Question
Instructions: Complete the payroll register for employees of Corby Company for the week ended March 3 as found on the Payroll Register tab. Taxable earnings
Instructions: Complete the payroll register for employees of Corby Company for the week ended March 3 as found on the Payroll Register tab. Taxable earnings should be computed by a 40-hour week with overtime earnings being paid at time and one-half for all hours over 40 each workweek (no overtime for salaried employees).
Extra information is below:
All employees wages are subject to the OASDI tax of 6.2% and the HI tax of 1.45%. The supplemental HI rate of 0.9% is not applicable.
All workers are employed in a state that imposes a 2% income tax on the gross wages earned by each worker.
Use the partial wage-bracket tables provided in the Tax Tables tab to determine the amount of federal income tax to be withheld. For the salaried employees (#32 and #10), use the percentage method table.
Next record journal payroll paid on March 10, 2017, on the Journal Entry tab.
On the Payroll Accrual tab accrue February's payroll.
On the Vacation Accrual tab, accrual the employer's liability for vacation and journalize the totals.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started