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The following data for Throwback Industries, Inc. relate to the payroll for the week ended December 9: Hourly Federal U.S. Savings Hours Worked Weekly Salary
The following data for Throwback Industries, Inc. relate to the payroll for the week ended December 9: Hourly Federal U.S. Savings Hours Worked Weekly Salary Employee Rate Income Tax Bonds Blanda Dawson $293.02 392.59 287.47 Fouts Griese in Namath Marino $2,140 Staubach 171.00 Starr 2,400 528.00 Unitas 368.00 110 Employees Marino and Starr are office staff, and all of the other employees are sales personnel. All sales personnel are paid 17 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. 625. 1. Prepare a payroll 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. Round your intermediate calculations and final answers to the nearest whole cent (two decimal places). Payroll for Week Ending December 9 Deductions Earnings Paid Accounts Debited Total Name Hours Social Security Tax Medicare Tax Federal Income Tax Tax U.S. Savings Bonds Ck No. Sales Salaries Expense Office Salaries Expense Regular Overtime Total Total Net Pay Blanda 46 $293.02 Dawson 41 Fouts Griese 43 36 392.59 287.47 211.68 458.64 50 85 Namath 48 Marino 513. 600 Staubach 38 Starr 171.00 528.00 368.00 40 90 110 632 633 Unitas 44 Totals 2. Journalize the entry to record the payroll for the week. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank
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