RETURN BY THE ON YOUR RECE 12- 524 Chapter 10 Liabilities: Current, Installment Notes, and Contingencies For the current pay period, the computer programmer worked 48 hours and the administrator...

Only Ex 10-10


Extracted text: RETURN BY THE ON YOUR RECE 12- 524 Chapter 10 Liabilities: Current, Installment Notes, and Contingencies For the current pay period, the computer programmer worked 48 hours and the administrator worked 51 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. SAOW ME HOW Determine the gross pay and the net pay for each of the three employees for the current pau period. EX 10-10 Summary payroll data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Obj. 2 Va. (3) Total earnings, $540,000 Earnings: 1. At regular rate 2. At overtime rate 3. Total earnings 80,000 EXCEL TEMPLATE Deductions: $ (32,400) 4. Social security tax 5. Medicare tax (8,100) 6. Income tax withheld 7. Medical insurance (135,000) (18,900) 8. Union dues 9. Total deductions 10. Net amount paid $(201,150) $ 338,850 Accounts debited: 11. Factory Wages $ 285,000 12. Sales Salaries 13. Office Salaries 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). b. Journalize the entry to record the payroll accrual. c. Journalize the entry to record the payment of the payroll. Obj. 2