Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer a, b, c, d P11-3B X Yemi's Drug Store has four employees who are paid on an hourly basis plus time-and-a-half for all hours

Answer a, b, c, d

image text in transcribed

P11-3B X Yemi's Drug Store 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 February 15, 2012, are shown below Employ Hours Hourly Federal Income TaxUnited Fund Worked Rate Withholdings Contributions 39 $12.00 Dvorska D. Mottl L. 42 11.00 20 10.00 10.00 51 5.00 Abbasov A. Lee 46 10.00 36 5.00 The following tax rates are applicable: FICA 8%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%. The first three employees are sales clerks (store wages expense). The fourth employee performs administrative duties (office wages expense) Instructions (a)Prepare a payroll register for the weekly payroll. (b)Journalize the payroll on February 15, 2012, and the accrual of employer payroll taxes (c)Journalize the payment of the payroll on February 16, 2012. (d)Journalize the remittance to the Federal Reserve bank on February 28, 2012, of the FICA and federal income taxes payable to the government

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones

11th edition

978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139

More Books

Students also viewed these Accounting questions