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The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9 Employee Aaron Cobb Hours Worked Hourly Rate Weekly
The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9 Employee Aaron Cobb Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds $68.00 62.00 70.00 56.00 62.00 $750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 584.72 46 41 48 35 45 $100 110 120 DiMaggio Griffey, J 130 120 130 125 50 $1,800 36 54.00 Williams 2,000 Vaughn 42 62.00 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 6.09 Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. and Required: 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 and round your intermediate calculations and final answers to the nearest whole cent (two decimal places). 2. Journalize the entry to record the payroll for the week. If required, round your answers to two decimal places. Refer to the Chart of Accounts for exact wording of account titles
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