Question
P11-3B Yemi's Drug Store has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a
P11-3B Yemi's Drug Store 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 February 15, 2012, are shown below. Employee Hours Worked Hourly Rate Federal Income Tax Withholdings M. 39 $12.00 $34 Dvorska D. Mottl 42 11.00 20 L. 44 10.00 51 Abbasova A. Lee 46 10.00 36 United Fund Contributions $ -0- 10.00 5.00 5.00 The following tax rates are applicable: FICA 8%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%. The first three employees are sales clerks (store wages expense). The fourth employee performs administrative duties (office wages expense). Instructions (a) Prepare a payroll register for the weekly payroll. (b) Journalize the payroll on February 15, 2012, and the accrual of employer payroll taxes. (c) Journalize the payment of the payroll on February 16, 2012. (d) Journalize the remittance to the Federal Reserve bank on February 28, 2012, of the FICA and federal income taxes payable to the government
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