Accruals and Deferrals

Question 1Company DEF has three employees and does the payroll every Friday. Determine the gross pay, total deductions and net pay for each employee. Use the following for FICA: Cap = \$100,000, rates are 6% for social security and 1.5% for Medicare. Steve–worked 45 hours and earns \$30/hour. His year to date earnings are \$99,300. Besides FICA he has deductions of \$250 for federal income tax, \$125 for state income tax and \$75 for union dues.Mary—worked 45 hours and earns a salary of \$52,000 per year. Her year to date earnings are \$43,200. Besides FICA she has deductions of \$185 in federal income tax, \$100 for state income tax, and \$40 for her medical insurance premium.Pete—-worked 30 hours and earns \$20 per hour. His year to date earnings are \$24,435. besides FICA he has deductions of \$70 for federal income tax, \$42 for state income tax and \$25 for union dues.Question 2
The following totals appear in the payroll register of Company ABC. of our employees. These are the totals of all employees.Gross Pay……………………..\$25,000Social security……………….\$1500Medicare………………………\$375Federal income tax…………\$4500State income tax……………\$2000Union dues…………………..\$150Medical Premium…………..\$200Total deductions…………..\$8725Net Pay……………………..\$16,275All employee wages are subject to FUT and SUT. Our SUT rate is 5% and our FUT rate is 1%.Prepare the journal entries to record the payroll, pay the payroll, and record the payroll taxes.Question 3
Provide the necessary adjusting entries for December 311. Wages owed to our employees totaled \$2400.2. Depreciation on our truck was \$1200.3. Supplies used for the period was \$5004. Insurance expired was \$1300.5. Income tax owed but not yet paid was \$10,000.Accurals and deferrals are examined.

Accruals and Deferrals

Question 1Company DEF has three employees and does the payroll every Friday. Determine the gross pay, total deductions and net pay for each employee. Use the following for FICA: Cap = \$100,000, rates are 6% for social security and 1.5% for Medicare. Steve–worked 45 hours and earns \$30/hour. His year to date earnings are \$99,300. Besides FICA he has deductions of \$250 for federal income tax, \$125 for state income tax and \$75 for union dues.Mary—worked 45 hours and earns a salary of \$52,000 per year. Her year to date earnings are \$43,200. Besides FICA she has deductions of \$185 in federal income tax, \$100 for state income tax, and \$40 for her medical insurance premium.Pete—-worked 30 hours and earns \$20 per hour. His year to date earnings are \$24,435. besides FICA he has deductions of \$70 for federal income tax, \$42 for state income tax and \$25 for union dues.Question 2
The following totals appear in the payroll register of Company ABC. of our employees. These are the totals of all employees.Gross Pay……………………..\$25,000Social security……………….\$1500Medicare………………………\$375Federal income tax…………\$4500State income tax……………\$2000Union dues…………………..\$150Medical Premium…………..\$200Total deductions…………..\$8725Net Pay……………………..\$16,275All employee wages are subject to FUT and SUT. Our SUT rate is 5% and our FUT rate is 1%.Prepare the journal entries to record the payroll, pay the payroll, and record the payroll taxes.Question 3
Provide the necessary adjusting entries for December 311. Wages owed to our employees totaled \$2400.2. Depreciation on our truck was \$1200.3. Supplies used for the period was \$5004. Insurance expired was \$1300.5. Income tax owed but not yet paid was \$10,000.Accurals and deferrals are examined.

Accruals and Deferrals

Question 1Company DEF has three employees and does the payroll every Friday. Determine the gross pay, total deductions and net pay for each employee. Use the following for FICA: Cap = \$100,000, rates are 6% for social security and 1.5% for Medicare. Steve–worked 45 hours and earns \$30/hour. His year to date earnings are \$99,300. Besides FICA he has deductions of \$250 for federal income tax, \$125 for state income tax and \$75 for union dues.Mary—worked 45 hours and earns a salary of \$52,000 per year. Her year to date earnings are \$43,200. Besides FICA she has deductions of \$185 in federal income tax, \$100 for state income tax, and \$40 for her medical insurance premium.Pete—-worked 30 hours and earns \$20 per hour. His year to date earnings are \$24,435. besides FICA he has deductions of \$70 for federal income tax, \$42 for state income tax and \$25 for union dues.Question 2
The following totals appear in the payroll register of Company ABC. of our employees. These are the totals of all employees.Gross Pay……………………..\$25,000Social security……………….\$1500Medicare………………………\$375Federal income tax…………\$4500State income tax……………\$2000Union dues…………………..\$150Medical Premium…………..\$200Total deductions…………..\$8725Net Pay……………………..\$16,275All employee wages are subject to FUT and SUT. Our SUT rate is 5% and our FUT rate is 1%.Prepare the journal entries to record the payroll, pay the payroll, and record the payroll taxes.Question 3
Provide the necessary adjusting entries for December 311. Wages owed to our employees totaled \$2400.2. Depreciation on our truck was \$1200.3. Supplies used for the period was \$5004. Insurance expired was \$1300.5. Income tax owed but not yet paid was \$10,000.Accurals and deferrals are examined.

Accruals and Deferrals

Question 1Company DEF has three employees and does the payroll every Friday. Determine the gross pay, total deductions and net pay for each employee. Use the following for FICA: Cap = \$100,000, rates are 6% for social security and 1.5% for Medicare. Steve–worked 45 hours and earns \$30/hour. His year to date earnings are \$99,300. Besides FICA he has deductions of \$250 for federal income tax, \$125 for state income tax and \$75 for union dues.Mary—worked 45 hours and earns a salary of \$52,000 per year. Her year to date earnings are \$43,200. Besides FICA she has deductions of \$185 in federal income tax, \$100 for state income tax, and \$40 for her medical insurance premium.Pete—-worked 30 hours and earns \$20 per hour. His year to date earnings are \$24,435. besides FICA he has deductions of \$70 for federal income tax, \$42 for state income tax and \$25 for union dues.Question 2
The following totals appear in the payroll register of Company ABC. of our employees. These are the totals of all employees.Gross Pay……………………..\$25,000Social security……………….\$1500Medicare………………………\$375Federal income tax…………\$4500State income tax……………\$2000Union dues…………………..\$150Medical Premium…………..\$200Total deductions…………..\$8725Net Pay……………………..\$16,275All employee wages are subject to FUT and SUT. Our SUT rate is 5% and our FUT rate is 1%.Prepare the journal entries to record the payroll, pay the payroll, and record the payroll taxes.Question 3
Provide the necessary adjusting entries for December 311. Wages owed to our employees totaled \$2400.2. Depreciation on our truck was \$1200.3. Supplies used for the period was \$5004. Insurance expired was \$1300.5. Income tax owed but not yet paid was \$10,000.Accurals and deferrals are examined.

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