Accounting 2 | ACCT202 Accounting II | Colorado Technical University

Assignment Details

Payroll Accounting

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ABC Company has four employees. Their general payroll details are as follows:

  • One of the employees is a salaried employee, while the other employees are hourly.
  • Employees are paid $15 per hour and receive time and a half for overtime after working 40 hours.
  • FICA Social Security is 6.2% for the employee and 6.2% for the employer.
  • FUTA tax rate is 0.6% (0.006) on the first $7,000.
  • SUTA tax rate is 2% (0.02) on the first $7,000.
  • Employees are paid weekly.

HINT: Remember the maximum FICA Social Security limit for both the employer and employee is $142,800. Also, yearly salary amounts should be divided by 52 weeks to get the weekly salary. The employees’ specific details are as follows:

  • Julia Roberts:
    • Salary: $160,000/year
    • Year-to-Date Pay: $145,000
    • Federal Withholding: $743
    • State Withholding: $525
  • Michael Jackson:
    • 45 hours for the period
    • Year-to-Date Pay: $28,200
    • Federal Withholding: $91
    • State Withholding: $25
  • Paul Walker:
    • 30 hours for the period
    • Year-to-Date Pay: $19,800
    • Federal Withholding: $38
    • State Withholding: $12
  • Burt Reynolds:
    • 15 hours for the period
    • Year-to-Date Pay: $4,600
    • Federal Withholding: $11
    • State Withholding: $7

Based on the information above, please complete the worksheet (tab 2) and journalize the payroll (tab 3) for this period. Use ACCT202_U2_IP_Payroll_Accounting_template to complete your assignment.

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