Payroll Register, Employee Earning Records, and Accounting System Entries

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Funjarre

Business Finance

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As the accountant for Tooka's Trees, you need to prepare the payroll register for the payroll dated October 14, 2016 (Hint: all dates will be October 14, 2016). Employees are paid biweekly and are subject to a flat 3% state income tax. State taxes are calculated on the federal withholding wages. Use the wage bracket federal tax table in Appendix C. No employee has exceeded the Social Security wage base. The employees are:

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As the accountant for Tooka's Trees, you need to prepare the payroll register for the payroll dated October 14, 2016 (Hint: all dates will be October 14, 2016). Employees are paid biweekly and are subject to a flat 3% state income tax. State taxes are calculated on the federal withholding wages. Use the wage bracket federal tax table in Appendix C. No employee has exceeded the Social Security wage base. The employees are: a. T. Taylor Single, four withholdings Gross pay: $1,500 per period 401(k) deduction: $125 per pay period b. B. Walburn Married, six withholdings Gross pay: $2,225 per period 401(k) deduction: $250 per period c. H. Carpenter Single, zero withholdings Gross pay: $1,500 per period Section 125 deduction: $75 per period 401(k) deduction: $50 per period d. J. Knight Married, three withholdings Gross pay: $1,875 per period United Way deduction: $50 per period Garnishment: $50 per period e. C. Lunn Single, one withholding Gross pay: $2,100 per period Section 125 withholding: $50 per period 401(k) deduction: 6% of gross pay f. E. Smooter Married, eight withholdings Gross pay: $2,425 per period 401(k) deduction: $75 per period Put Answer on the blue box.and show the solution Part 1 Part 2 Part 3 Part 4 Part5 Part 6 Using the employee payroll register entry for Charles’ Cleaners, post the July 15 employee pay for Charles' Cleaners to the selected General Ledger accounts shown below. Employees are paid weekly. Use the wage bracket method in the federal tax tables in Appendix C.
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Explanation & Answer

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As the accountant for Tooka's Trees, you need to prepare the payroll register for the payroll dated October 14, 2016 (Hint: all dates
will be October 14, 2016). Employees are paid biweekly and are subject to a flat 3% state income tax. State taxes are calculated on the
federal withholding wages. Use the wage bracket federal tax table in Appendix C. No employee has exceeded the Social Security
wage base. The employees are:
a.
T. Taylor
Single, four withholdings
Gross pay: $1,500 per period
401(k) deduction: $125 per pay period
b.
B. Walburn
Married, six withholdings
Gross pay: $2,225 per period
401(k) deduction: $250 per period
c.
H. Carpenter
Single, zero withholdings
Gross pay: $1,500 per period
Section 125 deduction: $75 per period
401(k) deduction: $50 per period
d.
J. Knight
Married, three withholdings
Gross pay: $1,875 per period
United Way deduction: $50 per period
Garnishment: $50 per period
e.
C. Lunn
Single, one withholding
Gross pay: $2,100 per period
Section 125 withholding: $50 per period
401(k) deduction: 6% of gross pay
f.
E. Smooter
Married, eight withholdings
Gross pay: $2,425 per period
401(k) deduction: $75 per period
Put Answer on the blue box.and show the solution

Part 1

Solution:
a. T. Taylor: Single, 4 withholdings, Gross pay $1,500 per period, 401(k) deduction: $125 per pay period, Net pay:
$1,500.00 gross pay
–125.00 401(k) deduction
$1,375.00 taxable income
–84.00 federal income tax
–93.00 Social S...


Anonymous
Very useful material for studying!

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