COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS
16th Edition
ISBN: 9781264624256
Author: Haddock
Publisher: MCG
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Question
Chapter 10, Problem 1E
To determine
Calculate the amount of gross earnings for each employee.
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calculating gross earnings
THe lw pay its employees on a hourly wage. Fing gross earings for each employee.
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Calculate the total cost of the employee's wages during the week described above.
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…
Chapter 10 Solutions
COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS
Ch. 10 - Prob. 1.1SRQCh. 10 - Prob. 1.2SRQCh. 10 - Prob. 1.3SRQCh. 10 - Prob. 1.4SRECh. 10 - Prob. 1.5SRECh. 10 - Prob. 1.6SRACh. 10 - Prob. 2.1SRQCh. 10 - Prob. 2.2SRQCh. 10 - Prob. 2.3SRQCh. 10 - Prob. 2.4SRE
Ch. 10 - Stacy Carter worked 48 hours during the week...Ch. 10 - Prob. 2.6SRACh. 10 - Prob. 3.1SRQCh. 10 - What accounts are debited and credited when...Ch. 10 - Prob. 3.3SRQCh. 10 - Prob. 3.4SRECh. 10 - Prob. 3.5SRECh. 10 - This general journal entry was made to record the...Ch. 10 - Prob. 1CSRCh. 10 - Prob. 2CSRCh. 10 - Prob. 3CSRCh. 10 - Prob. 4CSRCh. 10 - Prob. 5CSRCh. 10 - Prob. 1DQCh. 10 - Prob. 2DQCh. 10 - Prob. 3DQCh. 10 - Prob. 4DQCh. 10 - Prob. 5DQCh. 10 - Prob. 6DQCh. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - Prob. 9DQCh. 10 - Prob. 10DQCh. 10 - How does the direct deposit method of paying...Ch. 10 - What are the four bases for determining employee...Ch. 10 - Prob. 13DQCh. 10 - Prob. 14DQCh. 10 - Prob. 15DQCh. 10 - Prob. 1ECh. 10 - Prob. 2ECh. 10 - The monthly salaries for December and the...Ch. 10 - Prob. 4ECh. 10 - Prob. 5ECh. 10 - Prob. 6ECh. 10 - On July 31, 2019, the payroll register for White...Ch. 10 - Prob. 1PACh. 10 - Prob. 2PACh. 10 - Prob. 3PACh. 10 - Prob. 4PACh. 10 - Prob. 1PBCh. 10 - Prob. 2PBCh. 10 - Prob. 3PBCh. 10 - Prob. 4PBCh. 10 - Prob. 1CTPCh. 10 - Prob. 2CTPCh. 10 - Prob. 1MFCh. 10 - The new controller for CAR Company, a...Ch. 10 - Prob. 3MFCh. 10 - Prob. 4MFCh. 10 - Prob. 1ED
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Similar questions
- As you learned in the previous chapter, Kipley Company is a small manufacturing firm located in Pittsburgh, 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. On the Employer Register, compute the employer FICA liability.arrow_forwardAll 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_forwardGross earnings is______________________. An amount of money paid to an employee at a specified rate per hour worked A fixed amount of money paid to an employee for each pay period The total amount of money an employee earns in a pay period; also called gross pay A record of the time an employee arrives at work, leaves work, and the total number of hours worked each dayarrow_forward
- The total wages and salaries earned by all employees of James Industries during the month of February, as shown in the labor cost summary and the schedule of fixed administrative and sales salaries, are classified as follows: a. Prepare a journal entry to distribute the wages earned during February. b. What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that three administrative employees with combined earnings this period of 4,500 have exceeded 8,000 in earnings prior to the period?arrow_forwardThe total wages and salaries earned by all employees of Langen Electronics, Ltd. during March, as shown in the labor cost summary and the schedule of fixed administrative and sales salaries, are classified as follows: a. Prepare a journal entry to distribute the wages earned during March. b. What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that two administrative employees with combined earnings this period of 3,000 have exceeded 8,000 in earnings prior to the period?arrow_forwardThe wages and hours information for five employees of Somja Enterprises for the week ended April 7 is given below. Employees work a standard 40-hour workweek and are paid time and one-half for all hours over 40 in each workweek. If required, round your answers to two decimal places and use the rounded answers in subsequent computations. Round your final answers to the nearest cent. a. For each employee, compute the regular earnings, overtime rate, overtime earnings, and total gross earnings. b. Compute the total gross earnings for all employees. Employee Hours Worked Regular Hourly Wage Rate Regular Earnings Overtime Rate Overtime Earnings Total Gross EarningsWilson, H. 43 $11.90 $ $ $ $Aha, C. 42 14.20 Shoup, K. 47 13.90 Carlyn, D. 41½ 10.70 McMurray, J. 45 17.10arrow_forward
- Calculate the wages received by the worker in the second week?arrow_forwardCreate a time card for Bill Brown, employee number 145, for the pay period ending on August 31 (use the current year). Fill in the employee and pay period information. Calculate the regular and overtime hours worked for each day. Some are done for you. Calculate the total regular and overtime hours. Calculate the earnings for this pay period. Overtime is paid at one and a half times his regular rate. The image showing steps is an example.arrow_forwardAn employee with an annual salary of $77278 is paid every month. What is the gross pay per pay period? Report your answer to two decimal places AND with correct units. Answer:arrow_forward
- 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 periodarrow_forwardCompleting the Payroll Register The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period. Complete the following steps (if a field should be blank, leave it blank): Record the amount to be withheld for group insurance. Record the amount to be withheld for health insurance. Each worker is to be paid by check. Assign check numbers provided to the correct employee. Compute the net pay for each employee. Total the input columns. KIPLEY COMPANY, INC.Payroll RegisterFor 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 Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $0.42 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 0.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 0.41 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 0.53 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00…arrow_forwardFind the number of regular hours and the overtime hours (hours over 40) for the employee. Then calculate the overtime rate (time and a half) for the employee. Name M Th F S Reg. Hrs. O.T. Hrs. Reg. Rate O.T. Rate Damon, T. 8.75 7 8.25 $20.18 ..... What is the number of regular hours worked by Mr. Damon? he hours (Type an integer or decimal rounded to two decimal places as needed.) How many overtime hours did Mr. Damon work? hours (Type an integer or decimal rounded to two decimal places as needed.) What was the overtime rate for Mr. Damon? $ (Round to the nearest cent.)arrow_forward
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