Computing gross earnings, determining deductions, preparing payroll register, journalizing…

Computing gross earnings, determining deductions, preparing payroll register, journalizing payroll transactions. LO 10-2, 10-3, 10-4, 10-5 Country Covers has four employees and pays them on an hourly basis. During the week beginning June 24 and ending June 30, these employees worked the hours shown below. Information about hourly rates, marital status, withholding allowances, and cumulative earnings prior to the current pay period also appears below. Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate. Regular Hourly Marital withholding Cumulative Employee Hours Worked Rate Status Allowancen Earnings Roma Brandon 48 $11.50 $16,975 Carlos Cortex 40 11.20 16.080 Jane Jorgus 12.70 17,640 Winter Wise 10.70 14,660 48 SO M M M S 1 1 2 Required: 1. Enter the basic payroll information for each employee in a payroll register. Record the employee’s name, number of withholding allowances, marital status, total and overtime hours, and regular hourly rate. Note: Consider any hours worked beyond 40 in the week as overtime hours and overtime pay at one and one-half times their regular hourly rate 2. Compute the regular, overtime, and gross cornings for each employee. Enter the figures in the payroll register. 3. Compute the amount of social security tax to be withheld from each employee’s earnings. Assume a 6.2 percent social security rate on the first $132,900 earned by the employee during the year. Enter the figures in the payroll register. 4. Compute the amount of Medicare tax to be withheld from each employee’s earnings. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Enter the figures in the payroll register. 5. Determine the amount of federal income tax to be withheld from each employee’s total earnings. Use the tax tables in Egure 10.20 and Figure 10.2b. Enter the figures in the payroll register. 6. Compute the net pay of each employee and enter the figures in the payroll register. 7. Prepare a general Journal entry to record the payroll for the week ended June 30. 8. Record the general journal entry to summarize payment of the payroll on July 3, Analyze: What are Jane Jorgus’s cumulative earnings on June 30, 20X1? What are Jane Jorgus’s cumulative earnings on June 30, 2017 Complete this question by entering your answers in the tabs below. Payroll General Register Journal Analyze Compute the regular overtime, gross earings, social security tax and Medicare tax to be withheld from each employee’s earnings. Assume a 6.2 percent social security ra employee during the year. Assume a 1.45 percent Medicare tax rate on all salaries and wages earned by the employee during the year. Determine the amount of federal in employees total earrings (Use the table shown in Figure 10.2A & Figure 10.28 whichever is applicable). Finally compute the net pay of each employee (Round your int to 2 decimal places) Payroll register Deductions Week beginning: June 24, 20X1 Earings Regular time Overtime Gross amount earning tài làm And ending: June 30, 20X1 Taxable wages Social Medicare Social security security Pald: July 3, 20X1 Distribution Wage Not amount Income tax Cumulative arning Employee Medicare Roma Brandon Carlos Cortez Jane Jorgus Weer Wise 000 0.005 0.00 $ 0005 0005 000 0.005 0.00 0.005 0.005 View transaction list Journal entry worksheet < 1 2 > Record the company’s payroll to be paid at a later date. Note: Enter debits before credits. Date General Journal Debit Credit June 30, 20X1 Record entry Clear entry View general journal Journal entry worksheet < 1 2. Record the entry to summarize payment of the payroll. Note: Enter debits before credits. General Journal Debit Credit Date July 03, 20X1 Payroll General Register Journal Analyze What are Jane Jorgus’s cumulative earnings on June 30, 20X1? (Round your intermediate calculations and final answer to 2 decimal places) Cumulative earnings

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