Ch. 7 Graded Homework eBook Williams Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time records and employees' individual earnings records for the pay period ended September 21 is shown in the following chart: Income Earnings at End of Previous Daily Time Tax Pay Allowances Rate or Amount Name Week M T T F S Bolt, D. 6,745.008 8 8 10 8 0 25.00 1 Dore, C. 136,240.00 8 8 8 8 8 0 49.50 $252.30 Gayle, A. 32,730.00 81 10 8 8 8 8 0 24.50 2 Hale, R. 117,560.00 8 8 8 8 8 8 4 40.00 $195.50 Jilly, B. 35,154.00 8 8 8 8 8 > 0 49.50 $291.25 Karn, s. 29,938.00 8 8 9 8 8 0 20.50 2 Ober, N. 6,795.00 8 8 8 8 8 9 9 4 21.00 1 Wong, J. 27,252.00 8 8 10 8 8 0 20.00 2 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Required: 1. Complete the payroll register using the wage-bracket income tax withholding table in Figure 3. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Assume that all employees are married. In the payroll register, begin payroll checks with No. 1863. If an amount is zero, enter "0". If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. WILLIAMS COMPANY PAYROLL REGISTER FOR WEEK ENDED September 21, 20-- eBook Ch. 7 Graded Homework Required: 1. Complete the payroll register using the wage-bracket income tax withholding table in Figure 3. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Assume that all employees are married. In the payroll register, begin payroll checks with No. 1863. If an amount is zero, enter "O". If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. WILLIAMS COMPANY PAYROLL REGISTER FOR WEEK ENDED September 21, 20-- EARNINGS TAXABLE EARNINGS ENDING TOTAL BEGINNING CUMULATIVE EARNINGS CUMULATIVE NAME SOCIAL SECURITY HOURS REGULAR OVERTIME TOTAL EARNINGS UNEMPLOYMENT MEDICAR Bolt, D. , 42 $ 25.00 $ $ 38.00 $ $ $ $ 70.00 $ 16 Dore, C. $ $ $ $ $ $1 $ $ Gayle, A. $ $ $ $ $ $ $ $ Hale, R. $ $ $ $ $ $ $ $ Jilly, B. $ $ $ $ $ $ $ $ Karn, S. $ $ $ $ $ $ $ $ Ober, N. $ $ $ $ $ $ $ $ Wong, J. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. If an amount box does not require an entry, leave it blank. If percent, and the Medicare tax rate is 1.45 percent. Assume that all employees are liate calculations and the final answers to the nearest cent and use the rounded WILLIAMS COMPANY PAYROLL REGISTER FOR WEEK ENDED September 21, 20-- TAXABLE EARNINGS DEDUCTIONS PAYMENTS ENDING SOCIAL FEDERAL INCOME CUMULATIVE SOCIAL SECURITY NET . MEDICARE TAX EARNINGS UNEMPLOYMENT SECURITY MEDICARE TAX TAX TOTAL AMOUNT NO. $ $ $ 70.00 $ 16.00 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ayable account. Then assuming that the firm has transferred funds from its regular yment of wages. If an amount box does not require an entry, leave it blank. If computations. Wong, J. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Sept. 21 Payroll register for week ended September 21. Sept. 21 Paid wages for week ended September 21