FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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