Highridge Homes has the following payroll information for

the week
Highridge Homes has the following payroll information for the week

Highridge Homes has the following payroll information for the week ended February 21:

Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for
Medicare are based on all earnings. Taxable earnings for federal and state unemployment are
based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours
per week. Round amounts to the nearest penny.
Required
1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare
tax rate is 1.45 percent. Begin payroll checks with No. 2080.
2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a
Wages Expense account and a Wages Payable account.
3. Assuming that the firm has transferred funds from its regular bank account to its special
payroll bank account and that this entry has been made, prepare a general journal entry to
record the payment of wages.

Highridge Homes has the following payroll information for the week
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