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I need help with the following questions referring to the image below. Highridge homes has the following payroll information for the week ended Feburary 21: Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. Required 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2080. 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. 3. Assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages.

I need help with the following questions referring to the image below. Highridge homes has the following payroll information for the week ended Feburary 21: Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. Required 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2080. 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. 3. Assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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I need help with the following questions referring to the image below.

Highridge homes has the following payroll information for the week ended Feburary 21:

Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny.

Required

1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2080.

2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account.

3. Assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages.

Earnings at End of Daily Time Previous Federal Name Week Pay Income S T W T F Rate Tax Arthur, P. 7,800.00 8. 45.00 226.78 Bills, D. 2,060.00 8. 8. 8. 8. 12.50 26.00 Carney, W. 2,085.00 8. 8. 8. 12.95 27.00 Dorn, J. 748.00 8. 22.00 11.00 Edgar, L. 2,687.00 8. 15.00 37.00 Fitzwilson, G. 4,150.00 8. 8. 8. 23.00 125.00 8. 8. 8 8. 8. 8. 8. 8. 8. 8. 8. 8. 8.
Transcribed Image Text:Earnings at End of Daily Time Previous Federal Name Week Pay Income S T W T F Rate Tax Arthur, P. 7,800.00 8. 45.00 226.78 Bills, D. 2,060.00 8. 8. 8. 8. 12.50 26.00 Carney, W. 2,085.00 8. 8. 8. 12.95 27.00 Dorn, J. 748.00 8. 22.00 11.00 Edgar, L. 2,687.00 8. 15.00 37.00 Fitzwilson, G. 4,150.00 8. 8. 8. 23.00 125.00 8. 8. 8 8. 8. 8. 8. 8. 8. 8. 8. 8. 8.
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