Question
The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Employee Hours Worked Hourly Rate Weekly Salary
The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax Retirement Savings Aaron 45 $62 $641.84 $110 Cobb 42 67 623.92 120 Clemente 49 68 835.88 130 DiMaggio 38 54 376.68 0 Griffey, Jr. 46 63 681.60 140 Mantle $1,600 292.45 130 Robinson 38 56 418.40 140 Williams 1,900 370.24 135 Vaughn 46 63 702.60 60 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 6.0%, and Medicare tax is 1.5% of each employees 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, 20Y8. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers. Round your intermediate calculations and final answers to two decimal places. 2. Journalize the entry to record the payroll for the week. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. If required, round your answers to two decimal places.
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