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If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation).
$1,450
$3,825
$6,200
$7,650
Exempt Salaried Employees Paid Semi-monthly
Hourly Employees Paid Weekly
$400
$450
$500
$550
Use the following information for Questions 15 – 17:
An employee worked the entire year of 2023 and earned two weeks of vacation as specified in the company’s labor agreement. The agreement also states that the two weeks of vacation shall be taken any time in 2024 and the amount paid will be 80 hours multiplied by the employee’s rate of pay at December 31, 2023. At December 31, 2023 the employee’s pay rate was $15. Assume that the company uses the accrual method of accounting.
Balance Sheet Only
Income Statement Only
Balance Sheet & Income Statement
Neither The Balance Sheet Nor The Income Statement
Cash
Vacation Expense
Vacation Payable
2023
2024
Use the following information for Questions 19 – 20:
An employer has computed the following amounts for its employee Mary during a week in January: gross wages $500.00; FICA tax withheld $38.25; federal income tax withholding $67.25; State income tax withholding $20.00; unemployment taxes $24.00; worker compensation insurance $5.00. The company does not provide health insurance, paid vacations, or any other benefits.
$352.75
$357.75
$374.50
$505.00
$529.00
$567.25
$605.50
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