Stark Company has five employees. Employees paid by the hour earn $10 per hour for the regular 40-hour workweek and $15 perhour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on thelast biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICAMedicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Thecompany has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan,employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount.Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August.a. Complete this payroll register by filling in all cells for the pay period ended August 31.Prepare the August 31 journal entry to:b. Record the accrued biweekly payroll and related liabilities for deductions.c. Record the employer's cash payment of the net payroll of part b.d. Record the employer's payroll taxes ie. Including the contribution to the benefits plan.f. Pay all liabilities (except for the net payroll in part c) for this biweekly period.Complete this question by entering your answers in the tabs below.Req AComplete this payroll register by filling in all cells for the pay period ended August 31.Note: Round your answers to 2 decimal places. Do not round your intermediate calculations.KathleenEmployee (ExcludesAnthonyNicholeZoeyReq B to EGracieTotalsCumulative PayCurrent Period)S 135,700.00 Salary16,800.005,750.00 Salary6,700.00Current-Period Gross Pay5,300.00Pay PayType Hours$ 170.250.00NURODAN806RegularOvertimeRegular 806OvertimeRegular 38OvertimeSGross Pay6,000.001,470.00FITWithholdingSITWithholding$ 1,800.00260.00220.0060.0090.0030.00120.0040.0040.0010.00$ 2.270.00 S400.00FUTASUTAFICA S.S.Employee0.00 S0.00FICA S.S.Employer0.000.00MFICAMedicareEmployeeFICAMedicareEmployer0.000.00Employee PlanWithholdingEmployer PlanExpense1973.50147.0073.50147.00EmployeeNet Pay(CurrentPeriodS0.00

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Stark Company has five employees. Employees paid by the hour earn $10 per hour for the regular 40-hour workweek and $15 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August.

Stark Company has five employees. Employees paid by the hour earn $10 per hour for the regular 40-hour workweek and $15 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...

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