Prepare the New Pharmacy payroll record with the following columns: employee name, number of hours worked, hourly wage, weekly gross wage, social security discount, Medicare discount, amount of state taxes and savings of retirement. Calculate the gross salary of each employee.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the New Pharmacy payroll record with the following columns: employee name, number of hours worked, hourly wage, weekly gross wage, social security discount, Medicare discount, amount of state taxes and savings of retirement.
Calculate the gross salary of each employee.
Calculate the amount withholding from Social Security and Medicare.
Calculate the net pay for each employee.
Jornalize the entry to record the payroll.
The New Pharmacy pays for overtime hours and a half. It does not pay overtime to employees who are paid by salary. The company has 10 employees and the information on the hours worked is as follows:

Employee Name

Hours worked

Hourly wage

Weekly salary

Payment of retirement

Union Payment

Juan del Pueblo

43

$8.50

 

$21.93

$15

Ramonita Ramírez

41

11.50

 

$37.12

Managerial, does not pay fee.

Brenda Montalvo

55

 

$1,100

$88.00

Managerial, does not pay fee.

Camilo Monge

40

7.25

 

$23.02

15

Jorge Emmanueli

46

25.00

 

$92.00

15

Mariel Estrada

60

10.00

 

$48.00

15

Emanuel Reyes

40

8.00

 

$25.60

15

Ernesto Ramírez

40

8.25

 

$26.40

15

Daniela Morales

38

10.75

 

$32.68

15

Ángel Carrasquillo

43

 

$860

$68.80

Managerial, does not pay fee.

           
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