Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Assume that the Social Security tax is 6.2 percent and Medicare tax is 1.45 percent. All earnings are subject to Social Security and Medicare taxes. Brown Ringness Total Regular earnings $ 3,512.00 $ 2,608.00 $ 6,120.00 Overtime earnings 140.00 110.00 250.00 Total earnings $ 3,652.00 $ 2,718.00 $ 6,370.00 Federal income tax withheld $ 320.00 $ 178.00 $ 498.00 State income tax withheld 32.00 35.60 67.60 Social Security tax withheld 226.42 168.52 394.94 Medicare tax withheld 52.95 39.41 92.36 Charity withheld 32.00 95.00 127.00 Total deductions $ 663.37 $ 516.53 $ 1,179.90 Net pay $ 2,988.63 $ 2,201.47 $ 5,190.10 Assume that the employees are paid from the company's regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payroll in general journal form, dated September 30. If required, round amounts to the nearest cent. If an amount does not require an entry leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Sept. 30 Issued checks 981 and 982 for the month of September.
Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Assume that the Social Security tax is 6.2 percent and Medicare tax is 1.45 percent. All earnings are subject to Social Security and Medicare taxes. Brown Ringness Total Regular earnings $ 3,512.00 $ 2,608.00 $ 6,120.00 Overtime earnings 140.00 110.00 250.00 Total earnings $ 3,652.00 $ 2,718.00 $ 6,370.00 Federal income tax withheld $ 320.00 $ 178.00 $ 498.00 State income tax withheld 32.00 35.60 67.60 Social Security tax withheld 226.42 168.52 394.94 Medicare tax withheld 52.95 39.41 92.36 Charity withheld 32.00 95.00 127.00 Total deductions $ 663.37 $ 516.53 $ 1,179.90 Net pay $ 2,988.63 $ 2,201.47 $ 5,190.10 Assume that the employees are paid from the company's regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payroll in general journal form, dated September 30. If required, round amounts to the nearest cent. If an amount does not require an entry leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Sept. 30 Issued checks 981 and 982 for the month of September.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 7E
Related questions
Question
Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Assume that the Social Security tax is 6.2 percent and Medicare tax is 1.45 percent. All earnings are subject to Social Security and Medicare taxes.
Brown | Ringness | Total | |
Regular earnings | $ 3,512.00 | $ 2,608.00 | $ 6,120.00 |
Overtime earnings | 140.00 | 110.00 | 250.00 |
Total earnings | $ 3,652.00 | $ 2,718.00 | $ 6,370.00 |
Federal income tax withheld | $ 320.00 | $ 178.00 | $ 498.00 |
State income tax withheld | 32.00 | 35.60 | 67.60 |
Social Security tax withheld | 226.42 | 168.52 | 394.94 |
Medicare tax withheld | 52.95 | 39.41 | 92.36 |
Charity withheld | 32.00 | 95.00 | 127.00 |
Total deductions | $ 663.37 | $ 516.53 | $ 1,179.90 |
Net pay | $ 2,988.63 | $ 2,201.47 | $ 5,190.10 |
Assume that the employees are paid from the company's regular bank account (check numbers 981 and 982).
Prepare the entry to record and pay the payroll in general journal form, dated September 30. If required, round amounts to the nearest cent. If an amount does not require an entry leave it blank.
GENERAL JOURNAL | PAGE | |||
---|---|---|---|---|
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT |
20-- | ||||
Sept. 30 | ||||
Issued checks 981 and 982 for the month of September. |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning