To determine how much to deduct from the gross pay of Jason Parker, an employee of Jensen Ltd., one would look at the O earnings record. O Form TD1. O payroll register. O Form T4.
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![To determine how much to
deduct from the gross pay of
Jason Parker, an employee of
Jensen Ltd., one would look at
the
earnings record.
O Form TD1.
O payroll register.
O Form T4.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0da8f1c9-4343-4f72-a6f1-5d707869b084%2Fa3eb5ea9-27d0-482c-b20b-ff647fcabd01%2Fcbmvl6k_processed.jpeg&w=3840&q=75)
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- Total payroll was $946,000, of which $222,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $806,000. Income taxes in the amount of $173,700 were withheld, as was $19,500 in union dues. The state unemployment tax is 3.5%, but Waterway Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current F.I.C.A. tax is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. No employee for Waterway makes more than $250,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all…The Faber Company had two employees for the week ended June 24. On the basis of the following information, prepare a general journal entry to record the employee benefits expense for that payroll. Employee Brett Pox Casey Flicks Salary 800 1,100 Date June 24 IT 162 195 Accounts Deductions CPP 36 51 Prepare the journal entry below. (Record debits first, then credits. Explanations are not required. Round your answers to the nearest cent.) ΕΙ 14 20 PR Net Pay 588 834 Debit CreditI am really struggling with this accounting homework. The possible accounts you can use for both entries: Accounts Receivable, Canada Pension Plan Expense, Canada Pension Plan Payable, Cash, Employee Benefits Expense, Employee Income Tax Payable, Employment Insurance Expense, Employment Insurance Payable, Salaries Expense. The possible explanations you can use for both entries: To record emplyer portion of CPP and EI withholdings payable, To record payroll costs, To record salaries and employee withholdings payable Thank you for the help. I appreciate it!
- As you learned in the previous chapter, Kipley Company is a small manufacturing firm located in Pittsburgh, Pennsylvania. The company has a workforce of both hourly and salaried employees. In the last chapter, gross wages were computed for each employee. Adjacent to their name, each employee's gross wages are shown in the Payroll Register. The next task is computing the FICA withholding for each employee and the employer's liability. Requirements: Compute the OASDI for each employee. Compute the HI for each employee. On the Employer Register, compute the employer FICA liability.The W-4 form lists all of all of the following EXCEPT one: a.Lists the employee's Social Security Number b.Lists the total wages to be earned c.Shows the filing status d.Lists the number of allowances claimedCalculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie $6,600 $1,190 Keesling, Emily 6,150 1,070 Palmer, Stefan 55,200 2,410 Soltis, Robin…
- The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the payroll. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.| BEI-4 Swenson Company has the following payroll procedures. (a) Supervisor approves overtime work. (b) The human resources department prepares hiring authorization forms for new hires. (c) A second payroll department employee verifies payroll calculations. (d) The treasurer's department pays employees. Identify the payroll function to which each procedure pertains.Wildhorse's gross earnings for the week were $1,800, his federal income tax with-holding was $332, and his FICA total was $138. a.) What was Wildhorse’s net pay for the week? b.) Journalize the entry for the recording of his pay in the general journal. (Note: Use Salaries and Wages Payable: not Cash.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount c.) Record the issuing of the check for Wildhorse’s pay in the general journal. Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
- АCTIVITY 1.Some companies use the overtime premium method to determine gross earnings. Use this method to complete the following payroll ledger. Overtime is paid at the time-and-a-half rate for all hours over 40? O.T. Hours Worked Gross Earnings Total Reg. 0.T. Premium S Hours Rate Hours Rate Employee S M W TH F 0.T. Total 16. Averell, B. 10 9 8 5 12 7 51 $11.40 11 $5.70 $581.40 $62.70 $644.10 - 17. Brownlee, K. 7.75 10 5 9.75 8 10 $9.50 18. Carter, M. 12 11 8 8.25 11 $8.60 - |- 19. Parks, K. 8.5 5.5 10 12 10.5 7 $12.50 - 20. Parr, J. 10 9.75 9 11.5 10 $10.20Payroll expense will usually Multiple Choice a)be more than the cash amount paid to an employee b)be less than the cash amount paid to an employee c) be the same as the cash amount paid to an employee1. Journalize the entry to record the payroll.2. Journalize the entry to record the employer's payroll taxes.3. Journalize the entry to deposit the FICA and FIT taxes
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