Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Payroll Register The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2048: Hours Hourly Weekly Retirements Federal

image text in transcribed
image text in transcribed
image text in transcribed
Payroll Register The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2048: Hours Hourly Weekly Retirements Federal Worked Employee Rate Salary Income Tax $317.40 Aaron 388.29 Cobb Clemente 234.65 319.2 DiMaggio 414.96 Griffey, Jr. 516.00 Mantle $2,150 Robinson 2,410 178.50 530.20 409.40 Williams Vaughn Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. Required: 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 2018. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers. Round your intermediate calculations and final answers to the nearest whole cent (two decimal places). P or Wedding Dec . 2. Journalize the entry to record the payroll for the week. If required, round your answers to two decimal pla Sales Salaries Expense 11,930 X Office Salaries Expense 4,560 989.40 X 247.35 X Social Security Tax Payable x Medicare Tax Payable Employees Federal Income Tax Payable Bond Deductions Payable x 3,308.40 710 x 11.234.85 X Salaries Payable

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

Audit And Assurance Study Text

Authors: Get Through Guides

1st Edition

1848080255, 978-1848080256

More Books

Students also viewed these Accounting questions