payroll example answer 2006

3
Part A) Earnings Taxable Earnin Employee Hours Regular Overtime Gross FICA SUI Ames 20 160.00 - 160.00 160.00 - Baker 48 480.00 144.00 624.00 100.00 - Cobb 40 400.00 - 400.00 - - Dunn 44 320.00 48.00 368.00 368.00 368.00 ### 192.00 ### 628.00 368.00 Part B) Date Accounts / Explanation Debit Credit Dec. 29 Sales Salaries Expense 528.00 Office Salaries Expense ### FICA Payable 38.94 Medicare Payable 22.51 FWT Payable 206.65 SWT Payable 52.20 Health Ins. Payable 42.00 Caritable Contrib. Payable 30.00 Salaries Payable ###

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Page 1: Payroll Example Answer 2006

Part A)

Earnings Taxable EarningsEmployee Hours Regular Overtime Gross FICA SUI

Ames 20 160.00 - 160.00 160.00 -

Baker 48 480.00 144.00 624.00 100.00 -

Cobb 40 400.00 - 400.00 - -

Dunn 44 320.00 48.00 368.00 368.00 368.00

1,360.00 192.00 1,552.00 628.00 368.00

Part B)

Date Accounts / Explanation Debit CreditDec. 29 Sales Salaries Expense 528.00

Office Salaries Expense 1,024.00 FICA Payable 38.94 Medicare Payable 22.51 FWT Payable 206.65 SWT Payable 52.20 Health Ins. Payable 42.00 Caritable Contrib. Payable 30.00 Salaries Payable 1,159.70

Page 2: Payroll Example Answer 2006

6.2% X 1.45% X

Taxable Earnings DeductionsFUI FICA Medicare FWT SWT Health Ins. Other

- 9.92 2.32 9.40 3.60 12.00 -

- 6.20 9.05 92.80 17.20 9.00 10.00

- - 5.80 64.30 14.70 9.00 20.00

200.00 22.82 5.34 40.15 16.70 12.00 -

200.00 38.94 22.51 206.65 52.20 42.00 30.00

Part C)

Date Accounts / Explanation Debit CreditDec. 29 Payroll Tax Expense 79.61

FICA Payable 38.94 Medicare Payable 22.51 SUI Payable (368.00 X 4.5%) 16.56 FUI Payable (200.00 X .8%) 1.60

Page 3: Payroll Example Answer 2006

GROSS PAY

Deductions Accts. DebitedTot. Ded. Net Pay Sales Sal. Office Sal.

37.24 122.76 160.00

144.25 479.75 624.00

113.80 286.20 400.00

97.01 270.99 368.00

392.30 1,159.70 528.00 1,024.00