College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 8, Problem 5SEA
To determine
Complete and fill the banks with payroll calculations for the week.
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Journalizing Payroll Transactions
On December 31, the payroll register of Hamstreet Associates indicated the following
information:
Wages and Salaries Expense
$8,700.00
Employee Federal Income Tax Payable
940.00
United Way Contributions Payable
220.00
Earnings subject to Social Security tax
7,600.00
Use Social Security 6.2% and Medicare 1.45% as specified in the text.
1. Determine the amount of Social Security and Medicare taxes to be withheld.
If required, round your answers to the nearest cent.
Social Security Tax
Medicare Tax
2. Record the journal entry for the payroll, crediting Cash for the net pay.
Page:
DOC. POST.
NO. REF.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
20--
Dec. 31
2
3
4.
5
5
6
6.
Payroll for week ended December 31
Computing Net Pay
Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in
excess of 40 per week. Guild's pay rate is $14.00 per hour. Her wages are subject to deductions for federal income
tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a 12-
hour lunch break during an 82-hour day. Her time card is shown.
Name
Week Ending
Mary Sue Guild
March 30, 20--
Hours Worked
Day
In
Out
In
Out Regular Overtime
M
7:57
12:05 12:35 4:33
8
T
7:52
12:09 12:39 5:05
8
WTFS
7:59
12:15 12:45 5:30
8
8:00
12:01 12:30 6:31
8
212
7:56
12:05 12:34 4:30
8
8:00
10:31
2½
Complete the following for the week:
a.
regular hours x $14.00 per hour
overtime hours x $21.00 per hour
b.
C.
Total gross wages
d.
Federal income tax withholding
(Tax Tables: Refer to Figure 8-4 in the text.).
e.
Social Security withholding at 6.2%
f.
Medicare withholding at 1.45%
g.
Total withholding
h.
Net pay
00000 000
Computing Net Pay
Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $13.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown.
Name
Mary Sue Guild
Week Ending
March 30, 20--
Hours Worked
Day
In
Out
In
Out
Regular
Overtime
M
7:57
12:05
12:35
4:33
8
T
7:52
12:09
12:39
5:05
8
½
W
7:59
12:15
12:45
5:30
8
1
T
8:00
12:01
12:30
6:31
8
2
F
7:56
12:05
12:34
4:30
8
S
8:00
10:31
2½
Complete the following for the week:
a.
fill in the blank 1 regular hours × $13.00 per hour
$fill in the blank 2
b.
fill in the blank 3 overtime hours × $19.50 per hour
$fill in the blank 4
c.
Total gross wages
$fill in the blank 5
d.
Federal income tax…
Chapter 8 Solutions
College Accounting, Chapters 1-27
Ch. 8 - Prob. 1TFCh. 8 - Prob. 2TFCh. 8 - Prob. 3TFCh. 8 - Prob. 4TFCh. 8 - A payroll register is a multi-column form used to...Ch. 8 - Prob. 1MCCh. 8 - Prob. 2MCCh. 8 - Prob. 3MCCh. 8 - Prob. 4MCCh. 8 - Social Security Tax Payable and Medicare Tax...
Ch. 8 - Prob. 1CECh. 8 - Prob. 2CECh. 8 - Prob. 1RQCh. 8 - Prob. 2RQCh. 8 - Identify the four factors that determine the...Ch. 8 - Prob. 4RQCh. 8 - Prob. 5RQCh. 8 - Prob. 6RQCh. 8 - Prob. 7RQCh. 8 - Prob. 8RQCh. 8 - Prob. 9RQCh. 8 - Prob. 10RQCh. 8 - Prob. 1SEACh. 8 - COMPUTING OVERTI ME RATE OF PAY AND GROSS WEEKLY...Ch. 8 - Prob. 3SEACh. 8 - CALCUL ATING SOCIAL SECURITY AND MEDICARE TAXES...Ch. 8 - Prob. 5SEACh. 8 - JOURNALIZING PAYROLL TRANSACTIONS On December 31,...Ch. 8 - PAYROLL JOURNAL ENTRY Journalize the following...Ch. 8 - Prob. 8SPACh. 8 - PAYROLL REGISTER AND PAYROLL JOURNAL ENTRY Mary...Ch. 8 - EMPLOYEE EARNINGS RECORD Marys Luxury Travel in...Ch. 8 - COMPUTING WEEKLY GROSS PAY Manuel Sotos regular...Ch. 8 - Prob. 2SEBCh. 8 - Prob. 3SEBCh. 8 - CALCULATING SOCIAL SECURITY AND MEDICARE TAXES...Ch. 8 - Prob. 5SEBCh. 8 - JOURNALIZING PAYROLL TRANSACTIONS On November 30,...Ch. 8 - PAYROLL JOURN AL ENTRY Journalize the following...Ch. 8 - Prob. 8SPBCh. 8 - Prob. 9SPBCh. 8 - Prob. 10SPBCh. 8 - Prob. 1MYWCh. 8 - Prob. 1ECCh. 8 - Prob. 1MPCh. 8 - Prob. 1CP
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