Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 10P
Using the chart of accounts in Figure 2-1, determine the changes to the
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As you learned in the previous chapter, Olney Company is a small manufacturing firm located in Newtown, 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.
Compute the employer FICA liability.
Payroll Register
Complete the steps below:
Compute the OASDI for each employee.
Compute the HI for each employee.
Compute the totals for each tax.
Note: Round your final answers to the cent.
OLNEY COMPANY, INC.Employee Payroll Register For Period Ending January 8, 20--
EARNINGS
DEDUCTIONS
NET PAY
Name
Gross
OASDI
HI
FIT
SIT
SUTA
CIT
SIMPLE
Grp. Ins.
Health Ins.
Ck. No.
Amount
Mangino, R.
$740.00
$fill…
Describe the types of application control used for the following data in a payroll system.a. Employee nameb. Employee numberc. Social Security numberd. Rate per hour or salarye. Marital statusf. Number of dependentsg. Cost centerh. Regular hours workedi. Overtime hours workedj. Total employees this payroll period
INPUT VALIDATIONDescribe the types of input edits used for the following data in a payrollsystem.
a. Employee nameb. Employee numberc. Social security number
d. Rate per hour or salarye. Marital statusf. Number of dependents
g. Cost centerh. Regular hours workedi. Overtime hours worked
Chapter 3 Solutions
Construction Accounting And Financial Management (4th Edition)
Ch. 3 - How do the relationships between the balance...Ch. 3 - Which of the transactions from this chapter result...Ch. 3 - Prob. 3DQCh. 3 - Which of the transactions from this chapter result...Ch. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - The following invoices are being entered into the...Ch. 3 - Prob. 9PCh. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...
Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...
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- The payroll journal for Northport Enterprises, Inc., is shown. Social Security and Medicare are recorded at 4.80% and 1.45% respectively. Brown and Pung are administrative personnel, while the other employees are sales personnel. Using the information provided in the following journal calculate: REQUIRED: 1. Social Security, Medicare, Net Pay for each employee, and column totals. 2. Journal Entry to record the payroll for the company Name Pay Period Ending Gross Wages Federal Income Tax State Income Tax Social Security Medicare Health Insurance Net Pay Check # Brown, J. 02/13/X1 $800.00 $224.00 $38.40 ??? ??? $18.00 ???? 4265 Smith, T. 02/13/X1 750.00 210.00 36.00 ??? ??? 0.00 ??? 4266 Woods, L. 02/13/X1 725.00 203.00 34.80 ??? ??? 18.00 ??? 4267 Pung, A. 02/13/X1 825.00 231.00 39.60 ??? ??? 20.00 ??? 4268 Jones, B. 02/13/X1 600.00 168.00 28.80 ??? ??? 9.00 ??? 4269 Total ??? ??? ??? ??? ??? ??? ??? Attach Filearrow_forwardTo 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.arrow_forward· Prepare and use a payroll register including Social Security and Medicare withholdings. Use =IF and =ROUND to design the Social Security tax and union dues formulas. Record journal entries for payroll, employer's tax liability, and payment of payroll taxes. Identify behavior patterns among payroll taxes over time. Alter the worksheet to include an additional employee. Create a chart showing the percentage of an employee's gross pay that is withheld for taxes and other such deductions, and how much is left over as net pay. PROBLEM DATA Reno Graphics has five employees, and they are paid at the end of each month. Payroll data for November are as follows: Employee Jones Miller Smith Williams Zlotorzynski Gross Pay for November $9,000 1,530 1,210 12,000 4,200 Federal Income Tax Withheld $1,948 137 89 Cumulative Gross Pay at October 31 $? 15,570 6,550 2,788 661 Other information (using 2011 rates) is as follows: a. Social security taxes are 4.2% of monthly gross pay up to a cumulative…arrow_forward
- All details related to an employee's earnings, deductions, and net pay throughout the year would be found in: Multiple Choice the Wages Expense account in the general ledger. the payroll register. the general journal. О the individual earnings record.arrow_forwardPrepare general journal entries to record these transactions. You do have to enter descriptions for the entries for this problem.arrow_forwardswer is partially June transactions: (1) purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials, labor, and overhead and (3) completion of jobs and sale of goods. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Creditarrow_forward
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