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- A weekly payroll summary made from labor time records shows the following data for Pima Company: Overtime is payable at one-and-a-half times the regular rate of pay and is distributed to all jobs worked on during the period. a. Determine the net pay of each employee. The income taxes withheld for each employee amount to 15% of the gross wages. b. Prepare journal entries for the following: 1. Recording the payroll. 2. Paying the payroll. 3. Distributing the payroll. (Assume that the overtime premium will be charged to all jobs worked on during the period.) 4. The employers payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.)Accounting for bonus and vacation pay Cathy Muench a factory worker, earns 1,000 each week. In addition, she will receive a 4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee.Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Employers OASDI Tax ________ Employers HI Tax ________
- Amanda Autry and Carley Wilson are partners in A W Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Employers OASDI Tax ________ Employers HI Tax ________Moisa Evans is a maitre d at Red Rock Club. On September 6, his gross pay was 900 (three days working, one paid vacation day, and one paid sick day). He also reported to his employer tips of 860 for the previous month (applicable taxes to be deducted out of this pay). Evans belongs to the companys 401(k) plan and has 5% of his gross pay (900) deducted each week (salary reduction). Red Rock Club also provides a matching contribution (45) into the plan for Evans. This weeks pay would have a: a. Deduction for OASDI tax_______ b. Deduction for HI tax__________In the space provided below, prepare the journal entry to record the November payroll for all employees assuming that the payroll is paid on November 30 and that Joness cumulative gross pay (cell I13) is 85,000.
- During the third calendar quarter of 20--, the Beechtree Inn, owned by Dawn Smedley, employed the persons listed below. Also given are the employees salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employers portion of FICA tax on the tips was estimated as the same amount. Employees are paid weekly on Friday. The following paydays occurred during this quarter: Taxes withheld for the 13 paydays in the third quarter follow: Based on the information given, complete Form 941 on the following pages for Dawn Smedley. Phone number: (901) 555-7959 Date filed: October 31, 20--The total wages and salaries earned by all employees of Langen Electronics, Ltd. during March, as shown in the labor cost summary and the schedule of fixed administrative and sales salaries, are classified as follows: a. Prepare a journal entry to distribute the wages earned during March. b. What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that two administrative employees with combined earnings this period of 3,000 have exceeded 8,000 in earnings prior to the period?