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a.
Earnings:
1. At regular rate
2. At overtime rate 80,000
3. Total earnings
Deductions:
4. Social security tax 32,400$
5. Medicare tax 8,100
6. Income tax withheld 135,000
7. Medical insurance 18,900
8. Union dues
9. Total deductions 201,150$
10. Net amount paid 338,850$
Accounts debited:
11. Factory Wages 285,000
12. Sales Salaries
13. Office Salaries 120,000
b.
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Exercise 10-10
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Section:
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Instructions
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c.
An asterisk (*) will appear to the right of an incorrect entry.
a.
Earnings:
1. At regular rate 460,000$
2. At overtime rate 80,000
3. Total earnings 540,000$
Deductions:
4. Social security tax 32,400$
5. Medicare tax 8,100
6. Income tax withheld 135,000
7. Medical insurance 18,900
8. Union dues 6,750
9. Total deductions 201,150$
10. Net amount paid 338,850$
Accounts debited:
11. Factory Wages 285,000
12. Sales Salaries 135,000
13. Office Salaries 120,000
b.
285,000
135,000
120,000
32,400
8,100
Factory Wages Expense
Exercise 10-10
Name:
Solution
Section:
Score:
ON
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Sales Salaries Expense
Office Salaries Expense
Social Security Tax Payable
Medicare Tax Payable
An asterisk (*) will appear to the right of an incorrect entry.
a.
Employer's Payroll Taxes:
Rate
Social security tax
Medicare tax
State unemp. tax
Federal unemp. tax
Total
b.
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Exercise 10-11
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Amount
Subject to Tax
Tax
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a.
Employer's Payroll Taxes:
Rate
Social security tax 6.0% 110,000$ 6,600$
Medicare tax 1.5% 110,000 1,650
State unemp. tax 5.4% 25,000 1,350
Federal unemp. tax 0.8% 25,000 200
Total 9,800$
b.
9,800
6,600
1,650
1,350
200
Amount
Subject to Tax
Tax
Exercise 10-11
Name:
Solution
Section:
Score:
ON
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Payroll Tax Expense
Social Security Tax Payable
Medicare Tax Payable
State Unemployment Tax Payable
Federal Unemployment Tax Payable
[Key code here]
An asterisk (*) will appear to the right of an incorrect entry.
a.
For the Year
Ending
January 1
Carrying
Amount
Note
Payment
(Cash Paid)
Interest
Expense
Decrease in
Notes Payable
Dec. 31
Carrying
Amount
Dec. 31, Year 1
Dec. 31, Year 2
Dec. 31, Year 3
Dec. 31, Year 4
b. Year 1
Jan. 1
Dec. 31
Year 2
Dec. 31
Year 3
Dec. 31
Year 4
Dec. 31
c. Interest expense to be reported on the income statement:
Exercise 10-21
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Section:
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Instructions
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Amortization of Installment Notes
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a.
For the Year
Ending
January 1
Carrying
Amount
Note
Payment
(Cash Paid)
Interest
Expense
Decrease in
Notes Payable
Dec. 31
Carrying
Amount
Dec. 31, Year 1 147,750$ 43,620$ 10,343$ 33,277$ 114,473$
Dec. 31, Year 2 114,473 43,620 8,013 35,607 78,866
Dec. 31, Year 3 78,866 43,620 5,521 38,099 40,767
Dec. 31, Year 4 40,767 43,620 2,853 40,767 -
174,480$ 26,730$ 147,750$
b. Year 1
Jan. 1 147,750
147,750
Dec. 31 33,277
10,343
43,620
Year 3
Dec. 31 38,099
5,521
Score:
ON
Exercise 10-21
Name:
Solution
Section:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
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Amortization of Installment Notes
Cash
Notes Payable
Notes Payable
Interest Expense
Cash
Notes Payable
Interest Expense
An asterisk (*) will appear to the right of an incorrect entry.
1.
Gross Federal Income Social Security Medicare
Employee Earnings Tax Withheld Tax Withheld Tax Withheld
Arnett
Cruz
Edwards
Harvin
Nicks
Shiancoe
Ward
Totals
2.
a. Social security tax paid by employer
Problem 10-3A
Name:
Section:
Cells with non-gray backgrounds are protected and cannot be edited.
Amounts to Be Reported on Wage and Tax Statements (Form W-2)
Employer Payroll Taxes
Score:
0%
Key Code:
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
b. Medicare tax paid by employer
c. and d.
SUTA/FUTA
Employee Earnings
Arnett
Cruz
Edwards
Harvin
Nicks
Shiancoe State unemployment compensation tax
Ward
Total Federal unemployment compensation tax
e. Total employer payroll taxes
An asterisk (*) will appear to the right of an incorrect entry.
1.
Gross Federal Income Social Security Medicare
Employee Earnings Tax Withheld Tax Withheld Tax Withheld
Arnett 9,000.00$ 1,698.00$ 540.00$ 135.00$
Cruz 55,200.00 9,576.00 3,312.00 828.00
Edwards 24,600.00 4,896.00 1,476.00 369.00
Harvin 5,900.00 1,052.00 354.00 88.50
Nicks 132,000.00 31,020.00 7,920.00 1,980.00
Shiancoe 113,000.00 25,330.00 6,780.00 1,695.00
Ward 7,050.00 1,182.00 423.00 105.75
b. Medicare tax paid by employer 5,201.25
c. and d.
SUTA/FUTA
Cruz 10,000.00
Edwards 10,000.00
Harvin 5,900.00
Nicks 10,000.00
Shiancoe 10,000.00 State unemployment compensation tax 3,345.30
Score:
ON
Problem 10-3A
Name:
Solution
Section:
Instructions
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Amounts to Be Reported on Wage and Tax Statements (Form W-2)
An asterisk (*) will appear to the right of an incorrect entry.
1.
Gross Federal Income Social Security Medicare
Employee Earnings Tax Withheld Tax Withheld Tax Withheld
Addai
Kasay
McGahee
Moss
Stewart
Tolbert
Wells
Totals
2.
a. Social security tax paid by employer
Problem 10-3B
Name:
Section:
Cells with non-gray backgrounds are protected and cannot be edited.
Amounts to Be Reported on Wage and Tax Statements (Form W-2)
Employer Payroll Taxes
Score:
0%
Key Code:
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
b. Medicare tax paid by employer
c. and d.
SUTA/FUTA
Employee Earnings
Addai
Kasay
McGahee
Moss
Stewart
Tolbert State unemployment compensation tax
Wells
Total Federal unemployment compensation tax
e. Total employer payroll taxes
An asterisk (*) will appear to the right of an incorrect entry.
1.
Gross Federal Income Social Security Medicare
Employee Earnings Tax Withheld Tax Withheld Tax Withheld
Addai 44,880$ 9,372$ 2,692.80$ 673.20$
Kasay 25,200 3,731 1,512.00 378.00
McGahee 67,410 12,999 4,044.60 1,011.15
Moss 55,200 9,396 3,312.00 828.00
Stewart 4,500 758 270.00 67.50
Tolbert 4,875 669 292.50 73.13
Wells 84,000 18,872 5,040.00 1,260.00
b. Medicare tax paid by employer 4,290.98
c. and d.
SUTA/FUTA
McGahee 10,000
Moss 10,000
Stewart 4,500
Tolbert 4,875 State unemployment compensation tax 3,206.25
Wells 10,000
Score:
ON
Problem 10-3B
Name:
Solution
Section:
Instructions
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Amounts to Be Reported on Wage and Tax Statements (Form W-2)
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Enter a zero in cells you would otherwise leave blank.
1.
Social Federal U.S. Sales Office
Total Security Medicare Income Savings Net Ck. Salaries Salaries
Name Hours Regular Overtime Total Tax Tax Tax Bond Total Amount No. Expense Expense
Aaron 46
Cobb 41
Clemente 48
DiMaggio 35
Griffey, Jr. 45
Mantle
Robinson 36
Williams
Vaughn 42
2.
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Problem 10-4A
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Section:
Score:
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Key Code:
[Key code here]
Instructions
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PAYROLL FOR WEEK ENDING December 9
EARNINGS
DEDUCTIONS
PAID
ACCOUNTS DEBITED
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Social Federal U.S. Sales Office
Total Security Medicare Income Savings Net Ck. Salaries Salaries
Name Hours Regular Overtime Total Tax Tax Tax Bond Total Amount No. Expense Expense
Aaron 46 2,720.00 612.00 3,332.00 199.92 49.98 750.20 100.00 1,100.10 2,231.90 901 3,332.00
Cobb 41 2,480.00 93.00 2,573.00 154.38 38.60 537.68 110.00 840.66 1,732.35 902 2,573.00
Clemente
48 2,800.00 840.00 3,640.00 218.40 54.60 832.64 120.00 1,225.64 2,414.36 903 3,640.00
DiMaggio
35 1,960.00 - 1,960.00 117.60 29.40 366.04 513.04 1,446.96 904 1,960.00
Griffey, Jr.
45 2,480.00 465.00 2,945.00 176.70 44.18 641.84 130.00 992.72 1,952.29 905 2,945.00
Mantle 1,800.00 - 1,800.00 108.00 27.00 342.45 120.00 597.45 1,202.55 906 1,800.00
Robinson
36 1,944.00 - 1,944.00 116.64 29.16 382.56 130.00 658.36 1,285.64 907 1,944.00
Williams 2,000.00 - 2,000.00 120.00 30.00 398.24 125.00 673.24 1,326.76 908 2,000.00
Vaughn 42 2,480.00 186.00 2,666.00 159.96 39.99 584.72 50.00 834.67 1,831.33 909 2,666.00
20,664.00 2,196.00 22,860.00 1,371.60 342.90 4,836.37 885.00 7,435.87 15,424.13 19,060.00 3,800.00
2.
19,060.00
3,800.00
1,371.60
342.91
4,836.37
885.00
15,424.12
PAYROLL FOR WEEK ENDING December 9
Problem 10-4A
Name:
Solution
Section:
Score:
ON
Instructions
Answers are entered in the cells with gray backgrounds.
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Salaries Payable
EARNINGS
DEDUCTIONS
PAID
ACCOUNTS DEBITED
Sales Salaries Expense
Office Salaries Expense
Social Security Tax Payable
Medicare Tax Payable
Employees Federal Income Tax Payable
Bond Deductions Payable
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Social Federal U.S. Sales Office
Total Security Medicare Income Savings Net Ck. Salaries Salaries
Name Hours Regular Overtime Total Tax Tax Tax Bond Total Amount No. Expense Expense
Carlton 52
Grove
Johnson 36
Koufax 45
Maddux 37
Seaver
Spahn 46
Winn 48
Young 43
2.
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Problem 10-4B
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Section:
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Key Code:
[Key code here]
Instructions
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PAYROLL FOR WEEK ENDING December 9
EARNINGS
DEDUCTIONS
PAID
ACCOUNTS DEBITED
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Social Federal U.S. Sales Office
Total Security Medicare Income Savings Net Ck. Salaries Salaries
Name Hours Regular Overtime Total Tax Tax Tax Bond Total Amount No. Expense Expense
Carlton 52 2,000.00 900.00 2,900.00 174.00 43.50 667.00 60.00 944.50 1,955.50 328 2,900.00 -
Grove 4,000.00 - 4,000.00 240.00 60.00 860.00 100.00 1,260.00 2,740.00 329 - 4,000.00
Johnson 36 1,872.00 - 1,872.00 112.32 28.08 355.68 - 496.08 1,375.92 330 1,872.00 -
Koufax 45 2,320.00 435.00 2,755.00 165.30 41.33 578.55 44.00 829.18 1,925.83 331 2,755.00 -
Maddux 37 1,665.00 - 1,665.00 99.90 24.98 349.65 62.00 536.53 1,128.48 332 1,665.00 -
Seaver 3,200.00 - 3,200.00 192.00 48.00 768.00 120.00 1,128.00 2,072.00 333 - 3,200.00
Spahn 46 2,080.00 468.00 2,548.00 152.88 38.22 382.20 - 573.30 1,974.70 334 2,548.00 -
Winn 48 2,000.00 600.00 2,600.00 156.00 39.00 572.00 75.00 842.00 1,758.00 335 2,600.00 -
Young 43 2,160.00 243.00 2,403.00 144.18 36.05 480.60 80.00 740.83 1,662.18 336 2,403.00 -
21,297.00 2,646.00 23,943.00 1,436.58 359.15 5,013.68 541.00 7,350.41 16,592.60 16,743.00 7,200.00
2.
16,743.00
7,200.00
1,436.58
359.16
5,013.68
541.00
16,592.58
PAYROLL FOR WEEK ENDING December 9
Problem 10-4B
Name:
Solution
Section:
Score:
ON
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Salaries Payable
EARNINGS
DEDUCTIONS
PAID
ACCOUNTS DEBITED
Sales Salaries Expense
Office Salaries Expense
Social Security Tax Payable
Medicare Tax Payable
Employees Federal Income Tax Payable
Bond Deductions Payable
