Country Company had the following partially completed payroll register: Partial payroll register: Ea
Country Company had the following partially completed payroll register:
Partial payroll register:
Earnings
Withholdings
Salaries
Beginning
Current
Ending
and
Cumulative
Period
Cumulative
Income
Health
United
Total
Net
Check
Wages
Earnings
Earnings
Earnings
OASDI
Medicare
Tax
Insurance
Way
Withholdings
Pay
No.
Expense
$77,000
$4,500
$900
$90
$15
801
112,000
7,200
1,200
144
35
802
48,000
3,300
600
66
0
803
61,000
3,300
850
66
20
804
0
4,500
1,100
90
0
805
$298,000
$22,800
$4,650
$456
$70
payroll tax rate info:
For all payroll calculations, use the following tax rates and round amounts to the nearest cent:
employee: OASDI: 6.2% on the first $118,500 earned; medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000
employer: OASDI: 6.2% on first $118,500; medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned
Requirements:
Requirement 1. Complete the payroll register. Round to two decimals. (Round all amounts to the nearest cent. Abbreviations used: Beg. = Beginning; Cum. = Cumulative; Earn. = Earnings; Exp. = Expense; Med. = Medicare; Ins. = Insurance; With. = Withholdings; Chk = Check.)
Earnings
Withholdings
Salaries
Beg.
Current
Ending
and
Cum.
Period
Cum.
Income
Health
United
Total
Net
Chk
Wages
Earn.
Earn.
Earn.
OASDI
Med.
Tax
Ins.
Way
With.
Pay
No.
Exp.
$77,000
$4,500
$900
$90
$15
801
112,000
7,200
1,200
144
35
802
48,000
3,300
600
66
0
803
61,000
3,300
850
66
20
804
0
4,500
1,100
90
0
805
$298,000
$22,800
$4,650
$456
$70
2. Journalize County Company's salaries and wages expense accrual for the current pay period.
3. Journalize County Company's expenses for employer payroll taxes for the current pay period.
4. Journalize the payment to employees
5. Journalize the payment for withholdings and employer payroll taxes.
