Mann Hardware has four employees who are paid on an hourly basis plus time-and a-half for all
Question:
Mann Hardware has four employees who are paid on an hourly basis plus time-and a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2022, are presented as follows.
Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.6%.
Instructionsa. Prepare a payroll register for the weekly payroll. (Use the wage-bracket withholding table in the text for federal income tax withholdings.)b.?Journalize the payroll on March 15, 2022, and the accrual of employer payroll taxes.c.?Journalize the payment of the payroll on March 16, 2022.d. Journalize the deposit in a Federal Reserve bank on March 31, 2022, of the FICA and federal income taxes payable to the government.
Step by Step Answer:
Accounting Tools For Business Decision Making
ISBN: 9781119571056
7th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso