ACCOUNTING PROBLEM-- NEED ASAP
orbomartxv
module_10_assignment.xlsxWritten Exercise
| Module 10 Written Assignment | |||||||||||||||||
| For this exercise, conduct an internet search or use your assigned reading to answer the following questions: | |||||||||||||||||
| Instructor Feedback | |||||||||||||||||
| 1 | What is a garnishment? Identify two or three garnishments and explain how they affect employee wages. | ||||||||||||||||
| 2 | How does the process for filing federal payroll taxes differ from state payroll taxes? | ||||||||||||||||
| 3 | What forms are used to file federal and state taxes? What are some differences that may occur among states? | ||||||||||||||||
| 4 | What challenges do payroll professionals encounter during the payroll process? Discuss at least two challenges and provide a possible solution for each. | ||||||||||||||||
Payroll Problems
| Module 10 Payroll Problems | ||||
| Problem 10.1 | ||||
| Payroll for the period was $45,000. Of that, taxes withheld from employees included state income taxes of $1,300, federal income taxes of $2,500, and FICA Taxes (OASDI and HI). | ||||
| The OASDI taxes withheld were $250 and the HI taxes were $1,100. Journalize the payroll accrual. | ||||
| General Journal | ||||
| Account | Debit | Credit | ||
| Problem 10.2 | ||||
| Payroll for the period was $52,000. Of that, taxes withheld from employees included state income taxes of $1,450, federal income taxes of $2,105, and FICA Taxes (OASDI and HI). | ||||
| The OASDI taxes withheld were $325 and the HI taxes were $1,702. Additionally, employees had insurance premiums, union dues, and 401k contributions deducted | ||||
| from their paychecks, which were $900, $300, and $1,100 respectively. Journalize the payroll accrual. | ||||
| General Journal | ||||
| Account | Debit | Credit | ||
| Problem 10.3 | ||||
| Payroll for the period was $69,500. Of that, taxes withheld from employees included state income taxes of $1,355, federal income taxes of $2,684, and FICA Taxes (OASDI and HI). | ||||
| The OASDI taxes withheld were $289 and the HI taxes were $1,408. Additionally, employees had health insurance premiums, union dues, and 401k contributions deducted | ||||
| from their paychecks, which were $1,400, $875, and $3,650 respectively. The Employer had matching social security obligations and incurred FUTA taxes of $480 and SUTA taxes of $1,560. | ||||
| The employer also matched the healthcare and 401k contributions. Record the payroll accruals. | ||||
| General Journal | ||||
| Account | Debit | Credit | ||
Continuing Problem Instructions
| Continuing Problem Instructions |
| In this last phase of your work on the Continuing Payroll Problem, you will calculate the net pay for each employee. Refer to the partially completed payroll registers from prior modules. 1. Determine the net pay for each employee. The net pay for each employee is obtained by subtracting the total amount of all deductions from the total earnings. 2. Foot all money columns of the payroll register, and prove the accuracy of the column totals. Prepare the journal entries as of January 07 to record the payroll and the payroll taxes accruals for the week ending January 7. Record payment of wages as of Friday, January 12. |
Continuing Problem Worksheet
| Continuing Problem Worksheen | |||||||||||||||||||||||||||||||||||||||||||||||||||
| North Country Hotel and Resort | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Payroll Register | |||||||||||||||||||||||||||||||||||||||||||||||||||
| For the Period Ending: Jan. 07, 20XX | |||||||||||||||||||||||||||||||||||||||||||||||||||
| No. | Employee | Marital Status | Allow. | Regular Earnings | Overtime Earnings | Deductions | Net Pay | Taxable Earnings | OASDI | HI | FIT | SIT | SUTA | CIT | SIMPLE | GROUP | HEALTH | Net | |||||||||||||||||||||||||||||||||
| Hours | Hourly Rate | Earnings | Hours | Hourly Rate | Earnings | Total Earnings | Group Life | Health Plan | 401K / Simple | FICA | FIT | SIT | CIT | SUTA | Check No. | Amount | OASDI | HI | FUTA | SUTA | 0.062 | 0.0145 | 0.0307 | 0.0007 | 0.03 | INS | INS | pay | oasdi | hi | futa | suta | |||||||||||||||||||
| OASDI | HI | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 300 | Adams, Nikki | S | 1 | 40 | $ 12.50 | $ 500.00 | 0 | $18.75 | - 0 | $ 500.00 | $ 5.00 | $ 50.00 | $ 20.00 | $ 27.00 | $ 3.25 | $ 39.00 | $ 8.60 | $ 4.30 | $ 500.00 | 21313 | $ 222.85 | $ 27.00 | $ 3.25 | OOOO | $ 270.00 | 300 | 300 | 18.60 Mark Sears: Enter as a formula of taxable earnings x OASDI rate | 4.35 Mark Sears: Enter as a formula of taxable earnings x HI rate | 17.00 | 9.21 | 0.21 | 9.00 | 20.00 | 0.85 | 1.65 | 219.13 | 300.00 | 300.00 | 300.00 | 300.00 | ||||||||||
| 111 | Barr, Stephanie | S | 0 | 40 | $ 13.00 | $ 520.00 | 8 | $19.50 | 156.00 | $ 676.00 | $ 5.00 | $ 50.00 | $ 50.00 | $ 36.50 | $ 4.39 | $ 71.00 | $ 11.52 | $ 5.76 | $ 676.00 | 21314 | $ 286.79 | $ 36.50 | $ 4.39 | OOOO | $ 365.04 | 290 | 87.04 | 377.04 | 23.38 | 5.47 | 34.00 | 11.58 | 0.26 | 11.31 | 50.00 | 0.85 | 1.65 | 238.55 | 377.04 | 377.04 | 377.04 | 377.04 | |||||||||
| 208 | Duginski, Samuel | M | 2 | 39.5 | $ 16.75 | $ 661.63 | 0 | $25.13 | - 0 | $ 661.63 | $ 5.00 | $ 100.00 | $ 40.00 | $ 35.73 | $ 4.30 | $ 21.00 | $ 10.43 | $ 5.22 | $ 661.63 | 21315 | $ 372.67 | $ 35.73 | $ 4.30 | OOOO | $ 357.28 | 303.75 | 303.75 | 18.83 | 4.40 | - 0 | 9.33 | 0.21 | 9.11 | 40.00 | 0.85 | 1.65 | 219.36 | 303.75 | 303.75 | 303.75 | 303.75 | ||||||||||
| 198 | Glander, Morgan | M | 4 | 40 | $ 14.00 | $ 560.00 | 6 | $21.00 | 126.00 | $ 686.00 | $ 5.00 | $ 100.00 | $ 50.00 | $ 37.04 | $ 4.46 | $ 7.00 | $ 10.72 | $ 5.36 | $ 686.00 | 21316 | $ 405.98 | $ 37.04 | $ 4.46 | OOOO | $ 370.44 | 316 | 71.1 | 387.1 | 24.00 | 5.61 | - 0 | 11.88 | 0.27 | 11.61 | 50.00 | 0.85 | 1.65 | 281.22 | 387.10 | 387.10 | 387.10 | 387.10 | |||||||||
| 189 | Hines, Terrance | S | 2 | 40 | $ 18.25 | $ 730.00 | 0 | $27.38 | - 0 | $ 730.00 | $ 5.00 | $ 50.00 | $ 20.00 | $ 39.42 | $ 4.75 | $ 62.00 | $ 13.20 | $ 6.60 | $ 730.00 | 21317 | $ 284.83 | $ 39.42 | $ 4.75 | OOOO | $ 394.20 | 390 | 390 | 24.18 | 5.66 | 19.00 | 11.97 | 0.27 | 11.70 | 20.00 | - 0 | 1.65 | 295.57 | 390.00 | 390.00 | 390.00 | 390.00 | ||||||||||
| 68 | Jama, Adamo | M | 3 | 40 | $ 26.25 | $ 1,050.00 | 1.75 | $39.38 | 68.91 | $ 1,118.91 | $ 10.00 | $ 100.00 | $ 40.00 | $ 60.42 | $ 7.27 | $ 70.00 | $ 19.58 | $ 9.79 | $ 1,118.91 | 21318 | $ 497.64 | $ 60.42 | $ 7.27 | OOOO | $ 604.21 | 515 | 24.15 | 539.15 | 33.43 | 7.82 | 11.00 | 16.55 | 0.38 | 16.17 | 40.00 | 0.85 | 1.65 | 411.30 | 539.15 | 539.15 | 539.15 | 539.15 | |||||||||
| 45 | Lee, Min | M | 6 | 40 | $ 27.55 | $ 1,102.00 | 4 | $41.33 | 165.30 | $ 1,267.30 | $ 10.00 | $ 100.00 | $ 50.00 | $ 68.43 | $ 8.24 | $ 57.00 | $ 22.35 | $ 11.17 | $ 1,267.30 | 21319 | $ 575.74 | $ 68.43 | $ 8.24 | OOOO | $ 684.30 | 392.31 | 392.31 | 24.32 | 5.69 | - 0 | 12.04 | 0.27 | 11.77 | 50.00 | 0.85 | 1.65 | 285.71 | 392.31 | 392.31 | 392.31 | 392.31 | ||||||||||
| 17 | Rorberts, Tammi | S | 1 | 40 | $ 36.63 | $ 1,465.20 | 0 | $54.95 | - 0 | $ 1,465.20 | $ 10.00 | $ 50.00 | $ 60.00 | $ 79.12 | $ 9.52 | $ 229.30 | $ 27.10 | $ 13.55 | $ 1,465.20 | 21320 | $ 435.53 | $ 79.19 | $ 9.53 | OOOO | $ 791.93 | 542.31 | 542.31 | 33.62 | 7.86 | 47.00 | 16.65 | 0.38 | 16.27 | 60.00 | - 0 | 1.65 | 358.88 | 542.31 | 542.31 | 542.31 | 542.31 | ||||||||||
| 12 | Vick, Tomika | M | 5 | 40 | $ 49.10 | $ 1,964.00 | 1 | $73.65 | 73.65 | $ 2,037.65 | $ 10.00 | $ 100.00 | $ 30.00 | $ 110.03 | $ 13.24 | $ 187.25 | $ 38.15 | $ 19.08 | $ 2,037.65 | 21321 | $ 731.73 | $ 110.02 | $ 13.24 | OOOO | $ 1,100.25 | 348.46 | 52.28 | 400.74 | 24.85 | 5.81 | - 0 | 12.30 | 0.28 | 12.02 | 30.00 | 0.85 | 1.65 | 312.98 | 400.74 | 400.74 | 400.74 | 400.74 | |||||||||
| 9 | Yo, Margaret | M | 7 | $ 2,403.85 | - 0 | $ 2,403.85 | $ 15.00 | $ 100.00 | $ 80.00 | $ 129.81 | $ 15.63 | $ 222.86 | $ 44.48 | $ 22.24 | $ 2,403.85 | 21322 | $ 860.75 | $ 129.81 | $ 15.63 | OOOO | $ 1,298.08 | 1000 | 1000 | 62.00 | 14.50 | 24.00 | 30.70 | 0.70 | 30.00 | 80.00 | 0.85 | 1.65 | 755.60 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||||||||
| Totals | $ 10,956.68 | 589.86 | $ 11,546.53 | $ 80.00 | $ 800.00 | $ 440.00 | $ 623.51 | $ 75.05 | $ 966.41 | $ 206.13 | $ 103.07 | $ 11,546.53 | $ 4,674.51 | $ 623.56 | $ 75.06 | OOOO | $ 6,235.57 | 4,397.83 Mark Sears: Enter as formula totaling column | 234.57 Mark Sears: Enter as formula totaling column | 4,632.40 Mark Sears: Enter as formula totaling column | 287.21 Mark Sears: Enter as formula totaling column | 67.17 Mark Sears: Enter as formula totaling column | 152.00 Mark Sears: Enter as formula totaling column | 142.21 Mark Sears: Enter as formula totaling column | 3.24 Mark Sears: Enter as formula totaling column | 138.97 Mark Sears: Enter as formula totaling column | 440.00 Mark Sears: Enter as formula totaling column | 6.80 Mark Sears: Enter as formula totaling column | 16.50 Mark Sears: Enter as formula totaling column | 3,378.29 Mark Sears: Enter as formula totaling column | 4,632.40 Mark Sears: Enter as formula totaling column | 4,632.40 Mark Sears: Enter as formula totaling column | 4,632.40 Mark Sears: Enter as formula totaling column | 4,632.40 Mark Sears: Enter as formula totaling column |
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Mark Sears: Enter as a formula of taxable earnings x OASDI rate |
Mark Sears: Enter as a formula of taxable earnings x HI rate |
Mark Sears: Enter as formula totaling column |
Mark Sears: Enter as formula totaling column |
Mark Sears: Enter as formula totaling column |
Mark Sears: Enter as formula totaling column |
Mark Sears: Enter as formula totaling column |
Mark Sears: Enter as formula totaling column |
Mark Sears: Enter as formula totaling column | Journal | ||||||||||||||||||||||||||||||||||||||||||
| Date | Account | Debit | Credit | Taxable | OASDI | ||||||||||||||||||||||||||||||||||||||||||||||
| Earnings | Rate | Tax | |||||||||||||||||||||||||||||||||||||||||||||||||
| 01/07/20XX | Salaries and Wages Expense | 11547.65 | OASDI | $ 524.56 | 4,632.40 | ||||||||||||||||||||||||||||||||||||||||||||||
| Employee FIT Payable | $ 962.53 | 287.21 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Employee SIT Payable | $ 206.15 | HI Tax | 67.17 | Taxable | |||||||||||||||||||||||||||||||||||||||||||||||
| Empoyee SUTA Payable | $ 6,235.57 | HI | $ 75.06 | 152.00 | Earnings | Rate | Net FUTA | ||||||||||||||||||||||||||||||||||||||||||||
| Employee CIT Payabale | $ 103.08 | 142.21 | 4,632.40 | 0.006 | 27.79 | ||||||||||||||||||||||||||||||||||||||||||||||
| FICA - OASDI Payable | $ 623.56 | 3.24 | SUTA | ||||||||||||||||||||||||||||||||||||||||||||||||
| FICA - HI Payable | $ 75.06 | FUTA Tax | 138.97 | 4,632.40 | 0.036785 | 170.40 | |||||||||||||||||||||||||||||||||||||||||||||
| 401K Contributions Payable | $ 440.00 | FUTA | $ - 0 | 440.00 | |||||||||||||||||||||||||||||||||||||||||||||||
| Group Insurance Premiums Payable | $ 75.00 | 6.80 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Health Insurance Premiums Payable | $ 800.00 | SUTA Tax | 16.50 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Salaries and Wages Payable | $ 2,026.70 | SUTA | $ 11,546.53 | 0.0585 | $ 675.47 | 3,378.29 | |||||||||||||||||||||||||||||||||||||||||||||
| 01/07/20XX | Payroll Taxes Expense | $ 7,507.33 | 552.58 | ||||||||||||||||||||||||||||||||||||||||||||||||
| FICA - OASDI Payable | $ 623.56 | 287.21 | |||||||||||||||||||||||||||||||||||||||||||||||||
| FICA - HI Payabale | $ 75.06 | 67.17 | |||||||||||||||||||||||||||||||||||||||||||||||||
| FUTA Taxes Payable | $ - 0 | 27.79 | |||||||||||||||||||||||||||||||||||||||||||||||||
| SUTA Taxes Payable | $ 6,235.57 | 170.40 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 01/14/20XX | Salaries and Wages Payable | $ 4,674.51 | 3,378.29 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash | $ 573.14 | 3,378.29 | |||||||||||||||||||||||||||||||||||||||||||||||||
