Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Swifty 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
Swifty 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. Employee Hours Worked Hourly Rate Federal Income Tax Withholdings United Fund Ben Abel 40 $14.00 $59.00 $5.00 Rita Hager 41 16.00 64.00 5.00 Jack Never 44 13.00 60.00 8.00 Sue Perez 46 13.00 62.00 5.00 Abel and Hager are married. They claim 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% (a) Prepare a payroll register for the weekly payroll. No employee has reached the Social Security limit of $132,900 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, e.g. 15.25.) MARRIED Persons - WEEKLY Payroll Period (For Wages Paid through December 2022) If the wages are And the number of withholding allowances claimed is - 8 9 10 At least But lesso 1 2 3 4 5 6 7 than The amount of income tax to be withheld is - 1,316 1.327 124 114 105 95 85 75 66 56 46 3729 1,327 1,338 125 116 106 % 86 77 67 57 48 | 38 | 30 1,338 1,349 1,349 1,360 127 117 1079788 78 68 59 49 39 31 128 118 10899 89 79 70 60 50 41 32 129 119 110 100 90 817161 42 1,360 1,371 1,371 1,382 1,382 1,393 1,393 1,404 130 121 111 101 9282 72 63 53 43 34 132 122 112 103 93 83 74 64 54 45 35 133 123 114 104 94 85 75 65 56 46 36 134 125 115 1059686 76 675747 38 136 126 116 107 97 87 78 68 58 49 39 1,404 1,415 1,415 1,426 1,426 1,437 40 1,437 1,448 137 127 118 108 98 89 79 69 60 50 138 129 119 109 100 90 80 | 7161 51 140 130 120 111 101 91 8272 6252 141 131 122 11210293 83 73 54 54 1,448 1,459 43 1,459 1,470 1.470 1,481 142 133 123 113 104 94 84 75 65 55 45 1,481 1,492 1,492 1,503 1,503 1,514 144 134 124 115 105 95 86 76 66 56 47 145 135 126 116 106 97 87 77 67 58 48 146 137 127 117 108 98 88 78 69 59 49 148 138 128 119 109 99 89 80 70 60 51 149 139 130 120 110 101 | 91 817162 52 1,514 1,525 1,525 1,536 Earnings Employee Hours Regular Overtime Gross Pay Ben Abel 40 $ $ $ Rita Hager 41 Jack Never 44 Sue Perez 46 Totals $ $ $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer SWIFTY HARDWARE Payroll Register For the Week Ending March 15, 2022 Deductions FICA Federal Income Tax State Income Tax United Fund $ $ $ $ $ e Textbook and Media List of Accounts Salaries and Wages Expense United Fund Total Net Pay $ $ $ $ eTextbook and Media (b) Journalize the payroll on March 15, 2022, and the accrual of employer payroll taxes. (Round answers to 2 decimal places.es 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit MA 15 (To record payroll) Mar 15 To record accrual of payroll taxes.) e Textbook and Media List of Accounts Attempts: 0 of 5 used Submit Answer (c) Journalize the payment of the payroll on March 16, 2022. Round answers to 2 decimal places.es 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit MA 16 e Textbook and Media List of Accounts Attempts:0 of 5 used Submit Answer (d) 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, eg. 15.25. Credit account titles are automatically indented when amount is entered Do not indent manually Date Account Titles and Explanation Debit Credit Mar 31
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