Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9 Employee Hours Worked Hourly Rate Weekly Salary

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9 Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds Aaron 46 $68.00 $750.20 $100 Cobb 41 62.00 537.68 110 Clemente 48 70.00 832.64 120 DiMaggio 35 56.00 366.04 Griffey, Jr. 45 62.00 641.84 130 Mantle $1,800 342.45 120 Robinson 36 54.00 382.56 130 Willams 2,000 398.24 125 Vaughn 42 62.00 584.72 50 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 employee's annual earnings. The next payroll check to be used is No. 901 Required: 1. Prepare a payrol summary for Throwback Industries Inc. for the week ended December 9. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent (two decimal places)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

22nd Edition

324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844

Students also viewed these Accounting questions

Question

Please help me evaluate this integral. 8 2 2 v - v

Answered: 1 week ago

Question

Why is attention important for humans?

Answered: 1 week ago

Question

Does paying attention enable you to make better decisions?

Answered: 1 week ago