Question
Lily Company has the following data for the weekly payroll ending January 31. Hours Employee M T W T F S Hourly Rate Federal Income
Lily Company has the following data for the weekly payroll ending January 31.
Hours | ||||||||||||||||||
Employee | M | T | W | T | F | S | Hourly Rate | Federal Income Tax Withholding | Health Insurance | |||||||||
L. Helton | 9 | 8 | 8 | 8 | 10 | 2 | $12 | $35 | $11 | |||||||||
R. Kenseth | 7 | 9 | 8 | 7 | 7 | 4 | 14 | 37 | 26 | |||||||||
D. Tavaras | 9 | 11 | 9 | 9 | 9 | 0 | 15 | 58 | 25 |
Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Lily Company is subject to 5.4% state unemployment taxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings.
a. Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.)
LILY COMPANY Payroll Register For the Week Ending January 31 | ||||||||||||||||||
Earnings | Deductions | |||||||||||||||||
Employee | Total Hours | Regular | Overtime | Gross Pay | FICA Taxes | Federal Income Taxes | Health Insurance | Total | Net Pay | |||||||||
L. Helton | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||
R. Kenseth | ||||||||||||||||||
D. Tavaras | ||||||||||||||||||
Totals | $ | $ | $ | $ | $ | $ | $ | $ |
b. Prepare the journal entries to record the payroll and Lilys payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.)
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