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October 23 LO 1 No. 3 Prepare the payroll for the last pay period… October 23LO 1No. 3Prepare the payroll for the last pay period of October from Time Clerk’s Report Nos. 40 and 41.The proper procedure in recording the payroll follows:? Complete the payroll register.In as much as only a portion of the payroll register sheet was used in recording the October 9 payroll, the October 23 payroll should be recorded on the same sheet to save space. On the first blank ruled line after the October 9 payroll, insert “Payday October 23—For Period Ending October 17, 20–.” On the following lines, record the payroll information for the last pay date of October. When recording succeeding payrolls, continue to conserve space by recording two payrolls on each separate payroll register sheet.Project Audit Test? Net Paid $12,458.98The workers in the plant (Bonno and Ryan) are paid time and a half for any hours worked over eight each workday and for work on Saturdays and are paid twice the regular hourly rate for work on Sundays or holidays.Pay PointsEven though they are not on the time clerk’s report, remember to pay the president, sales manager, sales representatives, and supervisors.With this pay period, the cumulative earnings of several employees exceed the taxable income base set up by FUTA and SUTA. This factor must be considered in preparing the payroll register and in computing the employer’s payroll taxes. Refer to each employee’s earnings record to see the amount of cumulative earnings.LO 2? Make the entry transferring from Cash to Payroll Cash the net amount of the total payroll, and post.LO 3? Post the required information from the payroll register to each employee’s earnings record.? Record in the journal the salaries, wages, taxes withheld, group insurance premiums collected, union dues withheld, and net amount paid, and post to the proper ledger accounts.The entry required to record the October 23 payroll is the same as that to record the October 9 payroll, except it is necessary to record the liability for the amount withheld from the employees’ wages to pay their part of the group insurance premium. The amount withheld should be recorded as a credit to Group Insurance Premiums Collected.Pay PointsThe employees’ Pennsylvania State Unemployment Tax (SUTA) is calculated (0.0006) on the total wages of each employee. There is no taxable wage limit on the employees’ portion of the tax.? Record in the journal the employer’s payroll taxes and the liabilities created; post to the appropriate ledger accounts.                                 Can someone please help me with Ch 7 Payroll project2022 Business Accounting AC 110

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