Aa 130. The bookkeeper of Wabi Co. gathered the following data from individual employee earnings records and daily time cards.Your task is to complete a payroll register on October 13.(Round deductions to the nearest cent as needed. If an input field is not used in the table leave the field empty; do notenter a zero. Abbreviations used: YTD = Year to date, FIT = Federal Income Tax, SIT = State Income Tax.)EmployeeCruz,PrestonPitt, DemiCage, Ray1.2.3.4.5.MaritalStatusMarried,filingjointlySingleMarried,filingjointlyPitt, D.Cage, R.SingleGray, J.TotalCumulative Monday Tuesday Wednesday Thursday Friday HourlyEarningsRate ofPayBefore ThisPayroll$21,00014,500141,60021,000DailyTime3Employee Name Marital StatusCruz, P.Married and filingjointlySingle6Gray, JackAssume the following:FICA Social Security is 6.2% on $142,800; FICA Medicare is 1.45% on all earnings.7Overtime is paid at a rate of 1.5 over 40 hours.PriorEarnings(YTD)21,000.0087810Each employee contributes $29 weekly for charitable contributions.821,000.00198,100.00 2,400.00760.00Cruz and Cage work in the office; the other employees work in sales.6Ć4Earnings14,500.00312.00Married and filing 141,600.00 880.00 297.00jointlySingle1010Regular Overtime Gross448.00114.00411.00Federal income tax has been calculated from a weekly table for you. There are no state income taxes.64448.001211CurrentEarnings(YTD)21,448.00312.00 14,812.001,177.00 142,777.006874.00 21,874.00200,911.004107$1612FUTA/SUTA2219Taxable EarningsSocialSecurityFederalIncomeTax (FIT)$(3.50)7.1069.4057.42

Payroll Register Handle each paycheck period efficiently by using a payroll register. You may make…

The bookkeeper of Wabi Co. gathered the following data from individual employee earnings records and daily time cards. Your task is to complete a payroll register on October 13. (Round deductions to the nearest cent as needed. If an input field is not used in the table leave the field empty; do not enter a zero. Abbreviations used: YTD=Year to date, FIT = Federal Income Tax, SIT = State Income Tax.) Daily

The bookkeeper of Wabi Co. gathered the following data from individual employee earnings records and daily time cards. Your task is to complete a payroll register on October 13. (Round deductions to the nearest cent as needed. If an input field is not used in the table leave the field empty; do not enter a zero. Abbreviations used: YTD=Year to date, FIT = Federal Income Tax, SIT = State Income Tax.) Daily

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 3PA

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Click the Chart sheet tab. On the screen is a chart of the four payroll taxes that a company might incur in total during the year. The four taxes are federal unemployment, state unemployment, Social Security, and Medicare. By the behaviors shown on the chart, identify below which of the four taxes each represents. Series 1 _____ Series 2 _____ Series 3 _____ Series 4 _____ When the assignment is complete, close the file without saving it again. TICKLERS (optional) Worksheet. A new employee was hired during November and was mistakenly omitted from the payroll register. The employees last name is Zuckerman, and his gross pay for November is 1,300. Add the new employee to the PR5 worksheet and include all standard withholding rates in computing net pay. Federal income tax withheld is 101. He is a union member. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as PRT. Chart. Using the PR4 file, prepare a 3-D pie chart to show the percentage of an employees gross pay that is withheld for taxes, Social Security, and so on, and how much is left over as net pay. Use Smith as your example. Complete the Chart Tickler Data Table and use it as a basis for preparing the chart. Enter your name somewhere on the chart. Save the file again as PR4. Print the chart.
Adams, Inc., pays its employees weekly wages in cash. A supplementary payroll sheet that lists the employees names and their earnings for a certain week is shown below. Complete the payroll sheet by calculating the total amount of payroll and indicating the least possible number of denominations that can be used in paying each employee. However, no employees are to be given bills in denominations greater than 20.
You have been asked to record the November payroll information using a payroll register and a general journal. Review the printout of the worksheet PR, a computerized payroll register, that follows these requirements. The columns will automatically retotal as new entries are made. Entries in column B indicate whether or not employees are union members. Assume Joness cumulative gross pay at October 31 could be 85,000, or 105,000, or 125,000.
The following form is used by Matsuto Manufacturing Co. to compute payroll taxes incurred during April: Required: 1. Using the above form, calculate the employers payroll taxes for April. Assume that none of the employees has achieved the maximums for FICA and unemployment taxes. 2. Assuming that the employer payroll taxes on factory wages are treated as factory overhead, the taxes covering administrative salaries are an administrative expense, and the taxes covering sales salaries are a selling expense, prepare a general journal entry to record the employer's liability for the April payroll taxes.
Wallace Corporation summarizes the following information from its weekly payroll records during April. Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for April. Assume an 8% FICA rate for both employees and the employer. Also assume a 5.4% state unemployment tax rate, a 0.6% federal unemployment tax rate, and that all wages are subject to all payroll taxes. Round to the nearest dollar.
An analysis of the payroll for the month of November for CinMar Inc. reveals the information shown: All regular time Andrews, Lomax, and Herzog are production workers, and Dimmick is the plant manager. Hendrick is in charge of the office. Cumulative earnings paid (before deductions) in this calendar year prior to the payroll period ending November 8 were as follows: Andrews, 21,200; Lomax, 6,800; Herzog, 11,500; Dimmick, 116,200; and Hendrick, 32,800. The solution to this problem requires the following forms, using the indicated column headings: 1. Prepare an employee earnings record for each of the five employees. 2. Prepare a payroll record for each of the four weeks. 3. Prepare a labor cost summary for the month. 4. Prepare journal entries to record the following: a. The payroll for each of the four weeks. b. The payment of wages for each of the four payrolls. c. The distribution of the monthly labor costs per the labor cost summary. d. The company's payroll taxes covering the four payroll periods.
Trowbridge Company has just completed the processing of its year-end payroll and distributed all the weekly paychecks. The payroll department is now computing the amount of the annual bonus to be given each worker. What methods may be used by the company in determining the amount of federal income taxes to be withheld from the annual bonus payments?