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Your Name Drug Store pays employees on a weekly basis,this pay period is covering jan1-7 of current year, the following information pertains on the...
Your Name Drug Store pays employees on a weekly basis,this pay period is covering jan1-7 of current year, the following information pertains on the salary of the manager .
1) salary for the week is 500$ plus commission of 3% of month to date sales.the total month to date sales is 50000$the manager contribute 5% of his gross pay to his 401k retirement plan.and contribute 10$ per pay priod to united way of southern based on the employer s tax guide,his federal withholding tax is 15%of total gross pay.
2) Your name Drug store matches the manager s contributions to his 401 k retirement plan.the company covers employees with medical health insurance at 20%,the company rate for the state unemployment is 3% and the workmen s compensation insurance is 5%.
Requirements :
1) complete the manager s gross pay .
2) complete manager s total deductions.
3) complete net pay.
4) complete your drug store s total involuntary contributions.
5) complete your drug store s voluntary contributions.
record necessary journal entry to pay the manager s salaries for this pay period,assuming company doesnt keep a separate payroll account.
7) record the necessary journal entry for the payroll taxes.
8) record the necessary journal entry for the employer s voluntary contributions.
1)Req. # 1: The total Gross Pay is ___________________ (amount).
2) Req. # 2: The total amount of voluntary deductions is ___________________ (amount).
3) Req. # 2: The total amount of mandatory deductions is ___________________ (amount).
4) Req. # 2: The total amount of deductions is ___________________ (amount).
5) Req. # 3: The Net Pay is ___________________ (amount).
6) Req. # 4: The total amount of FICA contribution of the employer is ___________________ (amount).
7) Req. # 4: The total amount of Medicare contribution of the employer is ______(amount).
8) Req. # 4: The total amount of FUTA contribution is ___________________ (amount). (Use the new FUTA rate.)
9) Req. # 4: The total amount of SUTA contribution is ___________________ (amount).
10) Req. # 4: The total amount of Workman's compensation contribution is _____________ (amount).
11) Req. # 4: The total amount of mandatory contributions of the employer is _____________ (amount).
12) Req. # 5: The total amount of company's voluntary contribution is ___________________ (amount).
13) Req. # 6: The debit is to ___________________ (GL Account Name)
14) Req. # 6: The debit amount is ___________________ .
15) Req. # 6: The net amount or take home pay is a credit to ___________________ (GL Account Name.).
16) Req. # 7: The debit is to ___________________ (GL Account Name)
17) Req. # 7: The debit amount is ___________________ .
18) Req. # 8: The debit is to ___________________ (GL Account Name)
19) Req. # 8: The $100.00 credit is to ___________________ (GL Account Name).
20) Req. # 8: The $400.00 credit is to ___________________ (GL Account Name)
