Assume that the payroll records of Monty Oil Company provided the following information for the weekly payroll ended November 30, 2020 Hourly Pay Rate Federal Income Tax Union Dues $54 $442 $9 Employee Hours Worked T. King 44 T. Binion N Cole C. Hennesey 42 46 Year-to-Date Earnings Through Previous Week $ 133,900 23.200 5,700 49,500 19 97 5 40 24 148 29 230 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate 17.65% for the first $132.900 of each employee's annual earnings and 145% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% 15.4% for state and 6% for federal) on the first $7.000 of each employee's real earnings Prepare the payroll register for the pay period. (Round answers to 2 decimal places, es 1525) MONTY OIL Payroll Re For the Week Ending N Earnings Prepare general Journal entries to record the payroll and payroll taxes. (Credit account titles are automatically indented when amount Is entered. Do not Indent manually. I no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to 2 decimal places, es 1525. Ustall debit entries before credit entries.) Date Account Titles and Explanation Debit Nov. 30 Credit To record weekly payroll) No 30 Potos RICA To record employer's payroll) Textbook and Media Assume that the payroll records of Monty Oil Company provided the following information for the weekly payroll ended November 30, 2020 Hourly Pay Rate Federal Income Tax Union Dues $54 $442 $9 Employee Hours Worked T. King 44 T. Binion N Cole C. Hennesey 42 46 Year-to-Date Earnings Through Previous Week $ 133,900 23.200 5,700 49,500 19 97 5 40 24 148 29 230 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate 17.65% for the first $132.900 of each employee's annual earnings and 145% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% 15.4% for state and 6% for federal) on the first $7.000 of each employee's real earnings Prepare the payroll register for the pay period. (Round answers to 2 decimal places, es 1525) MONTY OIL Payroll Re For the Week Ending N Earnings Prepare general Journal entries to record the payroll and payroll taxes. (Credit account titles are automatically indented when amount Is entered. Do not Indent manually. I no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to 2 decimal places, es 1525. Ustall debit entries before credit entries.) Date Account Titles and Explanation Debit Nov. 30 Credit To record weekly payroll) No 30 Potos RICA To record employer's payroll) Textbook and Media
