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Question & Answer: hilities and Payroll Accounting Current Liabilities and Payrol Accounting 11-17 Dr. Alexar EX. 11-2 (S o. 6) The following informatio…..

hilities and Payroll Accounting Current Liabilities and Payrol Accounting 11-17 Dr. Alexar EX. 11-2 (S o. 6) The following information pertains to the payroll of e Exercis Company for the week ended January 24, 20 and one-half times the regular hourly rate 5 13. All hours over 40 are paid at one Total Hours Federal Income Hourly United Union Employee E. Bouchet45 C. Cullen M. Henson B. Mays Fund 12 10 10.00 Instructions a Complete the schedule below. The state income tax rate is 2% of gross earnings and the (b) Prepare the entry to record the payroll on January 24 C) Prepare the journal entry to record payment of the payroll on January 26 FICA tax rate is 8% of gross earnings (d) R ecord fed 9 the employers payroll taxes assuming state unemployment taxes are 54% and eral unemployment taxes are 08% (62%-54%) Gross FICA Income Income United Union Net Earnings Taxes Taxes Taxes Fund Dues Pay Federal State E. Bouchet C. Cullen M. Henson B. Mays

hilities and Payroll Accounting Current Liabilities and Payrol Accounting 11-17 Dr. Alexar EX. 11-2 (S o. 6) The following information pertains to the payroll of e Exercis Company for the week ended January 24, 20 and one-half times the regular hourly rate 5 13. All hours over 40 are paid at one Total Hours Federal Income Hourly United Union Employee E. Bouchet45 C. Cullen M. Henson B. Mays Fund 12 10 10.00 Instructions a Complete the schedule below. The state income tax rate is 2% of gross earnings and the (b) Prepare the entry to record the payroll on January 24 C) Prepare the journal entry to record payment of the payroll on January 26 FICA tax rate is 8% of gross earnings (d) R ecord fed 9 the employer’s payroll taxes assuming state unemployment taxes are 54% and eral unemployment taxes are 08% (62%-54%) Gross FICA Income Income United Union Net Earnings Taxes Taxes Taxes Fund Dues Pay Federal State E. Bouchet C. Cullen M. Henson B. Mays

Expert Answer

 

a) Gross earnings FICA taxes 8% Federal income taxes State income tax United Fund Union dues Net pay
E. Bouchet 585 46.8 110 11.7 10 5 401.5
C. Cullen 660 52.8 138 13.2 12 5 439
M. Henson 380 30.4 64 7.6 10 5 263
B. Mays 576 46.08 100 11.52 14 5 399.4
2201 176.08 412 44.02 46 20 1502.9
b)
24-Jan Salaries and wages expense 2201
                 FICA taxes payable 176.08
                Federal income tax payable 412
                 State income tax payable 44.02
                 United fund payable 46
                  Union dues payable 20
                Salaries and wages payable 1502.9
c)
25-Jan Salaries and wages payable 1502.9
               Cash 1502.9
d) Payroll expenses 312.54
               FICA taxes payable 176.08
               State unemployement taxes payable 118.85 (2201*5.4%)
               Federal unemployement taxes payable 17.61 (2201*.8%)
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