EXERCISE 7-4 For the week ended September 7, the totals of the payroll register for Benton, Inc., are presented below. The regular and overtime earnings are correct. List six errors that exist. None of the employees have earned more than $118,500, so all earnings are subject to Social Security and Medicare taxes. Assume that amounts for taxable earnings (unemployment, Social Security, Medicare) and deductions (federal income tax, union dues, charity) are correct. Round amounts to the nearest penny. Practice Exercises 1, 4 Show me HOW H. B D TAXABLE EARNINGS EARNINGS ENDING BEGINNING CUMULATIVE EARNINGS 253,248.00 SOCIAL SECURITY 7,944.00 3 CUMULATIVE MEDICARE UNEMPLOYMENT 2,456.00 OVERTIME ТОTAL REGULAR 6,724.00 4. NAME EARNINGS 7,944.00 9 245,754.00 1,220.00 7,494.00 10 11 K M P. R J DEDUCTIONS PAYMENTS WAGES EXPENSE FEDERAL SOCIAL NET CK. NO. UNION DUES INCOME SECURITY MEDICARE ТAX TAX ТАX CHARITY ТОTAL AMOUNT DEBIT 949.00 314.75 115.19 193.00 292.00 1,863.94 5,630.06 7,494.00 CHAPTEК ДU

EXERCISE 7-4 For the week ended September 7, the totals of the payroll register for Benton, Inc., are presented below. The regular and overtime earnings are correct. List six errors that exist. None of the employees have earned more than $118,500, so all earnings are subject to Social Security and Medicare taxes. Assume that amounts for taxable earnings (unemployment, Social Security, Medicare) and deductions (federal income tax, union dues, charity) are correct. Round amounts to the nearest penny. Practice Exercises 1, 4 Show me HOW H. B D TAXABLE EARNINGS EARNINGS ENDING BEGINNING CUMULATIVE EARNINGS 253,248.00 SOCIAL SECURITY 7,944.00 3 CUMULATIVE MEDICARE UNEMPLOYMENT 2,456.00 OVERTIME ТОTAL REGULAR 6,724.00 4. NAME EARNINGS 7,944.00 9 245,754.00 1,220.00 7,494.00 10 11 K M P. R J DEDUCTIONS PAYMENTS WAGES EXPENSE FEDERAL SOCIAL NET CK. NO. UNION DUES INCOME SECURITY MEDICARE ТAX TAX ТАX CHARITY ТОTAL AMOUNT DEBIT 949.00 314.75 115.19 193.00 292.00 1,863.94 5,630.06 7,494.00 CHAPTEК ДU

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 4E

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