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- Compute commission and gross pay156 Principles of Cost Accounting Journal entries for payroll A partial summary of the payroll data for Burrington Manufactur- ing Company for each week of June is as follows: ЕЗ-5 LO2 LO3 June 7 June 14 June 21 June 28 Gross earnings . $ 36,500 $ 34,200 $ 37,300 $ 38,400 Deductions: FICA tax, 8% $? $? $? $? Tax-sheltered annuity. 1,825 1,780 1,855 1,870 Income tax 4,215 4,120 4,320 4,410 Health insurance 600 600 600 600 Total deductions $? $? $? $? Net earnings $? $? $? $? a. Compute the missing amounts in the summary, assuming that no employees have reached the $100,000 FICA maximum. b. For each payroll period, prepare journal entries to (1) record the payroll and (2) record the payments to employees.On December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Problem 2 December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Cash Accounts Receivable Finished Goods Work in Process P 94,000 100,000 65,000 Materials Machinery Accounts Payable Common Stock Retained Earnings Details of the three inventories are: Finished goods inventory: Item A - 2,000 units at P 12.50 Item B - 4,000 units at P 10.00 15,000 44,000 70,600 118,750 200,000 69,850 P 25,000 40,000 P. Total Work in process inventory: 65,000 Job 102 Job 101 Direct materials: 1,000 units at P 5.00 P 5,000 400 units at P 3.00 P 1,200 Direct labor: 4,000 1,000 hours at P 4.00 400 hours at P 5.00 2,000 Factory overhead: Applied at P 2.00/hour 2.000 Total Materials inventory: 800 PL1,000 P 4,000 Material X - 4,000 units at P 5.00 Material Y - 8,000 units at P 3.00 Total P 20,000 24,000 P 44,000
- Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment…42. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…NAME Barney, R. S. Fisk, M. C. Hayes, W. O. Lee, L. B. Parks, S. J Tempy, E. B. EARNINGS EARNINGS EARNINGS UNEMPLOYMENT SECURITY MEDICARE 1,932.00 1,932.00 1,932.00 1,932.00 567.00 567.00 567.00 567.00 483.00 483.00 483.00 483.00 679.00 679.00 679.00 679.00 578.00 578.00 578.00 578.00 546.00 546.00 546.00 546.00 4.785.00 4,785.00 4,785.00 4,785.00 DATE ..... 20-- Jan. 7 Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000. 1,932.00 567.00 483.00 Give the entry in general journal form to record the payroll tax expense. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. 679.00 578.00 546.00 4,785.00…
- Employee Details Employee Name: Miguel Cabrera Employee ID: 12345 Hire Date: 11 October 2021 Bank Account numben 12345678 Department Sales Tob Title: Sales Manager Payments Taxable Income Basic Salary Commission Over time pay Gross Taxable Income Deductions SSS Contribution Pag-ibig Contribution PL125 100 770 P1,995 PhilHealth deduction SSS Deduction P44,000 37,500 10,000 P91,500 PhalHealth Contribution Total Pag-ibig deduction Non-Taxable Income BIR Withholding Tax Computation Gross Taxable Income Less: Total Deductions Taxable Income Tax Due P91,500 1,995 P89,505 17,684.73 Rice Allowance Laundry Allowance Clothing Allowance Transportation Allowance Total Non-Taxable Income 2,000 250 50 2.000 P4,750 Net pay Tаx due NET PAY Taxable Income Miguel Cabrera's Particulars of Salary Non-Taxable Income Less: Tax Due P09,50S 4,750 17,684.73 SSS Deduction Pag-ibig deduction PhiHealth deduction Tax due Net pay Net pay P76,570.27Total revenue is 400 and quantity is 20 Calculate average revenueChp. 8
