Answer Happy

ACCT. FINANCIAL PAYROLL ACCOUNTING - Semester Project S 5,346 PAYROLL REGISTER Employees Beginning Gross SalariesWages Ending DEDUCTIONS Net Pay Cummulative Hrs. Hr Rate Basic Overtime Total Wages Tot. Salaries Cumm. Fed. IT State IT Soc. Security Medicare Add+Med Medic Ins. Union dues Tot. Deduc Soc. Security Pam Courtney 141,350 $ 28,100 Bo Joncs $ 114.680 $ 16,825 Carol Willis $ 77,144 $ 12,097 Jose Rodriguez 10,846 45 S 14.50 Dave Singh $ 9,876 39 $12.25 Frank Mills $ 44 S 12.25 Keri Smart $ 4,058 37 S 14.50 Totals Required: From the below information provided, prepare the payroll register and the journal entries necessary. NOTES Show the journal entry for the payment of the medical insurance premium for the pay period end. Fed. IT withholding is 3% of annual gross wages up to $125,000 and 5% for gross pay over $125,000 Employee Payroll Journal On the date of payment to employees, the following is the State Income Tax is 12% of Fed. Income Tax Date Accounts Dr recording of the transaction. The similar entries apply to FICA-Social security withholding is 6,2% of gross pay, up to $147,000 for 2022. Wages/salaries expense XX other withholding payment, when due for payment. FICA-Medicare is 1.45% of gross earnings. Additional Medicare tax 0.9% of cum, gross over $200,000 FIT XX FUTA is 0.8% of earnings and SUTA is 5.4% of earnings, both up to $7,000 gross earnings yearly SIT XX Date Accounts Dr Cr Employee'employer pay 50:50 of weekly medical insurance premium, based on 2.5% of gross pay.. FICA - Soc. Security XX Net wages/sal. Payable XX Both Mills and Smart authorized payment of union dues of 5% of gross pay. - Medicare XX Cash XX Add Medicare XX Medical ins. XX FICA- Social security XX Union dues XX Cash XX Net pay payable XX For FICA payments, add both employee and employer.
oject DEDUCTIONS IT State IT Soc. Security Medicare Add+Med Medic Ins. Union dues Tot. Deduc. Nel Pay Employer's Payroll Expense Soc. Security Medicare FUTA SUTA Medicins. Total 3 NOTES C On the date of payment to employees, the following is the recording of the transaction. The similar entries apply to other withholding payment, when due for payment. Date C Date Employee Payroll Journal Accounts Dr. Wages/salaries expense XX FIT SIT FICA - Soc. Security - Medicare Add Medicare Medical ins Union dues Nct pay payable Employer's Payroll Tax Accounts Dr. Payroll expenses XX FICA - Soc. Security Medicare FUTA SUTA Med. Insurance C. Accounts Net wages/sal. Payable Cash Dr XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX XX FICA-Social security Cash XX For FICA payments, add both employee and employer.