.00 Debit Credit FICA Expenses Federal Unemployment $535.50 $420.00 Expense State Unemployment Expense $378.00 Cash $1,333.50 Debit Credit FICA Payable Federal Unemployment $535.50 $420.00 Expense State Unemployment Payable FICA Expenses Federal Unemployment Expense State Unemployment Expense $378.00 $535.50 $420.00 $378.00 MacBook Air
River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $193,000. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date October 13 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax December 29
Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $462,500. The workers' compensation insurance premium rate is 0.2%.
ces The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 $ $ $ $ Pay Union Dues per Period 1,820 3,740 $ 3,465 $ 3,090 120 240 Garnishment per Period $ $ $ 50 75 100 Net Pay
Farm has 28 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay 85,950.00 EI Premium Income Taxes 1,426.77 11,855.00 View transaction list Journal entry worksheet < 1 Required: Prepare a journal entry to record payment by the employer to the Receiver General for Canada on April 15. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) Note: Enter debits before credits. Date April 15 CPP 4,067.95 Record the remittance to the Receiver General for Canada. Medical Ins. 1,650.00 General Journal United Way 1,819.00 Debit Credit
On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 employees had earned $27.070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries were to include $602.58 of EL $1,666.91 of CPP, S7470 of income taxes, $1,230 of hospital insurance, and $720 of union dues. Required: 1. Prepare the General Journal entry to record the January 13 payroll. (Do not round intermediate calculations. Round your answers to 2 decimal places) View transaction list Journal entry worksheet Record payroll deductions for the pay period ending Jan 13. Notel Enter debts before oredits. Date General Journal Debit Credit Jan 13 View general journal Clear entry Record entry Nevt On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 earned $27,070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries…
Accounting Assume that the payroll record of Riverbed Oil Company provided the following information for the weekly payroll ended November 30,2020. Employee Hours Worked Hourly Pay Rate Federal Income Tax Union Dues Year- to-Date Earnings Through Previous Week T. king 44 58 442 9 133,900 T. Binion 46 23 97 5 23,200 N.Cole 40 28 148 5,700 C. Hennesey 42 33 230 7 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first 132,900 of each employee's annual ear earnings and 1.45% on any earnings over 132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first 7,000 of each employee's annual earnings. Prepare the payroll register for the pay period.(Round answers to 2 decimal places, e.g. 15.25)
1
Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". If required, round your calculations and final answers to the nearest cent. EmployeeNo. Employee Name Marital Status No. of WithholdingAllowances Gross Wageor Salary Amountto BeWithheld 1 Amoroso, A. M 4 $1,610 weekly $fill in the blank 1 2 Finley, R. S 0 825 biweekly fill in the blank 2 3 Gluck, E. S 5 9,630 quarterly fill in the blank 3 4 Quinn, S. M 8 925 semimonthly fill in the blank 4 5 Treave, Y. M 3 2,875 monthly
D
Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Regular earnings $ 5,715.00 Overtime earnings 790.00 Deductions: Federal income tax 625.00 Social Security tax 403.31 Medicare tax 94.32 Pension plan 80.00 Health insurance premiums 270.00 United Way contributions 100.00 Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Apr. 15 Wages and salaries expense 1 2 Employee federal income tax payable 625 2 3 Social Security tax payable 403.31 3 4 Medicare tax payable 94.32 4 5…