ACC 205 week 5 Assignment

Feb 3rd, 2012
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Week 5 AssignmentACC 205P10-18A REQ 1 Employee Louis Welch For the Year Ended December 31, 2010 Gross pay: Salary earning (6200*12) $74,000Bonus (74,000 * .10) 7,440Total gross pay $81,840Deductions:Federal income tax [($850 * 12) + $924] $11,124FICA tax ($81,840 * .0765) 6,261State income tax [($70 * 12) + $40] 880Charity Fund contribution ($81,840 * .01) 818.4Life insurance ($5 * 12) 60 Total deductions 19,143Net pay 62,697Req. 2Gross pay81,840Employer payroll taxes: FICA tax ($81,840 * .0765)6,261State unemployment tax ($7,000 * .054)378Federal unemployment tax ( $ 7,000 * .008)56 Total employer payroll taxes6,695Benefits:Retirement benefits4,000 Health insurance ($150 * 12)1,800 Total benefits5,800Total payroll expense of employer94,335Req. 3 Journal Entry Accounts and ExplanationsDebitCreditSalary expense74,400Bonus expense7,400Employee federal income tax payable11,124 FICA tax payable6,261 Employee state income tax payable880Payable to Charity Fund818Employee life insurance payable60Cash62,697E9-24 Journal EntryDateAcc

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