The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee's weekly salary, which has remained the same all year. Complete the payroll register for the payroll period ending December 21, the 51st weekly payday. The state income tax rate is 2% of total earnings, the city income tax rate is 1.5% of the total gross earnings, and the wage-bracket method is used for federal income taxes. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent.
http://www.opers.ok.gov/Websites/opers/images/pdfs/2017-Fed-Tax-Tables.pdf
The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Emp...
The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee's weekly salary, which has remained the same all year. Complete the payroll register for the payroll period ending December 20, the 51st weekly payday. The state income tax rate is 2% of total earnings, the city income tax rate is 1.5%...
4-5A . LO 3 See Figure 1.9 on page 1-24, Example 4-3 on page 4-17 The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee's weekly salary, which has remained the same all year. Complete the payroll register for the payroll period ending December 20, 20-, the 51st weekly payday. The...
The names of the employees of Cox Security Systems and their regular salaries are shown in the following payroll register. Note that Hall and Short are paid monthly on the last payday, while all others are paid weekly. In addition to the regular salaries, the company pays an annual bonus based on the amount of earnings for the year. For the current year, the bonus amounts to 8% of the annual salary paid to each employee. The bonus is to...
Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: $3,000 per month V. Hoffman (general office worker) A. Drugan (saleswoman) $15,000 per year G. Beiter (stock clerk) per week S. Egan (deliveryman) $177 $300 $155 per week per week B. Lin (cleaning and maintenance, part-time) Grady and Monroe are each paid a weekly salary allowance of $1,350. The doll shop is located in...
Continuing Payroll Problem, 3B: Chapter 3 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...
Your assignment is to calculate OASDI, HI tax, FIT, and SIT creating your own payroll register. Then you must calculate FUTA and SUTA (employer taxes). After completing the register, ABC Company asked you to create the payroll accrual journal entry with wages expense and FICA expense to the employer, so they can record the payroll/tax expense in December. You must create your own journal entry form.Your assignment is to calculate OASDI, HI tax, FIT, and SIT creating your own payroll...
Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: V. Hoffman (general office worker) $2,300 per month A. Drugan (saleswoman) $15,000 per year G. Beiter (stock clerk) $181 per week S. Egan (deliveryman) $300 per week B. Lin (cleaning and maintenance, part-time) $165 per week Grady and Monroe are each paid a weekly salary allowance of $900. The doll shop is located in...
You have almost completed the Kipley Company's Employee Payroll Register for the pay period ending January 8, 20--. In this last task, the following steps will be completed. Requirements: Record the deduction for group insurance. Record the health insurance deduction. Record the check number assigned to each employee. Compute and record the net pay for each employee. Total the input columns on the Employee Payroll register. On Employer Register, enter total gross earnings. Prepare the journal entries as of January...
From the following information from the payroll register of Veronica's Auto Supply Store, calculate the amount of taxable earnings for unemployment and FICA tax, and prepare the journal entry to record the employer's payroll taxes as of April 30, 20--. Social Security tax is 6.2% on the first $94,200 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.8%, and SUTA tax is 5.4% each on the first $7,000 of earnings. Cumulative Pay Current...
Continuing Payroll Problem, 5B: Chapter 5 This problem continues the computing and recording employee payroll for the Olney Company for the pay period ending January 8th, 20--. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. These computations are shown in the Employee Payroll Register. Requirements: Compute and record the employee's SUTA contributions. Compute and record the Olney Company's SUTA and FUTA contributions. Complete the following step: Compute and record the employee's SUTA contributions (employees...