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Abigail Trenkamp accounting, please complete the general journal. Abigail Trenkarnp owns and operaies the Trenkams Collection Agency Lisind below are the name, number of allowances
Abigail Trenkamp accounting, please complete the general journal.
Abigail Trenkarnp owns and operaies the Trenkams Collection Agency Lisind below are the name, number of allowances ciaimed, mantal status, information trom time cards on hours worked each day, and the hourly rate of each employee. Al hours worked in excess of 40 hours for Monday through Friday are pald at 1 ha times the regular rate. Al weekend hours are paid at double the regular rate Trenkamp uses a weekly federal income tax withholding table. Socal Secunty tax is withheld at the rate of 6.2% for the first 5128,400 earned. Medicare tax is withheld at 1.45% and state income tax at 3.5%. Each employee has $12 witheld for healh insurance. All employees use payroll deduction to the credit union for verying amounts as listed The Trenkamp Collection Agency follows the practoe of drawing a single check for the net amount of the payroll and depositing the check in a special payroll acceun at the bank Indivdual checks issued were numbered consecutively, beginning with No.331 Required: 1. Prepare a payroll register for Tenkamp Collection Agency for the week ended Novermber 18, 20-. (lat the Taxable Earnings/Unernployment Compensation column, enter $365 for Sateman and 5440 for Layton. Leave this column blank for all other employees ) Total the amount columns: 2. Assuming that the wages for the week ended November 18 were paid on November 21, prepare the joumal entry for the payment on mis ructions: 3. The current employee eamings record for Beth Salzman is provided in the working papers. Update Salzman's eamings record to reflect the payroll November 18 payroll. Although this informasion should have been entered earlier, complete the required information on the eamings record. The necessary information is as follows: November 18 payroll. Although this information should have been Score: 75/97 Step by Step Solution
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