Natalie is considering hiring two permanent employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 hours per week. She is curious as to how this would affect her company's financial position. She has created some hypothetical payroll data which are presented below. Hourly Employee Hours Worked Rate Federal Income Tax United Fund Cumulative Prior Earnings $10,560 11.440 B. Borke 40 $12 $? $8 E. Clarke 50 12 10 Borke and Clarke are each married and they claim 1 and 2 withholding allowances, respectively. The 7,65%FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128.400 and the Medicare tax rate of 145% on all salaries and wages. State income taxes are 4% (a) Prepare a payroll register for the hypothetical weekly payroll. Use the tax withholding table in Illustration 13.8 in the text for federal income tax withholdings. Since both employees have exceeded the $7.000 threshold for unemployment no additional unemployment taxes are to be accrued or paid. (Round answers to 2 decimal places, es 15.25 Prepare a payroll register for the hypothetical weekly payroll. Use the tax withholding table in Illustration 13.8 in the text for federal income tax withholdings. Since both employees have exceeded the $7,000 threshold for unemployment, no additional unemployment taxes are to be accrued or paid. (Round answers to 2 decimal places, eg 15.25.) Earnings Wages Hours Expense Employees Regular Overtime Gross Pay B.Borke 40 E. Clarke 50 Totals 90.00 $ $ Prepare a payroll register for the hypothetical weekly payroll. Use the tax withholding table in Illustration 13.8 in the text for federal income tax withholdings. Since both employees have exceeded the $7,000 threshold for unemployment, no additional unemployment taxes are to be accrued or paid. (Round answers to 2 decimal places, eg. 15.25.) Cookie Creations Payroll Register For the Week ending Taxable Earnings Cumulative Earnings Social Security Medicare FICA $ A $ (a) Prepare a payroll register for the Ivypothetical weekly payroll. Use the tax withholding table in Illustration 138 in the text for federal income tax withholdings. Since both employees have exceeded the $7,000 threshold for unemployment, no additional unemployment taxes are to be accrued or paid. (Round answers to 2 decimal places, 6.9. 15.25.) Deductions FICA United Fund State Income Tax Federal Income Tax N S $ $ e Textbook and Media List of Accounts Prepare a payroll register for the hypothetical weekly payroll. Use the tax withholding table in Illustration 13.8 in the text for federal income tax withholdings. Since both employees have exceeded the $7,000 threshold for unemployment, no additional unemployment taxes are to be accrued or paid. (Round answers to 2 decimal places, es. 15.25) Salaries and Wages Expense United Fund Total Net Pay A
