Stephanie Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. Her annual salary is $63,000, and her standard workweek is 45 hours. During the pay period ending February 5, 2021, she worked 8 hours overtime. She is married filing jointly with two dependents under the age of 17. Required: Complete the following payroll register for Stephanie's pay. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Company Name Stephanie Parker Forise Industries Filing Status MJ ✔ 2<17 Dependents > Annual Salary $ 63.000.00 Period Salary $ 2,423.08 Answer is complete but not entirely correct. Period Ended: Number of Overtime Hours Hourly Rate Overtime Rate $ 53.85$ 80.77 X Number of Regular Hours 40.00 X 2/5/2021 Overtime Regular Earnings Earnings 8.00 $ 2,423.25 $ 646.16 Gross Earnings S 3,069.41 X

Stephanie Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. Her annual salary is $63,000, and her standard workweek is 45 hours. During the pay period ending February 5, 2021, she worked 8 hours overtime. She is married filing jointly with two dependents under the age of 17. Required: Complete the following payroll register for Stephanie's pay. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Company Name Stephanie Parker Forise Industries Filing Status MJ ✔ 2<17 Dependents > Annual Salary $ 63.000.00 Period Salary $ 2,423.08 Answer is complete but not entirely correct. Period Ended: Number of Overtime Hours Hourly Rate Overtime Rate $ 53.85$ 80.77 X Number of Regular Hours 40.00 X 2/5/2021 Overtime Regular Earnings Earnings 8.00 $ 2,423.25 $ 646.16 Gross Earnings S 3,069.41 X

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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The payroll records of Brownlee Company provided the following information for the weekly pay period ended March 23, 2018:Required:1. Enter the relevant information in the proper columns of a payroll register and complete the register; calculate CPP and EI deductions. Charge the wages of Kathy Sousa to Office Wages Expense and the wages of the remaining employees to Service Wages Expense. Calculate income tax deductions at 20% of gross pay. Employees are paid an overtime premium of 50% for all hours in excess of 40 per week. Payroll Week Ended March 23, 2018 (Image 1)
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In January, the payroll supervisor determines that gross earnings for Pharoah Company are $64,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.6% federal unemployment taxes.Pharoah asks you to record a journal entry for the employer payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 12.25.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. Number of Dependents from Form W-4 Semimonthly Payroll $ 6,400 $ 5,120 Marital Status Married 3 Naila Wilfred 2 Married $ 3,720 0 Byron Annie Single $ 4,320 1 Single Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. Employee Federal Withholding Tax Social Security Tax Medicare Tax Total Taxes Withheld Naila Wilfred Byron Annie
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Latan is an employee of Giant Computers where the job responsibilities include selling computers and software to customers. Latan is married filing jointly with two dependents under 17. The annual salary is $49,200 and receives a 3 percent commission on all sales. During the semimonthly pay period ending September 30, Latan sold $21,200 of computers and software. Required: Complete the payroll register for the September 30 pay period with a pay date of October 5. P/R End Date: Check Date: Latan Totals Name 9/30/2022 10/5/2022 Filing Status Dependents Hourly Rate or Period Wage Company Name: Number of Regular Hours Number of Overtime Hours Giant Computers Commissions $ 0 Regular Earnings $ 0 Overtime Earnings Gross Earnings $
During the past week, one of your newly employed payroll associates dropped into your office to ask severalquestions regarding wage reporting for federal incomeand social security tax purposes. If you were the payrollsupervisor, how would you answer each of the followingquestions raised by your associate?1. I just noticed that the social security number is wrongon three of the employees’ W-2 forms. How do I goabout correcting the forms? Will the employees bepenalized for filing incorrect forms?2. Eileen Huang informed me today that we hadwithheld too much Medicare tax from her pay lastyear. She is right! What forms do I use to make thecorrection?3. You asked me last week to locate one of our formeremployees, Warren Bucks. I can’t seem to track himdown. What should I do with his Form W-2?4. Is it okay to use titles like “M.D.” and “Esq.” when Ikeyboard data in the W-2 forms?
Nigel McCloskey is a waiter at Albicious Foods in South Carolina. He is single with one withholding allowance. He receives the standard tipped hourly wage. During the week ending October 22, 20XX, he worked 44 hours and received $186 in tips. Calculate his gross pay, assuming his tips are included in the overtime rate determination. Use Table 3-1. Required: 1. Complete the payroll register for Nigel McCloskey. 2a. Does Albicious Foods need to contribute to Nigel's wages to meet FLSA requirements? 2b. If so, how much should be contributed? Complete this question by entering your answers in the tabs below. Req 1 Company Req 2a Complete the payroll register for Nigel McCloskey. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Name Nigel McCloskey Req 2b Albicious Foods M/S S # of W/H 1 Regular Hourly Rate $ Period Ended: Overtime Rate 2.13 $ 3.19 No. of Regular Hours 40.00 Tips 85.20 $ 186.00 Overtime Earnings 12.78 Gross Earnings $ 283.98
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