Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help! I have no idea how to do this practice problem!!! sorry its so long! Crane Hardware has four employees who are paid on

need help! I have no idea how to do this practice problem!!! sorry its so long!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Crane Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week, Payroll data for the week ended March 15, 2022, are presented below. , Employee Hours Worked Federal Income Tax Withholdings United Fund Ben Abel 40 Hourly Rate $15.00 16.00 $59.00 $5.00 Rita Hager 45 64.00 5.00 47 13.00 60.00 8.00 Jack Never Sue Perez 46 13,00 62.00 5.00 Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.6% Prepare a payroll register for the weekly payroll. No employee has reached the Social Security limit of $132,900 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, eg. 15.25.) MARRIED Persons -- WEEKLY Payroll Period (For Wages Paid through December 2022) If the wages are And the number of withholding allowances claimed is - But lesso 1 2 3 4 5 6 7 8 9 At least than The amount of income tax to be withheld is - 8 9 10 1,316 1,327 124 114 105 95 85 75 66 56 46 37 29 1,327 1,338 125 116 106 96 86 77 67 57 48 38 30 1,338 1,349 127 117 107 97 88 78 68 59 49 39 31 1,349 1,360 128 118 108 99 89 79 70 60 50 41 32 1,360 1,371 129 119 110 100 90 81 71 61 52 42 33 130 1,371 121 111 1,382 101 92 82 72 53 63 43 34 132 122 1,382 112 1,393 103 93 83 64 74 54 45 35 133 1,404 104 1,393 94 123 114 85 75 65 46 56 36 1,404 1,415 134 125 115 105 96 86 76 67 57 47 38 1,415 1,426 136 126 116 107 97 87 78 68 58 49 39 1,426 1,437 137127 118 108 98 89 79 69 6050 40 1,437 1,448 138 129 119 | 109 100 90 80 71 61 51 41 1,448 1,459 140 130 120 111 101 91 82 72 62 52 43 1,459 1,470 141 | 131 | 122 | 112 | 102 93 83 73 64 54 44 1,470 1,481 142 133 123 113 104 94 84 75 65 55 45 1,481 1,492 144 134 124 115 105 95 86 76 66 56 47 1,492 1,503 145 135 126 116 106 97 87 77 67 58 48 1,503 1,514 146 137 | 127 | 117 108 98 88 78 69 59 49 1,514 1,525 148 138 128 119 109 99 89 80 70 60 51 1,525 1,536 149 | 139 130 120 110 101 91 81 71 62 52 Earnings Employee Hours Regular Overtime Gross Pay Ben Abel 40 $ $ Rita Hager 45 Jack Never 47 . Sue Perez 46 Totals $ $ $ Deductions FICA Federal Income Tax State Income Tax United Fund $ $ I $ $ Total Net Pay Salaries and Wages Expense $ $ $ $ $ Journalize the payroll on March 15, 2022, and the accrual of employer payroll taxes. (Round answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar 15 (To record payroll) Mar. 15 (c) . Journalize the payment of the payroll on March 16, 2022. (Round answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16 Journalize the deposit in a Federal Reserve bank on March 31, 2022, of the FICA and federal income taxes payable to the government. (Round answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions