? payroll accounting please do payroll December 9, December 11, December 14, and December 15 transactions on pages 7-18 and 7-19, in the template this is color coded Gray. Use Journal page 47.,Russell?s final biweekly pay for time worked and the vacation pay are subject to FICA,FUTA, and SUTA (employer and employee) taxes. Since Russell?s cumulative earnings have surpassed the taxable earnings figures established by FUTA and SUTA, there will not be any unemployment tax on the employer. The deduction for group insurance premiums is $8.70. Make a notation of Russell?s death in the payroll register and on her earnings record. Prepare journal entries to transfer the net pay and to record Russell?s final pay and the employer?s payroll taxes. Post to the ledger accounts. Include the final gross pay ($1,425.16) in Boxes 3 and 5, but not in Boxes 1, 16, and 18. Use the blank Form W-2 on page 7-62. In addition, the last wage payment and vacation pay must be reported on Form 1099- MISC. A Form 1096 must also be completed. These forms will be completed in February before their due date. (See Transaction Nos. 41 and 42 on page 7-69.) December 15 No. 25 Deposit with City Bank the amount of FICA taxes and federal income taxes for the November payrolls. No. 26 Deposit with the city of Philadelphia the amount of city income taxes withheld from the November payrolls. December 18 No. 27 Deposit with the state of Pennsylvania the amount of state income taxes withheld from the December 4 payroll and complete the information worksheet. No. 28 Glo-Brite has been notified by the insurance company that there will be no premium charge for the month of December on the policy for Virginia Russell. Prepare the entry for the check made payable to the estate of Virginia A. Russell, for the amount that was withheld for insurance from her December 14 pay. No. 29 Prepare an employee?s earnings record for Richard Lloyd Zimmerman, who was employed today as time clerk to take the place left vacant by the death of Virginia A. Russell last week. His beginning salary is $1,430 per month. Address, 900 South Clark Street, Philadelphia, PA 19195-6247. Telephone, 555-2104. Social Security No. 897-12-1502. Zimmerman is married and claims one withholding allowance. Zimmerman is eligible for group insurance coverage of $26,000, although no deduction for group insurance premiums will be made until the last payday in January. Department: Office Weekly rate: $330.00 Hourly rate: $8.25 No. 30 Prepare the payroll for the latter pay of December from Time Clerk?s Report Nos. 48 and 49 and record the paychecks issued all employees. Also, record the employer?s payroll taxes. Effective with this pay, O?Neill completed a new Form W-4, changing his total withholding allowances to four. Previously, he had claimed fewer allowances than he had been using on his tax return. Change his earnings record accordingly. In this pay, the president of the company, Joseph O?Neill, is paid his annual bonus. This does not affect O?Neill?s insurance coverage, which is based on regular pay. This year, his bonus is $52,000. For withholding purposes, the bonus is considered a PAY p o i n t s Prepare a Wage and Tax Statement, Form W-2, which will be given to the executor of the estate along with the final paycheck. pg 20 Time Clerk?s Report No. 48 For the Week Ending December 5, 20? Employee Time Record Time Worked TimeLost S M T W T F S Bonno, A. V. . . . 4 8 8 8 8 8 44 hrs Ford, C. L. . . . . .8 8 8 8 8 40 hrs Russell, V. A. . . . 8 8 8 8 8 40 hrs. Ryan, N. A. . . . . 8 9 9 9 9 44 hrs. Student . . . . . . .8 8 7 8 4 35 hrs. 1 hr.* Woods, B. A. . . . 8 8 8 8 8 40 hrs. Young, P. W. . . . 8 8 8 8 8 40 hrs. Time Clerk?s Report No. 49 For the Week Ending December 12, 20? Employee Time Record Time Worked Time lost S M T W T F S Bonno, A. V. . . . 8 8 8 8 8 8 48 hrs. . . . Ford, C. L. . . . .4 8 8 8 8 36 hrs. 4 hrs.* Russell, V. A. . . 8 8 8 8 D 32 hrs. 8 hrs. Ryan, N. A. . . . 10 8 8 9 8 43 hrs. . . . Student . . . . . .4 8 8 8 4 32 hrs. 4 hrs.** Woods, B. A. . . . 8 8 8 8 8 40 hrs. . . . Young, P. W. . . . 8 8 8 8 8 40 hrs.
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