In Uree Amounts 1 Gross Earnings 2 Payroll Deductions And 3 Net Pay The Payroll Clerk Has Left Unexpectedl 1 (42.78 KiB) Viewed 29 times
In Uree Amounts 1 Gross Earnings 2 Payroll Deductions And 3 Net Pay The Payroll Clerk Has Left Unexpectedl 2 (29.12 KiB) Viewed 29 times
*** In uree amounts: (1) gross earnings, (2) payroll deductions, and (3) net pay. The payroll clerk has left unexpectedly, and you have been asked to calculate payroll for the period ending, December 15, 2021. Calculate the net pay for each of the following employees of Hines Company for the week ended December 15. This company pays its employees on an hourly basis and is subject to the Fair Labor Standards Act. All employees have $25/week deduction for medical insurance and $35/week deduction for a company pension plan. No employee will reach the taxable wage base for FICA-OASDI pay period. Assume a FICA-OASDI rate of 7.65% which is 6.2% for FICA - OASDI and FICA - HI of 1,45%. I have provided you with the Federal Income Tax for ench employee (FIT). 1. Using the payroll data below, complete the payroll register. (5 pts.) b. Journalize the entry to record payroll on the 15th of December 15. (3pts.) c. Journalize the payment on December 17 on the attached general Journal form on the next page. (Ipt.) Hourly Overtime Name Hours Rate Rate Bev Haskins 42 $8.50 1.5 $27 50 John Jackson 9.00 1.5 35 7.50 1.3 22 38 Ann Oleson 2 8.00 60 49 Tom Horn a. (5 pts.) Name FIT Net Pay FICA Reg Pay OT Pay Gross Pay Med Ins Pension Plan Total Deductions Pay Haskins Jackson Oleson Horn
b. (3 pts.) c. (1 pt.) Date Account Title P.R Debit Credit (B) I d. Briefly explain the implications to a business if they do NOT properly calculate employee payroll and deductions. Remember, payroll is an expense to the company. (1 pt.)
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