Question - R Tryon Consulting Company
The payroll records of a company provided the following data for the weekly pay period ended December 7:
|
Employee
|
YTD earnings
|
Gross Pay
|
FIT
|
SIT
|
|
Ronald Arthur
|
54,000
|
1,200
|
216
|
60
|
|
John Baines
|
40,500
|
900
|
162
|
45
|
|
Ted Carter
|
45,000
|
1,000
|
180
|
50
|
The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee.
The federal and state unemployment tax rates are 0.8% and 5.4%, respectively, on the first $7,000 paid to each employee.
Each employee has a deduction of $50 per week for medical insurance, $10 per week for union dues and $5 per week for United Way.
Complete the Payroll register below and Prepare the journal entries to (a) accrue the payroll and (b) record employer payroll taxes expense. (Don't forget your descriptions for each entry.)
Attachment:- Assignment.rar