Business, 27.08.2020 15:01 myleefaustin
Headland Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Vacation Pay to Earnings to Weekly Be Received Employee July 31 Pay in August Mark Hamill $5,320 $290Karen Robbins 4,620 240 $480Brent Kirk 3,820 200 400Alec Guinness 8,520 340Ken Sprouse 9,120 420 840 Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the second and third weeks of August by Robbins, Kirk, and Sprouse. The state unemployment tax rate is 2.5% and the federal is 0.8%, both on a $8,120 maximum. The FICA rate is 7.65% on employee and employer on a maximum of $107,920 per employee. In addition, a 1.45% rate is charged both employer and employee for an employee’s wages in excess of $107,920. Make the journal entries necessary for each of the four August payrolls. The entries for the payroll and for the company’s liability are made separately. Also make the entry to record the monthly payment of accrued payroll liabilities.
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Headland Company pays its office employee payroll weekly. Below is a partial list of employees and t...
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