TVS Corp. has 9 employees and each employee is paid on average $187 per day and works 7 days a week. The company's year-end is December 31. The employees were last paid on December 23 for the two weeks that ended on December 16. What is the wages and salary payable to record for December 31?
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- An analysis of the payroll for the month of November for CinMar Inc. reveals the information shown: All regular time Andrews, Lomax, and Herzog are production workers, and Dimmick is the plant manager. Hendrick is in charge of the office. Cumulative earnings paid (before deductions) in this calendar year prior to the payroll period ending November 8 were as follows: Andrews, 21,200; Lomax, 6,800; Herzog, 11,500; Dimmick, 116,200; and Hendrick, 32,800. The solution to this problem requires the following forms, using the indicated column headings: 1. Prepare an employee earnings record for each of the five employees. 2. Prepare a payroll record for each of the four weeks. 3. Prepare a labor cost summary for the month. 4. Prepare journal entries to record the following: a. The payroll for each of the four weeks. b. The payment of wages for each of the four payrolls. c. The distribution of the monthly labor costs per the labor cost summary. d. The company's payroll taxes covering the four payroll periods.Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a half for working more than 40 hours in any one week. The payroll data for the week ended December 10 is as follows: Name # ofAllowances MaritalStatus TotalHours Rate CumulativeEarnings B. Russo 0 S 44 $ 8.00 $ 8,300 P. Higgins 1 M 46 28.00 52,176 S. Minsky 2 M 40 9.00 18,560 A. Mendez 4 M 40 34.00 86,000 Social Security tax is withheld at 6.2% and Medicare tax at 1.45%. Each employee that is single has $40 withheld for health insurance and each that is married has $70 withheld. Higgins has $25 withheld for United Way. Number the checks beginning with 803.Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a half for working more than 40 hours in any one week. The payroll data for the week ended December 10 is as follows: Name # ofAllowances MaritalStatus TotalHours Rate CumulativeEarnings B. Russo 0 S 44 $ 8.00 $ 8,300 P. Higgins 1 M 46 28.00 52,176 S. Minsky 2 S 40 9.00 18,560 A. Mendez 4 M 40 34.00 86,000 Social Security tax is withheld at 6.2% and Medicare tax at 1.45%. Each employee that is single has $40 withheld for health insurance and each that is married has $70 withheld. Higgins has $25 withheld for United Way. Number the checks beginning with 803. (Refer to Figure 8-4a and Figure 8-4b.) Required: 1. Complete the payroll register. Round your answers to the nearest cent. 2. Journalize the payroll entry. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank.
- Dish Pan Company has 4 employees. Information about the third week in November payroll follows:NameHours WorkedPay RateFederal IncomeTax WithheldAnnual EarningsPrior to this checkRichards, B.40$75 per hour$300$138,000Matthews, M.42$80 per hour$320$140,000Ramon, C.44$82 per hour$355$0Wong, S.46$90 per hour$372$151,000Additional information is as follows:The state income tax rate is 4%. Employees' federal income tax withholdings depend on various factors, and the amounts are as indicated in the above table.Overtime is paid at 150% (time and a half) of the normal hourly rate.Assume that gross pay is subject to social security taxes at a 6.5% rate, on an annual base of $142,800. Assume that Medicare/Medicaid taxes are 1.45% of gross earnings. These taxes are matched by the employer. Dish Pan has 100% participation in a $10 per paycheck employee charitable contribution program. These contributions are withheld from weekly pay.Dish Pan's payroll is subject to federal (0.6%) and state…Wind Beneath My Wings Inc. employs one person to run its wind energy company and July is the first pay period for this employee. The employee’s gross income for the month of July is $6,900. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. Payroll for the month of July is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $445, state income tax of $82, health-care insurance premium of $450, and pension plan of $320. The employee is responsible for covering 35% of the health insurance premium and the employer is responsible for 65% of the health insurance premium. The employer matches 75% of employee pension plan contributions.Haggerty Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31: If an amount is zero, enter "0". Round your answers to the nearest cent. Employee Annual Salary OASDI Taxable Wages OASDI Tax HI Taxable Wages HI Tax Stern, Myra $42,150 Lundy, Hal 39,500 Franks, Rob 46,000 Haggerty, Alan 161,280 Ward, Randy 40,800 Hoskin, Al 39,600 Wee, Pam 156,000 Prince, Harry 76,800 Maven, Mary 52,000 Harley, David 68,960 Totals Employer's OASDI Tax Employer's HI Tax
- Mason Painting Services has a weekly payroll of S30,000. December 31 falls on Wednesday and Mason will pay its employees the following Monday (Jaruary 5) for the previous full week. Assume that Mason has a five-day workweek and has an unadjusted balance in Salaries Expense of S800,000. What amount should be debited to Salaries Expense on December 31? o $800,000 S12,000 18,000 O O S30,000FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29-31). Employees work 5 days a week and the company pays P97,200 a day in wages. How much is the accrued wages expense at the end of January?Empty fields company pays its salaried employees monthly on the last day of each month The annual salary payroll for 20-Follows. Compute the following for the payroll of December 31: Employer's OASDI Tax $____________ Employer's HI Tax $_____________
- Journallze employer payroll taxes. No employee has reached the Social Security limit of $128,400 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, es. 15.25. Credit account titles are qutomatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Mar. 15 eTextbook and Media List of Accounts Journalize the payment on March 31 of the FICA taxes and federal income taxes payable only. (Round answers to 2 decimal places, es 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Mar. 31Crane Company has the following data for the weekly payroll ending January 31. Hours Employee M T W T F S Hourly Rate Federal Income Tax Withholding Health Insurance L. Helton 8 8 10 8 10 3 $10 $34 $10 R. Kenseth 8 8 8 8 8 4 14 37 25 D. Tavaras 9 11 8 8 9 0 17 58 25 Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Crane Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings.Prepare the journal entry to record Crane’s payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round…An employee of a Board of Education is paid an annual salary in 22 bi-weekly payments of $1483.41 each. The employee is under contract for 220 workdays of 8 hours each. (a) What is the hourly rate of pay? (b) What is the gross pay for a pay period in which the employee was away for 3 days at no pay? ...... (a) The hourly rate is $. (Round to the nearest cent as needed.) (b) The gross pay is $ (Round to the nearest cent as needed.)
