Question

Stream Company had the following partially completed payroll register: E(Click the icon to view the partial payroll register.) i (Click the icon to view payroll tax rate information.) Read the requirements Requirement 1. Complete the payroll register. Round to two decimals. (Round all amounts to the nearest cent. Abbreviations used: Beg. = Beginning; Cum. = Cumulative; Earn. Earnings; Exp. Expense; Med. Medicare; Ins. Insurance; With. = Withhold ings; Chk = Check.) Earnings Withholdings Salaries Current Beg. Ending and Cum Cum Wages Period Income Health United Total Net Chk Med With Таx Earn. Earn. Earn. OASDI Ins. Way Pay No. Exp. 79,000 $ 4,400 $ 88 $ 880 $ 45 801 111,600 10 7,900 1,975 158 802 56,000 2,700 540 54 0 803 61,500 4,100 1,025 82 30 804 1,000 250 0 0 20 805 308,100 20,100 4,670 $ 402 $ 85 Enter any number in the edit fields and then click Check Answer. parts remaining Clear All Check Answer

Answer 1

P Q R S T 1 F G H I K L M N O Ans: Beginning Current Ending D-A or B Health Medica Income 1) Cumulative period cumulativel Whichev OADSI For OADSI re tax earnings Earnings Earnings er lower insuran/United Check no. TotalWitNet pay hholdings Salaries and wages expense way | $79,000 $44.000 $111,600 $79,000 $56.000 $2.700l $61,500 $4,100 SO $1,000 $308,100 $130,800 $123,000 $190,600 $58.7001 $65,600 $1,000 $438,900 $118.500 $44.000 $2,728 $638 $880 $118,5001 $6,900 $428] $1,146 $1,975 $118.500l $2.700 $1671 $391 $540 $118,500 $4,100 $254 $59 $1,025 $118,500 $1,000 $62 $15 $250 $3,639 $1,897 $4,670 $88 $158) $541 $82 $20 $402 $45 $100 SO $30 SO $85 $4,379 $39,621 $801 $3,716 $75,284| $802 $8011 $1,899 $8031 $1,4511 $2,649 $804 $347 $654 $805 $10,693 $120,107 S4,015 $44.000 $79.000|| $2,700 $4,100 $1,000 $130.800

Credit Debit $130,800.00 AB 10 11 2) Date Accounts title and explantion Salaries and wages expense OADSI payable Medicare payable Income tax payable Health insurance payable United way payable Salaries and wages payable (TO RECORD SALARIES AND WAGES EXPENSE AND PAYROLL WITHHOLDINGS) $3,639.40 $1.896.60 $4.670.00 $402.00 $85.000 $120.107.00 Payroll tax expense $5.896.00 OADSI payable Medicare payable FUTA payable SUTA payable (TO RECORD EMPLOYER'S PAYROLL TAX EXPENSE) $3,639.40 $1.896.60 $36.00 (0.6%*6,000(FIRST 7,000 ONLY) $324.00 (5.4%*6,000(FIRST 7,000 ONLY) Salaries and wages payable $120.107.00 $120.107.00 Cash (To record payment to employees) OADSI payable Medicare payable Income tax payable Health insurance payable United way payable FUTA payable SUTA payable Cash (To record withholdings and employer payroll taxes paid) $7.278.80 $3.793.20 $4.670.00 $402.00 $85.00 $36.00 $324.00 $16,229.00

F N 1 Ans: Max Current period Beginning Cumulative earnings Ending cumulative Earnings D-A or B limit Whichev For er lower OADSI OADSI Income tax Medicare Health insurance United way TotalWithholdings Earnings Net pay Check no. Salaries and wages expense 880 HS 79000 111600 56000 61500 44000 =SUM(G4:H4) 79000 =SUM( G5:H5) 2700 =SUM(G6:H6) 4100 =SUM(G7:H7) 1000 =SUM(G8:H8) =SUM(H4:H8) =SUM(14:18) 118500 =14-G4 118500 =55-G5 118500 =16-G6 118500 =17-G7 118500 =18-G8 =K4*6.2% =H4*1.45% =K5*6.2% =H5*1.45% 1975 =K6*6.2% =H6*1.45% 540 =K7*6.2% =H7*1.45% 1025 =K8*6.2% =H8*1.45% 250 =SUM(L4:18) =SUM(M4:M8) =SUM(N4:N) =SUM(04:08) =SUM(L4:P4) =SUM(L 5-P5) =SUM(L6:P6) =SUM(L 7:P7) =SUM(L 8:P8) =SUM(P4:P8) =SUM(Q4:08) =H4-04 801 =H4 =H5-Q 802 =H6-26 803 =H6 =H7-27 =H7 =H8-Q8 805 =H8 I=SUM(R4:R8) =SUM(S4:58) =SUM(T4:T8) 804 =SUM(G4:G8)

A B Credit Debit =H9 =L9 T=M9 2) Date Accounts title and explantion Salaries and wages expense OADSI payable Medicare payable Income tax payable Health insurance payable United way payable Salaries and wages payable (TO RECORD SALARIES AND WAGES EXPENSE AND PAYROLL WITHHOLDINGS) =N9 =09 =P9 =D12-(SUM(E13:E17)) Payroll tax expense =SUM(E22:25) OADSI payable Medicare payable FUTA payable SUTA payable (TO RECORD EMPLOYER'S PAYROLL TAX EXPENSE) =L9 =M9 =6000*0.6% =6000*5.4% 0.6%*6,000(FIRST 7,000 ONLY) (5.4%*6,000(FIRST 7,000 ONLY) T=E18 Salaries and wages payable Cash (To record payment to employees) =D28 OADSI payable =E13*2 Medicare payable =E14*2 Income tax payable =E15 Health insurance payable =E16 United way payable =E17 FUTA payable SUTA payable Cash (To record withholdings and employer payroll taxes paid) =E24 =E25 =SUMD32:D36)