Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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. Pavroll data for the week ended February 15, 2012, are shown below Employ Hours Hourly Federal Income Tax United Fund Worked Withholdings $34 Rate Contributions 39 $12.00 $ -0 Dvorska D. Mottl L. 11.00 20 10.00 10.00 51 5.00 Abbasov A. Lee 46 10.00 36 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 emplovees are sales clerks (store wages expense). The fourth emplovee 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

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Auditing and Assurance services an integrated approach

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

14th Edition

133081605, 132575957, 9780133081602, 978-0132575959

More Books

Students also viewed these Accounting questions

Question

What percentage of your students publishes before they graduate?

Answered: 1 week ago