The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2)
Employee NamePay RateHours Cumulative Department Federal Income
WorkedTax Withheld
B. Woodard$2,000/wkSalaried$ 98,000Office$ 779.00
J. Thomas13.005140,000Shop320.00
K. McCann17.004642,000Shop330.00
Assume:
FICA-OASDI is 6.2% based on a limit of $106,800
FICA-Medicare is 1.45%
FUTA is .8% based on a limit of $7,000
SUTA is 5.6% based on a limit of $7,000
State income tax is 2.8%
12) Compute the total regular earnings.________
13) Compute the total overtime earnings.________
14) Compute the total gross earnings.________
15) Compute the employees' FICA-OASDI.________
16) Compute the employees' FICA-Medicare.________
17) Compute the total federal income tax. ________
18) Compute the total state income tax. ________
19) Compute the employers payroll tax. ________
20) Compute the total deductions. ________
21) Compute the net pay. ________
22) Prepare the general journal entry to record the payroll.
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23) Prepare the general journal entry to record the employer's payroll tax expense.
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