The Rollins Company has office employees and shipping employees. A summary of their earnings and deductions for the week er June 14, 20X1, is shown below. Office Shipping Employees $1,280.00 KII Earnings and Deductions Gross earnings Social security tax Medicare tax Employees $1,500.00 77.90 67.36 23.28 20.81 Income tax 165.00 124.00 Health insurance 29.00 29.00 Net pay for week $1,204.82 $1,038.83 Prepare a general journal entry to record the weekly payroll of the firm on June 14, 20X1. (Round your answers to 2 decimal places View transaction list Journal entry worksheet 1

The Rollins Company has office employees and shipping employees. A summary of their earnings and deductions for the week er June 14, 20X1, is shown below. Office Shipping Employees $1,280.00 KII Earnings and Deductions Gross earnings Social security tax Medicare tax Employees $1,500.00 77.90 67.36 23.28 20.81 Income tax 165.00 124.00 Health insurance 29.00 29.00 Net pay for week $1,204.82 $1,038.83 Prepare a general journal entry to record the weekly payroll of the firm on June 14, 20X1. (Round your answers to 2 decimal places View transaction list Journal entry worksheet 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Carla Vista Company has the following data for the weekly payroll ending May 31: Hours Worked Employee M Tu W Th F S HourlyRate CPPDeduction Income TaxWithheld HealthInsurance A. Kassam 12 7 8 7 7 5 $16 $35.48 $93.70 $8 H. Faas 9 9 8 8 8 6 11 24.98 72.15 15 G. Labute 12 9 6 10 10 0 16 36.66 108.65 12 Employees are paid 1.5 times the regular hourly rate for all hours worked over 40 hours per week. Carla Vista Company must make payments to the workers’ compensation plan equal to 2% of the gross payroll. In addition, Carla Vista matches the employees’ health insurance contributions and accrues vacation pay at a rate of 4%. Prepare the payroll register for the weekly payroll. Calculate each employee’s EI deduction at a rate of 1.66% of gross pay Record the payroll and Carla Vista Company’s employee benefits
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Help On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $23,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,410 of medical insurance deductions, and $780 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1.2 Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal…
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XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000. Federal income tax withheld from employee paychecks totaled $1,100. The social security tax rate is 6%, the Medicare tax rate is 1.5%, the state unemployment tax rate is 5.4% and the federal unemployment tax rate is .8%. a) Journalize the payroll entry for the week. DATE Debit Credit X/X b) Journalize the payroll tax entry for the week. DATE Debit Credit X/X
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