Question

Summary Payrol Data In the following summary of data for a payroil period, some amounts have been intentionally omitted: Earrings: 1. At reqular rate 2. At overtime rate 3. Total earnings 50,000 Deductiors 4. Social security tax 5, Medicare tax 6, Income tax withheld 7, Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid 32,400 B,100 135,000 18,900 201,150 338,850 Accounts debited. 285,000 11. Factory Wages 12. Sales Saleners 13. Office Salaries 120,000 .0% and the Medicare tax rate was 1. a. Calculate the amounts omitted in lines (1). (33, (0), and (12). Assume that the social security tax rate was 6 Checdk My Work

Answer 1

Union dues
201150-32400-8100-135000-18900	6750
Total earnings=Total deduction+Net amount due
201150+338850	540000
Factory wages+sales salaries+Office salaries=540000
sales salaries=540000-285000-120000	135000
At regular rate +overtime rate=$540000
Regular rate=540000-80000	460000
Ans a
1)	460000
3)	540000
8)	6750
12)	135000
Ans b
	Dr	Cr
Factory wages expenses	$285,000
Sales salaries expenses	$135,000
Office salaries expenses	$120,000
Social Security Tax Payable		$32,400
Medicare Tax Payable		$8,100.0
Federal Income Tax Payable		135,000
Medical Insurance payable		18,900
Union dues payable		6,750
Salaries Payable		$338,850
(being payroll recorded for the month)
ans c
Salaries Payable	$338,850
Cash		$338,850