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Chapter 8, Problem 1MP Bookmark Show all steps: OFF Problem > Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number of allowances claimed, marital status, information from time cards on hours worked each day, and the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 17 times the regular rate. All weekend hours are paid at double the regular rate. Trenkamp uses a weekly federal income tax withholding table (see Figure 8-4 on pages 288 and 289). Social Security tax is withheld at the rate of 6.2% for the first $118,500 earned. Medicare tax is withheld at 1.45% and state income tax at 3.5%. Each employee has $5 withheld for health insurance. All employees use payroll deduction to the credit union for varying amounts as listed. Trenkamp Collection Agency Payroll Information for the Week Ended November 18,20- Credit Total Employce No of Marital Regular Hours Worked Hourly Union Earnings Name No. Allow. Status S SMTWTF Rate Deposit 1/1-11/11 Berling, James 1 3 M 2 2 9 8 8 9 10 $12 $149.60 $ 24,525 Merz, Linda 8 8 8 8 10 117.00 30,480 Goetz, Ken 2 M 0 0 6 7 8 9 10 91.30 21,500 Menick, Judd 2 8 8 0088 9 126.50 22,625 Morales, Eva 3 M 0 0 8 8 8 6 8 117.05 24,730 Heimbrock, Jacob 5 154.25 117,540 Townsley, Sarah 7 2 M 6 6 6 6 4 9 83.05 21,425 Salzman, Beth 2 M 8 8 6 6 6 130.00 6,635 Layton, Esther 3 8 8 8 8 8 5,635 Thompson, David 5 0 2 10 9 7 7 10 128.90 21,635 Vadillo, Carmen 11 2 S 80 48 88 9 13 139.11 24,115 4 0 0 2 3 4 S 6 15 11 11 13 34 8 8 8 8 8 0 0 40 6 2 0 0 8 9 10 11 11 11 M M 88.00 The Trenkamp Collection Agency follows the practice of drawing a single check for the net amount of the payroll and depositing the check in a special payroll account at the bank. Individual checks issued were numbered consecutively, beginning with No. 331. REQUIRED. 1. Prepare a payroll register for Trenkamp Collection Agency for the week ended November 18,20-- (In the Taxable Earnings/Unemployment Compensation column, enter $365 for Salzman and $440 for Layton. Leave this column blank for all other employees.) Total the amount columns, verify the totals, and rule with single and double lines. 2. Assuming that the wages for the week ended November 18 were paid on November 21, prepare the journal entry for the payment of this payroll. 3. The current employee earnings record for Beth Salzman is provided in the working papers. Update Salzman's earnings record to reflect the November 18 payroll. Although this information should have been entered earlier, complete the required information on the earnings record. The necessary information is as follows: Name Beth F. Salzman Address 12 Windmill Lane Trumbull, CT 06611 Employee No. 8 Gender Female Department Administration Occupation Office Assistant Social Security No. 446-46-6321 Marital Status Married Allowances 2 Pay Rate $11.00 per hour Date of Birth 4/5/84 Date Hired 7/22/-- Chapter 8, Problem 1MP Bookmark Show all steps: OFF Problem > Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number of allowances claimed, marital status, information from time cards on hours worked each day, and the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 17 times the regular rate. All weekend hours are paid at double the regular rate. Trenkamp uses a weekly federal income tax withholding table (see Figure 8-4 on pages 288 and 289). Social Security tax is withheld at the rate of 6.2% for the first $118,500 earned. Medicare tax is withheld at 1.45% and state income tax at 3.5%. Each employee has $5 withheld for health insurance. All employees use payroll deduction to the credit union for varying amounts as listed. Trenkamp Collection Agency Payroll Information for the Week Ended November 18,20- Credit Total Employce No of Marital Regular Hours Worked Hourly Union Earnings Name No. Allow. Status S SMTWTF Rate Deposit 1/1-11/11 Berling, James 1 3 M 2 2 9 8 8 9 10 $12 $149.60 $ 24,525 Merz, Linda 8 8 8 8 10 117.00 30,480 Goetz, Ken 2 M 0 0 6 7 8 9 10 91.30 21,500 Menick, Judd 2 8 8 0088 9 126.50 22,625 Morales, Eva 3 M 0 0 8 8 8 6 8 117.05 24,730 Heimbrock, Jacob 5 154.25 117,540 Townsley, Sarah 7 2 M 6 6 6 6 4 9 83.05 21,425 Salzman, Beth 2 M 8 8 6 6 6 130.00 6,635 Layton, Esther 3 8 8 8 8 8 5,635 Thompson, David 5 0 2 10 9 7 7 10 128.90 21,635 Vadillo, Carmen 11 2 S 80 48 88 9 13 139.11 24,115 4 0 0 2 3 4 S 6 15 11 11 13 34 8 8 8 8 8 0 0 40 6 2 0 0 8 9 10 11 11 11 M M 88.00 The Trenkamp Collection Agency follows the practice of drawing a single check for the net amount of the payroll and depositing the check in a special payroll account at the bank. Individual checks issued were numbered consecutively, beginning with No. 331. REQUIRED. 1. Prepare a payroll register for Trenkamp Collection Agency for the week ended November 18,20-- (In the Taxable Earnings/Unemployment Compensation column, enter $365 for Salzman and $440 for Layton. Leave this column blank for all other employees.) Total the amount columns, verify the totals, and rule with single and double lines. 2. Assuming that the wages for the week ended November 18 were paid on November 21, prepare the journal entry for the payment of this payroll. 3. The current employee earnings record for Beth Salzman is provided in the working papers. Update Salzman's earnings record to reflect the November 18 payroll. Although this information should have been entered earlier, complete the required information on the earnings record. The necessary information is as follows: Name Beth F. Salzman Address 12 Windmill Lane Trumbull, CT 06611 Employee No. 8 Gender Female Department Administration Occupation Office Assistant Social Security No. 446-46-6321 Marital Status Married Allowances 2 Pay Rate $11.00 per hour Date of Birth 4/5/84 Date Hired 7/22/
