MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
11th Edition
ISBN: 9780133877571
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 11, Problem S11.6SE
Computing and journalizing an employee’s total pay
Jenna Lindsay works at College of Boston and is paid $40 per hour for a 40-hour workweek and time-and-a-half for hours above 40.
Requirements
- Compute Lindsay’s gross pay for working 54 hours during the first week of February.
- Lindsay is single, and her income tax withholding is 10% of total pay. Lindsay’s only payroll deductions are payroll taxes. Compute Lindsay’s net (take-home) pay for the week. Assume Lindsay’s earnings to date are less than the OASDI limit.
- Journalize the accrual of salaries and wages expense and the payments related to the employment of Jenna Lindsay.
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compute the employer's payroll tax expenses for her earnings. For the FUTA and SUTA taxes, see the info directly under the heading SHORT EXERCISES. Assume you have not reached the earnings limits for FUTA or SUTA.
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Journalizing Payroll Transactions
On December 31, the payroll register of Hamstreet Associates indicated the following
information:
Wages and Salaries Expense
$8,700.00
Employee Federal Income Tax Payable
940.00
United Way Contributions Payable
220.00
Earnings subject to Social Security tax
7,600.00
Use Social Security 6.2% and Medicare 1.45% as specified in the text.
1. Determine the amount of Social Security and Medicare taxes to be withheld.
If required, round your answers to the nearest cent.
Social Security Tax
Medicare Tax
2. Record the journal entry for the payroll, crediting Cash for the net pay.
Page:
DOC. POST.
NO. REF.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
20--
Dec. 31
2
3
4.
5
5
6
6.
Payroll for week ended December 31
Computing Net Pay
Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in
excess of 40 per week. Guild's pay rate is $14.00 per hour. Her wages are subject to deductions for federal income
tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a 12-
hour lunch break during an 82-hour day. Her time card is shown.
Name
Week Ending
Mary Sue Guild
March 30, 20--
Hours Worked
Day
In
Out
In
Out Regular Overtime
M
7:57
12:05 12:35 4:33
8
T
7:52
12:09 12:39 5:05
8
WTFS
7:59
12:15 12:45 5:30
8
8:00
12:01 12:30 6:31
8
212
7:56
12:05 12:34 4:30
8
8:00
10:31
2½
Complete the following for the week:
a.
regular hours x $14.00 per hour
overtime hours x $21.00 per hour
b.
C.
Total gross wages
d.
Federal income tax withholding
(Tax Tables: Refer to Figure 8-4 in the text.).
e.
Social Security withholding at 6.2%
f.
Medicare withholding at 1.45%
g.
Total withholding
h.
Net pay
00000 000
Chapter 11 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
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