Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please explain the unanswered questions Crane Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess

Please explain the unanswered questions

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. 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 paviou register for the weeklypayfoll: No emplovee has reached the Social Security limit of $132900or the Earnings \begin{tabular}{lcrr} Employee & & Hours & \multicolumn{2}{c}{ Regular } \\ \cline { 4 - 4 } Ben Abel & 40 & $300 \\ Rita Hager & 43 & 680 \\ Jack Never & 45 & 520 \\ Sue Perez & 47 & $5 \\ \hline \end{tabular} Date Account Titles and Explanation Debit Credit Mar. 15 Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable United Fund Contributions Payable Salaries and Wages Payable (To record payroll) Mar. 15 Payroll Tax Expense FICA Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Journalize the payment of the payroll on March 16, 2022. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 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, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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

Dyslexia A Practitioners Handbook

Authors: Gavin Reid

5th Edition

1118980107, 9781118980101

More Books

Students also viewed these Accounting questions