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Continuing Payroll Problem, 6B, Chapter 6 You have almost completed the Kipley's Company Employee Payroll Register...

Continuing Payroll Problem, 6B, Chapter 6

You have almost completed the Kipley's Company Employee Payroll Register for the pay period ending January 8, 20XX.

Requirements:

Record the deduction for group insurance.

Record the health insurance deduction.

Record the check number assigned to each employee.

Compute and record the net pay for each employee.

Total the input columns on the Employee Payroll register.

On Employer Register, enter total gross earnings.

Prepare the journal entries as of January 12 to record the payroll and the payroll taxes for the week ending January 8. Credit Salaries Payable for the total net pay.

Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers.

Employee Benefits

The table below lists the employee contributions to Group Insurance and Health Insurance. Also, a check number has been assigned to each employee. Note that some employees are not yet eligible for Group Insurance coverage under the company plan.

KIPLEY COMPANY, INC. Insurance Deduction Register
Name	GRP. INS.	HEALTH INS.	CK. NO.
Carson, F.	$0.85	$1.65	313
Wilson, W.	0.85	1.65	314
Utley, H.	0.85	1.65	315
Fife, L.	0.85	1.65	316
Smith, L.		1.65	317
Fay, G.	0.85	1.65	318
Robey, G.	0.85	1.65	319
Schork, T.		1.65	320
Hardy, B.	0.85	1.65	321
Kipley, C.	0.85	1.65	322

Payroll Register

Completing the Payroll Register

The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period.

Complete the following steps (if an field should be blank, leave it blank):

Record the amount to be withheld for group insurance.

Record the amount to be withheld for health insurance.

Each worker is to be paid by check. Assign check numbers provided to the correct employee..

Compute the net pay for each employee.

Total the input columns.

Name	Gross	OASDI	HI	FIT	SIT	SUTA	CIT	SIMPLE	Grp. Ins.	Health Ins.	Ck. No.	Amount
KIPLEY COMPANY, INC. Payroll Register For Period Ending January 8, 20--
	EARNINGS	DEDUCTIONS									NET PAY
Carson, F.	$700.00	$43.40	$10.15	$60.00	$21.49	$0.42	$21.00	$20.00	$	$		$
Wilson, W.	897.04	55.62	13.01	92.00	27.54	0.54	26.91	50.00
Utley, H.	678.75	42.08	9.84	26.00	20.84	0.41	20.36	40.00
Fife, L.	877.10	54.38	12.72	29.00	26.93	0.53	26.31	50.00
Smith, L.	790.00	48.98	11.46	62.00	24.25	0.47	23.70	20.00
Fay, G.	539.15	33.43	7.82	4.00	16.55	0.32	16.17	40.00
Robey, G.	623.08	38.63	9.03	---	19.13	0.37	18.69	50.00
Schork, T.	773.08	47.93	11.21	64.00	23.73	0.46	23.19	60.00
Hardy, B.	666.11	41.30	9.66	2.00	20.45	0.40	19.98	30.00
Kipley	1,000.00	62.00	14.50	14.00	30.70	0.60	30.00	80.00

Totals		$467.75	$109.40	$353.00	$231.61	$4.52	$226.31	$440.00			----

Employer Register

Complete the following:

Record the total gross earnings.

	Taxable Earnings	OASDI	HI	FUTA	SUTA
KIPLEY COMPANY, INC. Employer Register Payroll Taxes

Totals	$	$467.75	$109.40	$45.27	$278.31

Journal Entry: Recording Payroll

Complete the following:

Prepare the journal entries as of January 12 to record the payroll and the payroll taxes for the week ending January 8. Credit Salaries Payable for the total net pay.

Date	Account	Debit	Credit
20-- Jan. 12










	To record payroll.

20-- Jan. 12




	To record payroll taxes.

Expert Solution

Payroll Register
For Period Ending January 8, 20--
	EARNINGS	DEDUCTIONS									NET PAY
Name	Gross	OASDI	HI	FIT	SIT	SUTA	CIT	SIMPLE	Grp. Ins.	Health Ins.	Ck. No.	Amount
Carson, F.	700	43.4	$10.15	$60.00	$21.49	$0.42	$21.00	$20.00	0.85	1.65	313	521.04
Wilson, W.	897.04	55.62	13.01	92	27.54	0.54	26.91	50	0.85	1.65	314	628.92
Utley, H.	678.75	42.08	9.84	26	20.84	0.41	20.36	40	0.85	1.65	315	516.72
Fife, L.	877.1	54.38	12.72	29	26.93	0.53	26.31	50	0.85	1.65	316	674.73
Smith, L.	790	48.98	11.46	62	24.25	0.47	23.7	20		1.65	317	597.49
Fay, G.	539.15	33.43	7.82	4	16.55	0.32	16.17	40	0.85	1.65	318	418.36
Robey, G.	623.08	38.63	9.03	0	19.13	0.37	18.69	50	0.85	1.65	319	484.73
Schork, T.	773.08	47.93	11.21	64	23.73	0.46	23.19	60		1.65	320	540.91
Hardy, B.	666.11	41.3	9.66	2	20.45	0.4	19.98	30	0.85	1.65	321	539.82
Kipley	1,000.00	62	14.5	14	30.7	0.6	30	80	0.85	1.65	322	765.7

Totals		467.75	$109.40	$353.00	$231.61	$4.52	$226.31	$440.00	6.8	16.5	----	5688.42

KIPLEY COMPANY, INC.
Employer Register
Payroll Taxes
	Taxable Earnings	OASDI	HI	FUTA	SUTA

Totals	7544.31	$467.75	$109.40	$45.27	$278.31

Date	Account	Debit	Credit
20-Jan-12	Payroll	467.75
	To OASDI		467.75
	(Being OASDI deducted)

	Payroll	109.4
	To HI		109.4
	(being HI deducted)

	Payroll	353
	To FIT		353
	(Being FIT deducted)

	Payroll	231.61
	To SIT		231.61
	(being SIT deducted)

	Payroll	4.52
	To SUTA		4.52
	(Being SUTA Deducted)

	Payroll	226.31
	TO CIT		226.31
	(Being CIT deducted)

	Payroll	6.8
	To gross ins		6.8
	(Being Gross insurance deducted)

	Payroll	16.5
	To Health ins		16.5
	(being health insurance deducted)

	Payroll	440
	To Simple		440
	(being simple deuction made)

	payroll	5688.42
	To net Pay		5688.42
	(Being payroll amount transferred to net pay)

20-Jan-14	Net pay	5688.42
	To bank		5688.42
	(being amount paid for net pay)

Amount held for group insurance=				6.8
Amount held for Health insurance=				16.5

ekkarill92 answered 4 weeks ago

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