College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 8, Problem 5SEA
To determine

Complete and fill the banks with payroll calculations for the week.

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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
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 $13.00 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 ½-hour lunch break during an 8½-hour day. Her time card is shown. Name Mary Sue Guild           Week Ending 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 ½ W 7:59 12:15 12:45 5:30 8 1 T 8:00 12:01 12:30 6:31 8 2 F 7:56 12:05 12:34 4:30 8   S 8:00 10:31       2½ Complete the following for the week: a.   fill in the blank 1 regular hours × $13.00 per hour $fill in the blank 2 b.   fill in the blank 3 overtime hours × $19.50 per hour $fill in the blank 4 c.   Total gross wages $fill in the blank 5 d.   Federal income tax…
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