Assignment Problem: The four employees for ACWorks are paid on an hourly basis. During the week of December 25-31, 2019, these employees worked the hours indicated. Information about their hourly rates, marital status, withholding allowances, and cumulative earnings prior to the current pay period also appears below.
Employee: Betty Brooks Hours worked: 45 Regular Hourly Rate: $12.80 Marital Status: M Withholding Allowances: 3 Cumulative Earnings: $ 44,179.00.
Employee: Cynthia Carter Hours worked: 48 Regular Hourly Rate: $13.40 Marital Status: M Withholding Allowances: 2 Cumulative Earnings: $53,015.00.
Employee: Mary Easley Hours worked: 44 Regular Hourly Rate: $29.30 Marital Status: M Withholding Allowances: 4 Cumulative Earnings: $82,748.00.
Employee: James Periot Hours worked: 30 Regular Hourly Rate: 37.00 Marital Status: S Withholding Allowances: 2 Cumulative Earnings: $104,486.00.
Assignment Instructions:
Enter the basic payroll information for each employee in a payroll register. Record the employee's name, number of withholding allowances, marital status, total hours, overtime hours, and regular hourly rate. Consider any hours worked beyond 40 in the week as overtime hours.
Compute the regular earnings, overtime premium, and gross earnings for each employee. Enter the figures in the payroll register.
Compute the amount of social security tax to be withheld from each employee's gross earnings. Assume a 6.2 percent social security tax rate on the first $122,700 earned by each employee during the year. Enter the figures in the payroll register.
Compute the amount of Medicare tax to be withheld from each employee's gross earnings. Assume a 1.45 percent Medicare tax rate on all earnings for each employee during the year. Enter the figure on the payroll register.
Determine the amount of federal income tax to be withheld from each employee's gross earnings. Income tax withholdings are $235 for Easley and $238 for Periot. Enter these figures in the payroll register.
Compute the net amount due each employee and enter the figures in the payroll register.
Complete the payroll register for the store employees.
General journal entry to record the payroll for the week ended December 31, 2019. Use page 18 for the journal.
Record the general journal entry to summarize the payment on December 31, 2019, of the net amount due employees.
Analyze: What is the difference between the amount credited to the Cash account on December 31, 2019, for the payroll week ended December 31 and the amount debited to Wages Expense for the same payroll period? What causes the difference between the two figures?
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