| SFCC Corporation has 8 employees. Information about the October payroll follows: | ||||||||
| Name | Hours Worked | Pay Rate | Federal Income Tax Withheld |
|||||
| Breschi, K | 95 | $12 per hour | $200 | |||||
| Carballo, P | n/a | $3,000 per month | $850 | |||||
| Dangelo, J | 180 | $14 per hour | $625 | |||||
| Gaines, T | n/a | $4,500 per month | $1,100 | |||||
| Goseco, M | n/a | $10,100 per month | $3,575 | |||||
| Skolnick, J | 180 | $12 per hour | $480 | |||||
| Williams, R | 172 | $9 per hour | $140 | |||||
| Wong, O | 195 | $16 per hour | $800 | |||||
| Additional information is as follows: | ||||||||
| SFCC is in a state without an income tax. Employees’ federal income tax withholdings depend on various factors, and the amounts are as indicated in the above table. | ||||||||
| No employees worked overtime, with the exception of Oscar Wong, who worked 15 hours of overtime. Overtime is paid at 150% of the normal hourly rate. | ||||||||
| Assume that gross pay is subject to social security taxes at a 6.5% rate, on an annual base of $100,000. Assume that Medicare/Medicaid taxes are 1.5% of gross earnings. These taxes are matched by the employer. Only Marcia Goseco had earned more than $90,000 during the months leading up to October. She had earned $90,900 during that time period. | ||||||||
| SFCC has 100% participation in a $10 per month employee charitable contribution program. These contributions are withheld from monthly pay. | ||||||||
| SFCC pays for workers’ compensation insurance at a 2% of gross pay rate. None of this cost is paid by the employee. | ||||||||
| SFCC provides employees with a group health care plan; however, the cost is fully paid by employees. The rate is $250 per month, per employee. | ||||||||
| SFCC’s payroll is subject to federal (0.5%) and state (1.5%) unemployment taxes on each employee’s gross pay, up to $8,000 per year. All employees had earned in excess of $8,000 in the months leading up to October, with the exception of Karen Breschi. Karen was first employed during the month of October. | ||||||||
| SFCC contributes 5% of gross pay to an employee retirement program. Employees do not contribute to this plan. | ||||||||
| (a) | Complete the payroll schedule on the accompanying blank worksheet. | |||||||
| (b) | Prepare journal entries for SFCC’s payroll and the related payroll expenses. | |||||||
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