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Exercise 198 a-b Assume that the payroll records of Klein Oil Company provided the following information for the weekly payroll ended November 30, 2020 Year-to-
Exercise 198 a-b Assume that the payroll records of Klein Oil Company provided the following information for the weekly payroll ended November 30, 2020 Year-to- Date Earnings Through Previous Hourly Pay Rate Federal Income Tax Union Hours Employee Worked Week Dues T. King $55 $128,200 $442 T. Binion 46 15 97 23,200 N.Cole 40 25 5,700 148 . 230 42 30 7 49,500 Hennesey 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 is 7.65% for the first $127,200 of each employee's annual earnings. The employer pays unemployment taxes of 6.2% (5.4% for state and .896 for federal) on the first $7,000 of each employee's annual earnings. Prepare the payroll register for the pay period. (Round answers to 2 decimal places, e.g. 15.25.) KLEIN OIL COMPANY Payroll Register For the Week Ending November 30, 2020 Earnings Deductions Employee Total Hours Regular Overtime Gross Pay FICA Taxes Federal Income Taxes Union Net Pay T.King T.Binion 46 N.Cole 40 C.Hennesey 42 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 15.25.) Date Account Titles and Explanation Debit Credit Nov. 30 (To record weekly payroll) Nov. 30 To record employer's payroll taxes)
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