Question

In: Accounting

Bonita Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all...

Bonita Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2020, are presented below.

Employee Hours Worked Hourly Rate Federal Income Tax Withholdings United Fund

Ben Abel 40 $15 $? $5

Rita Hager 42 16 ? 5

Jack Never 44 13 60 8

Sue Perez 46 13 61 5

Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively.

The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%.

Solutions

Expert Solution

Solution:

BONITA HARDWARE
PAYROLL REGISTER
For the week ending march 15,2020
Earnings Deductions
Employee Hours Regular Overtime Gross pay FICA

Federal

Income tax

State

Income tax

 United Fund Total Net Pay Salaries & Wages Expense
Ben Abel(40*15) 40 600 0.00 600 45.9 49 18 5 117.9 482.1 600
Rita Hager
(40*16)
(1*16*1.5)		 40 640 24 664 50.8 20 19.92 5 95.72 568.28 664
Jack Never
(40*13)
(4*13*1.5)		 40 520 78 598 45.75 60 17.94 8 131.69 466.31 598
Sue perez
(40*13)
(6*13*1.5)		 46 520 117 637 48.73 61 19.11 5 133.84 503.16 637
Total 2280 219 2499 191.18 190 74.97 23 479.15 2019.85 2499

Journal Entries:

Date Particulars Debit ($) Credit ($)
March 15 Salaries & Wages 2499
FICA Taxes payable 191.18
Federal income Tax Payable 190
State Tax Payable 74.97
United Fund payable 23
Salaries & Wages Payable 2019.85
(To record payroll)
March 15 Payroll Tax Expenses 34618
FICA Tax Expense 191.18
State unemployment taxes Payable 135
Federal unemployment taxes Payable 20
March 16 Salaries and Wages Payable 201985
Cash 2019.85
March 31 FICA Taxes Payable 191.18
federal Income Taxes payable 190
Cash 381.18

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

An employee receives an hourly rate of $15, with time and a half for all hours...
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the first week of the calendar year are as follows: hours worked, 46; federal income tax withheld, $110, Social security tax rate,6%; and Medicare tax rate, 1.5%; state unemployment tax, 5.4% on the fast $7,000; federal unemployment tax, 0.81% on the first $7,000. What is the net amount to be paid to the...
1. An employee receives an hourly rate of $45, with time and a half for all...
An employee receives an hourly rate of $45, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $950; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, 0.8% on the first $7,000. Calculate the employer's payroll tax expense if: (a) This is the first payroll of...
An employee receives an hourly rate of $15, with time and a half for all hours...
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; all earnings are subject to social security tax; Social security tax rate, 6%; and Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, 0.8% on the first $7,000. Prepare the journal...
6. An employee receives an hourly rate of $17.00, with time and a half for all...
6. An employee receives an hourly rate of $17.00, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the first week of the calendar year are as follows: hours worked, 46.00 federal income tax withheld, $132.00; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first...
Thomas Martin receives an hourly wage rate of $40, with time and a half for all...
Thomas Martin receives an hourly wage rate of $40, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows hours worked, 48; federal income tax withheld, $350; social security tax rate, 6.0% and Medicare tax rate, 1.5%. What is the gross pay for Martin? $1, 730 $2, 080 $1, 531 $449
Sadie White receives an hourly rate of $30, with time and a half for all hours...
Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $300; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to White? $1,143.00 $1,260.00 $1,443.00 $1,000.00
Vargas Company has 35 employees who work 8-hour days and are paid hourly. On January 1,...
Vargas Company has 35 employees who work 8-hour days and are paid hourly. On January 1, 2019, the company began a program of granting its employees 10 days of paid vacation each   year. Vacation days earned in 2019 may first be taken on January 1, 2020. Any days not taken in one year can be carried forward for up to two years. Information relative to these employees is as follows: (5 points)                    Hourly              Vacation Days Earned    Vacation Days Used Year            Wages               by Each...
Background: M & D Contractors has numerous employees who are paid on a weekly basis. Payroll...
Background: M & D Contractors has numerous employees who are paid on a weekly basis. Payroll information for the most recent week ending August 10, 2018 is given below: Total Employee compensation                        $136,000 FICA social security tax rate                                   6.2% FICA medicare tax rate                                         1.45% Federal unemployment tax rate                              0.6% State unemployment tax rate 5.4% Federal income tax rate   15.0% Of the total employee compensation, $136,000 is subject to the FICA taxes and $48,500 is subject to the unemployment taxes. Other expenses include health insurance...
A company pays its employees as managers (who receive a fixed weekly salary), hourly workers (who receive a fixed hourly wage for up to the first 40 hours they work and “time- and -a-half “—1.5 times their hourly wage — for overtime hours worked )
USING C++A company pays its employees as managers (who receive a fixed weekly salary), hourly workers (who receive a fixed hourly wage for up to the first 40 hours they work and “time- and -a-half “—1.5 times their hourly wage — for overtime hours worked ), commission workers (who receive $250 plus 5.7 percent of their gross weekly sales), or pieceworkers (who receive a fixed amount of money per item for each of the items they produce). Write a program...
1. An employee receives an hourly wage rate of $24, with time-and-a-half for all hours worked...
1. An employee receives an hourly wage rate of $24, with time-and-a-half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 44; federal income tax withheld, $145; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the first $7,000. What is the net amount to be paid to the employee? Round...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT