Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the

Question

Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company’s FUTA taxes are 0.8% and SUTA taxes are 2.15%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company’s four employees.

b. Prepare the August 31 journal entry to record the accrued biweekly payroll and related liabilities for deductions. (Round your answers to 2 decimal places.

c. Prepare the August 31 journal entry to record the employer’s cash payment of the net payroll of part b.(Round your answers to 2 decimal places.)

d.Prepare the August 31 journal entry to record the employer’s payroll taxes including the contribution to the benefits plan. (Round your answers to 2 decimal places.)

Record the employer's payroll tax expense related to the August 31 payroll.

Record the employer's benefit expense related to the August 31 payroll.

e. Prepare the August 31 journal entry to pay all liabilities (except net payroll in part c) for this biweekly period. (Round your answers to 2 decimal places.)

Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company’s FUTA taxes are 0.8% and SUTA taxes are 2.15%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company’s four employees.

a. Complete this payroll register by filling in all cells for the pay period ended August 31. (Round your answers to 2 decimal places.) FIC FICA S.S. MedicareWithholding Employee Employee Current Period Gross Pay Withholding FIT Employee Plan Cumulative Pay Employee Employee (Excludes Net Pay Current Period) Pay FICA S.S. Medicare Withholding SIT Pa Pay Gross Pay Withholding Employer Plan SUTA Employer Employer Type Hours $ 2,000.00 300.00 80.00 20.00 110.00 25.00 100.00 22.00 90.00 21.00 Kathleen 108,300.00 Salany $ 7,000.00 Anthony 6,800.00 Salary 500.00 Regular80 Overtime 8 Regular80 Overtime 4 Regular74 Overtime 800.00 120.00 800.00 60.00 740.00 Nichole 15,000.00 Zoey 6,500.00 Gracie 5,000.00 $ 9,840.00 $ 2,380.00$ 0.000.00 0.00 S 0.00 Totals 141,600.00 $0.00 180.00 388.00 0.00 0.00 0.00 0.00

Explanation / Answer

Calculate the cross section of members AB and BC .

Calculate the cross section of member BD .

Calculate the cross section of members AD and CD .

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