Question # 1:
Charles Giles worked 46 hours during this pay-week. He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. What was his overtime premium pay for this workweek?
Use the following information to answer Questions 2, 3 & 4:
The totals from the first payroll of the year are shown below.
Total Pay = $36,195.10 FICA/OASDI = $ 2,244.10 FICA/HI = $ 524.83 FIT W/H = $ 6,515.00 State Tax W/H = $ 361.95 Union Dues = $ 500.00 Net Pay = $26,049.22
Assume the following tax rates: 1. * FICA tax—OASDI on employees: 6.2%. 2. FICA tax—HI on employees: 1.45%. 3. FIT withheld from employees. 4. FICA tax—OASDI on employers: 6.2%. 5. FICA tax—HI on employers: 1.45%. 6. Net FUTA tax: 0.6%. 7. SUTA tax: 3.7%.
Note – Correction to the Textbook – The 2% reduction on the Employee’s share of the OASDI expired on December 31, 2012. So, the correct rate to apply is 6.2% for both the employee and the employer.
Question # 2: Journalize the entry to record the payroll.
Question # 3: Journalize the entry to record the employer’s payroll taxes (assume a SUTA rate of 3.7%).
Question # 4: Journalize the entry to deposit the FICA and FIT taxes.
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