The following information as to earnings and deductions for the two-week pay period ended March 26, was taken from Stake Technology Inc.'s payroll records. a) Fill in the table below assuming that the income tax rate is 17%, FICA Social Security is calculated at 6.20%, and FICA Medicare at 1.45%. Please make sure your final answer(s) are accurate to 2 decimal places. Employee Bonnie Northrup... Frank Levens Kevin Smith Total 102 119 Gross pay Federal income taxes FICA Social Security FICA Medicare Total deductions Net pay 600 700 850 2,150 144.50 365.50 b) Prepare the journal entry to record the payroll. Enter an appropriate description, and enter the date in the format dd/mmm (i.e., 15/Jan). Date General Journal Account/Explanation Page G1 PR Debit Credit

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
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The following information as to earnings and deductions for the two-week pay period ended March 26, was taken from Stake Technology Inc.'s payroll records.
a) Fill in the table below assuming that the income tax rate is 17%, FICA Social Security is calculated at 6.20%, and FICA Medicare at 1.45%. Please make sure your final answer(s)
are accurate to 2 decimal places.
Employee
Bonnie Northrup...
Frank Levens
Kevin Smith
Total
102
119
Gross pay Federal income taxes FICA Social Security FICA Medicare Total deductions Net pay
600
700
850
2,150
144.50
365.50
b) Prepare the journal entry to record the payroll. Enter an appropriate description, and enter the date in the format dd/mmm (i.e., 15/Jan).
Date
General Journal
Account/Explanation
Page G1
PR Debit Credit
Transcribed Image Text:The following information as to earnings and deductions for the two-week pay period ended March 26, was taken from Stake Technology Inc.'s payroll records. a) Fill in the table below assuming that the income tax rate is 17%, FICA Social Security is calculated at 6.20%, and FICA Medicare at 1.45%. Please make sure your final answer(s) are accurate to 2 decimal places. Employee Bonnie Northrup... Frank Levens Kevin Smith Total 102 119 Gross pay Federal income taxes FICA Social Security FICA Medicare Total deductions Net pay 600 700 850 2,150 144.50 365.50 b) Prepare the journal entry to record the payroll. Enter an appropriate description, and enter the date in the format dd/mmm (i.e., 15/Jan). Date General Journal Account/Explanation Page G1 PR Debit Credit
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