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Kipley Company is a small manufacturing firm located in Pittsburgh, Pennsylvania. The company has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter-hour increments. The standard workweek consists of 40 hours, with all employees being paid time and one-half for any hours worked beyond the 40 regular hours.
Wages are paid every Friday, with one week’s pay being held back by the company. Thus, the first payday for Kipley Company is January 14 for the workweek ending January 8 (Saturday).
Below is the information provided from the payroll register of Kipley Company, Inc.
11 Carson, F. $0.85 $1.65 313 $219.13
12 Wilson, W. 0.85 1.65 314 238.54
13 Utley, H. 0.85 1.65 315 219.37
21 Fife, L. 0.85 1.65 316 281.23
22 Smith, L. 1.65 317 295.57
31 Fay, G. 0.85 1.65 318 411.30
32 Robey, G. 0.85 1.65 319 285.72
33 Schork, T. 1.65 320 358.88
51 Hardy, B. 0.85 1.65 321 312.98
99 Kipley, C. 0.85 1.65 322 755.60
Totals $6.80 $16.50 $3,378.32
a. Prepare the journal entries as of January 12 to record the payroll and the payroll taxes for the week ending January 8. Credit Salaries Payable for the total net pay.
Use the following tax rates and bases: employer’s FICA—OASDI, 6.2% on the first $113,700; employer’s FICA—HI, 1.45% on total earnings; FUTA, 0.6% on the first $7,000; and SUTA, 3.6785% on the first $8,500.
For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent.
20– Jan. 12 – Select your answer -CashFICA Taxes PayablePayroll TaxesSUTA Taxes PayableWages and SalariesCorrect 1 of Item 1
– Select your answer -FICA Taxes Payable-OASDIFUTA Taxes PayablePayroll TaxesSUTA Taxes ExpenseWages and SalariesCorrect 4 of Item 1
– Select your answer -FICA Tax ExpenseFICA Taxes Payable-HIPayroll TaxesSUTA Taxes PayableWages and SalariesCorrect 7 of Item 1
– Select your answer -CashEmployees FIT PayableFUTA Taxes PayableSUTA Taxes PayableWages and SalariesCorrect 10 of Item 1
– Select your answer -Employees SIT PayableEmployee SUTA ExpenseGarnishmentsPayroll TaxesWages and SalariesCorrect 13 of Item 1
– Select your answer -Employee SUTA ExpenseEmployees SUTA PayableGarnishmentsPayroll TaxesWages and SalariesCorrect 16 of Item 1
– Select your answer -Employees CIT PayableFICA Tax ExpenseFUTA Taxes PayablePayroll TaxesWages and SalariesCorrect 19 of Item 1
– Select your answer -CashEmployees SUTA ExpenseSimple Deductions PayableFUTA Taxes PayableSUTA Taxes PayableCorrect 22 of Item 1
– Select your answer -CashEmployees SUTA ExpenseGroup Insurance Premiums CollectedFUTA Taxes PayableWages and SalariesCorrect 25 of Item 1
– Select your answer -CashEmployees SUTA ExpenseHealth Insurance Premiums CollectedFUTA Taxes PayableWages and SalariesCorrect 28 of Item 1
– Select your answer -Employees SUTA ExpenseSalaries PayableGarnishmentsFUTA Taxes PayableWages and SalariesCorrect 31 of Item 1
To record payroll.
20– Jan. 12 – Select your answer -Employees SIT PayableGarnishmentsPayroll TaxesSUTA Taxes PayableWages and SalariesCorrect 34 of Item 1
– Select your answer -FICA Taxes ExpenseFICA Taxes Payable-OASDIPayroll TaxesSUTA Taxes ExpenseWages and SalariesCorrect 37 of Item 1
– Select your answer -FICA Tax ExpenseFICA Taxes Expense-HIFICA Taxes Payable-HIPayroll TaxesWages and SalariesCorrect 40 of Item 1
– Select your answer -Employees FIT PayableFICA Tax ExpenseFUTA Taxes PayablePayroll TaxesWages and SalariesCorrect 43 of Item 1
– Select your answer -Employees SIT PayableGarnishmentsPayroll TaxesSUTA Taxes PayableWages and SalariesCorrect 46 of Item 1
 
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