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The information for Titan Company, shown in the following chart, is available from Titan's time records and the employees' individual earnings records for the
The information for Titan Company, shown in the following chart, is available from Titan's time records and the employees' individual earnings records for the pay period ended December 22. Name Hours Worked Earnings at End of Previous Week Total Earnings Class. Federal Income Tax Other Deductions Albee, C. 44 63,340.00 1,650.00 Sales 193.37 UW 25.00 Don, V. 40 136,410.00 2,841.00 Sales 487.03 AR 95.00 Fine, J. 40 76,860.00 1,507.00 Sales 171.92 UW 25.00 Ginny, N. 446 46 33.590.00 660.00 Office 46.00 UW 35.00 Johnson, 47 56,980.00 1.117.00 Office 113.00 UW 25.00 J = Lund. D 43 116,600.00 2.100.00 Sales 301.78 UW 20.00 Maya, R. 42 66,860.00 1,310.00 Sales 143.00 AR 70.00 Nord, P. 41 36,750.00 720.00 Sales 55.00 UW 20.00 Oscar, T. 43 93,480.00 1,832.00 Sales 234.78 UW 25.00 Troy, B. 40 47.250.00 930.00 Sales 86.00 UW 20.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state Taxable earnings for Social Security are based on the first $118,500. Taxable eamings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. The company does not pay for overtime hours. Required: 1. Complete the payroll register using a Social Security tax rate of 6.2 percent and a Medicare tax rate of 1.45 percent. Concerning Other Deductions, AR refers to Accounts Receivable and UW refers to United Way. Begin payroll checks in the payroll register with No. 2914. 2. Prepare the general journal entry to record the payroll. The firm's general ledger contains a Salary Expense account and a Salaries Payable account 3. Prepare the general journal entry to pay the payroll. Assume that funds for this payroll have been transferred to Cash-Payroll Bank Account and that this entry has been made.
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