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In: Accounting

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

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.

KIPLEY COMPANY, INC.
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. $700.00 $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

Employer Register

Complete the following:

Record the total gross earnings.

KIPLEY COMPANY, INC.
Employer Register
Payroll Taxes
Taxable Earnings OASDI HI FUTA SUTA
Totals $ $467.75 $109.40 $45.27 $278.31

Journal Entry: Recording Payroll

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.   

  

Solutions

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

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