ACC 363 ED-1 and ED-3

ACC 363 ED-1 and ED-3 - Wages Payable....

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EXERCISE D-1 (a) 1. Regular 40 X $14.00 = $560.00 Overtime 2 X $21.00 = 42.00 Gross earnings $602.00 2. FICA taxes—$48.16 = ($602 X 8%). 3. Federal income taxes $49. 4. State income taxes $12.04 = ($602 X 2%). 5. Net pay $477.80 = ($602.00 – $48.16 – $49.00 – $12.04 – $15.00). (b) Office Wages Expense. ............................................... 602.00 FICA Taxes Payable. ........................................... 48.16 Federal Income Taxes Payable. ......................... 49.00 State Income Taxes Payable. ............................. 12.04 Health Insurance Payable. .................................. 15.00 Wages Payable. .................................................... 477.80
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EXERCISE D-3 (a) See next page. (b) Jan. 31 Wages Expense. ..................................... 1,742.00 FICA Taxes Payable. ...................... 139.36 Federal Income Taxes Payable. .... 129.00 Health Insurance Payable. ............. 40.00
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Unformatted text preview: Wages Payable. .............................. 1,433.64 (a) CANSECO COMPANY Payroll Register For the Week Ending January 31 Earnings Deductions Employee Total Hours Regular Overtime Gross Pay FICA Taxes Federal Income Taxes Health Insurance Total Net Pay M. Hindi E. Benson K. Estes Totals 46 42 44 $ 440.00 520.00 560.00 $1,520.00 $ 99.00 39.00 84.00 $222.00 $ 539.00 559.00 644.00 $1,742.00 $ 43.12 44.72 51.52 $139.36 $ 34.00 37.00 58.00 $129.00 $10.00 15.00 15.00 $40.00 $ 87.12 96.72 124.52 $308.36 $ 451.88 462.28 519.48 $1,433.64 EXERCISE D-3 (Continued) (b) Jan. 31 Payroll Tax Expense. ................................. 247.37 FICA Taxes Payable. .......................... 139.36 Federal Unemployment Taxes Payable ($1,742 X .8%). .................. 13.94 State Unemployment Taxes Payable ($1,742 X 5.4%). ................ 94.07...
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This note was uploaded on 03/13/2010 for the course ACC ACC 363 taught by Professor Mariaburgos during the Spring '09 term at University of Phoenix.

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ACC 363 ED-1 and ED-3 - Wages Payable....

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