Homework Help Question & Answers

Stark Company has five employees. Employees paid by the hour earn $15 per hour for the...

Stark Company has five employees. Employees paid by the hour earn $15 per hour for the regular 40-hour workweek and $20 per hCurrent Period Gross Pay FIT Withholding FUTA FICA S.S. Employee Employee Plan Withholding Cumulative Pay Employee (Excludes

Stark Company has five employees. Employees paid by the hour earn $15 per hour for the regular 40-hour workweek and $20 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August. a. Complete this payroll register by filling in all cells for the pay period ended August 31. b, c, d & e. Prepare the August 31 journal entry to: b. Record the accrued biweekly payroll and related liabilities for deductions. c. Record the employer's cash payment of the net payroll of part b. d. Record the employer's payroll taxes including the contribution to the benefits plan. e. Pay all liabilities (except for the net payroll in part c) for this biweekly period. Complete this question by entering your answers in the tabs below. Reg A Req B to E Complete this payroll register by filling in all cells for the pay period ended August 31. (Round your answers to 2 decimal places.)
Current Period Gross Pay FIT Withholding FUTA FICA S.S. Employee Employee Plan Withholding Cumulative Pay Employee (Excludes Current Period) FICA Medicare Employee FICA Medicare Employer Employee Net Pay Pay SIT Pay Hours Gross Pay Type Withholding SUTA FICA S.S. Employer Employer Plan Expense Kathleen $ 127,700.00 Salary $ 7,000.00 Anthony 6,450.00 Salary 1,010.00 50.50 101.00 Nichole Regular 16,200.00 Overtime Regular 6,750.00 Overtime Regular 5,550.00 Overtime 80 10 80 5 70 1,200.00 200.00 1,200.00 100.00 1,050.00 $ 2,550.00 520.00 102.00 31.00 132.00 36.00 122.00 33.00 112.00 32.00 $ 3,018.00 652.00 Zoey Gracie $ $ 0.00 $ $ 50.50 Totals $ 162,650.00 0.00 0.00 0.00 0.00 $ 0.00 0.00 101.00
0 0
Report
Answer #1

Employee

Cumulative pay ( excludes current Period)

Current Period Gross pay

Fit Withholding

FUTA

FICA S.S employee

FICA medicare Employee

Employee Plan withholding

Employee Net Pay

Pay type

Pay hours

Gross pay

Sit withHolding

SUTA

FICA S.S employer

FICA medicare Employer

Employer Plan Expense

Kathleen

$127,700

salary

$7,000

$2,550

0

43.4

101.5

$350

$3,435

$520

$0.0

43.4

101.5

$700

Anthony

$6,450

salary

1010

$102

3.3

62.62

14.645

50.5

$749

31

29.7

62.62

14.645

101

Nichole

$16,200

Regular

80

1200

132

0

86.8

20.3

70

$1,055

overtime

10

200

36

0

86.8

20.3

140

Zoey

$6,750

Regular

80

1200

122

1.5

80.6

18.85

65

$981

overtime

5

100

33

13.5

80.6

18.85

130

Gracie

$5,550

Regular

70

1050

112

6.3

65.1

15.225

52.5

$773

overtime

0

32

56.7

65.1

15.225

105

Totals

$162,650

$11,760

$3,018

11.1

338.52

170.52

$588

$6,993

$652

$99.9

338.52

170.52

$1,176

Futa tax and suta tax  is charged on first $ 7000 wages of each employee and deposited by employer to state and federal goverment

this tax is employer laibility and employee wages are not deducted , employer pay this tax on gross wages of employee

so in case kathleen and nicole wages are more than $ 7000 this means tax is already collected on first 7000

in case of anthony on $ 550 (7000-6450) futa and sutal is taxable

in case of zoe $250 (7000-6750)futa and sutal is taxable

and in case of gracie $ 1050 futa and sutal is taxable

Employee net pay is calculated ( answers are rounded off)

(gross pay -Fit holding - sit holding -  fica ss employee contribution -Fica medicare employee conibution- employee plan withholding)

Kathleen =7000-2550-520-43.4-101.5-350=3435

Anthony= 1010-102-31-62.62-14.645-50.5 =749

Nichole = 1400-132-36-86.8-20.3-70= 1050

zoey =1300-122-33-80.6-18.85-65=981

gracie =1050-112-32-65.1-15.225- 52.5 =773

Know the answer?
Add Answer to:
Stark Company has five employees. Employees paid by the hour earn $15 per hour for the...
Your Answer: Your Name: What's your source?
Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Stark Company has five employees. Employees paid by the hour earn $14 per hour for the...

    Stark Company has five employees. Employees paid by the hour earn $14 per hour for the regular 40 hour workweek and $19 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA...

  • Can you please show how you found the last 5 columns of the first spreadsheet. thank...

    Can you please show how you found the last 5 columns of the first spreadsheet. thank you. Stark Company has five employees. Employees paid by the hour earn $11 per hour for the regular 40-hour workweek and $16 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $128.400 paid to each...

  • Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...

    Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through...

  • Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...

    Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through...

  • Accounting Question, Help me fill this out, please! Paloma Co. has four employees. FICA Social Security...

    Accounting Question, Help me fill this out, please! Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees....

  • Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees. FICA...

    Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 2.15%. The company is preparing its payroll calculations for the week ended August 25, Payroll records show the following information for the company's...

  • Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees. FICA...

    Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 2.15%. The company is preparing its payroll calculations for the week ended August 25, Payroll records show the following information for the company's...

  • Please answer the whole question. Paloma Co. has four employees. FICA Social Security taxes are 6.2%...

    Please answer the whole question. Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are 2.15%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company’s four employees. Current Week Name...

  • ment Chapter 116 Help Seve & Exit Check Paloma Co. has four employees. FICA Social Security...

    ment Chapter 116 Help Seve & Exit Check Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128.400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees...

  • Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...

    Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.