Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time cards and employees’ individual earnings records for the pay period ended October 14 is shown in the following chart: Earnings at End Daily Time Income Tax Name of Previous Week M T W T F S Pay Rate Allowances or Amount Bardin, J. 43,627.00 8 8 8 8 8 2 21.30 2 Caris, A. 44,340.00 8 8 8 8 8 8 21.60 1 Drew, W. 43,845.00 8 10 10 8 8 0 21.50 1 Garen, S. 117,600.00 8 8 8 8 8 0 49.00 $227.83 North, O. 43,875.00 8 8 8 8 8 5 21.40 3 Ovid, N. 40,150.00 8 8 8 8 8 0 21.50 1 Ross, J. 6,430.00 8 8 8 8 8 4 20.50 1 Springer, O. 44,175.00 8 8 8 8 8 3 21.25 2 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. *Round to the nearest penny. Required: 1. Complete the payroll register using the wage-bracket income tax withholding table in Figure 3. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Assume that all employees are married. In the payroll register, begin payroll checks with No. 3945. 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. 3. Assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 3PA

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Question

Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time cards and employees’ individual earnings records for the pay period ended October 14 is shown in the following chart:

	Earnings at End	Daily Time		Income Tax
Name	of Previous Week	M	T	W	T	F	S	Pay Rate	Allowances or Amount
Bardin, J.	43,627.00	8	8	8	8	8	2	21.30	2
Caris, A.	44,340.00	8	8	8	8	8	8	21.60	1
Drew, W.	43,845.00	8	10	10	8	8	0	21.50	1
Garen, S.	117,600.00	8	8	8	8	8	0	49.00	$227.83
North, O.	43,875.00	8	8	8	8	8	5	21.40	3
Ovid, N.	40,150.00	8	8	8	8	8	0	21.50	1
Ross, J.	6,430.00	8	8	8	8	8	4	20.50	1
Springer, O.	44,175.00	8	8	8	8	8	3	21.25	2

Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. *Round to the nearest penny.

Required:

1.	Complete the payroll register using the wage-bracket income tax withholding table in Figure 3. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Assume that all employees are married. In the payroll register, begin payroll checks with No. 3945.
2.	Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account.
3.	Assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages.

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