Your answer is partially correct.Prepare general journal entries to record the payroll and payroll taxes. (Credit account titles are automatically indented when amountis entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Roundanswers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries.)DateNov. 30Nov. 30Account Titles and ExplanationSalaries and Wages ExpenseFICA Taxes PayableFederal Income Taxes PayableUnion Dues PayableSalaries and Wages Payable(To record weekly payroll)Payroll Tax ExpenseFICA Taxes PayableFederal Income Taxes PayableState Income Taxes Payable(To record employer's payroll taxes)Debit8292424,52Credit437.55917216916.45437.55917917 Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November30, 2020.EmployeeT. KingT. BinionN.ColeC. HenneseyHours Worked44464042Hourly Pay Rate$69343944Federal Income Tax$44297148230Union Dues$957Year-to-DateEarnings ThroughPrevious Week$133,90023,2005.70049,500Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA taxrate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer paysunemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.

Payroll liabilities are salaries and wages, employee benefits and payroll taxes levied on the…

Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T.King T. Binion N.Cole C. Hennesey Hours Worked 44 46 40 42 Hourly Pay Rate $69 34 39 44 Federal Income Tax $442 97 148 230 Union Dues $9 5 сл 7 Year-to-Date Earnings Through Previous Week $133,900 23,200 5,700 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.

Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T.King T. Binion N.Cole C. Hennesey Hours Worked 44 46 40 42 Hourly Pay Rate $69 34 39 44 Federal Income Tax $442 97 148 230 Union Dues $9 5 сл 7 Year-to-Date Earnings Through Previous Week $133,900 23,200 5,700 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Exhibit 6-1 The totals from the first payroll of the year are shown below. Total Earnings $36,195.10 FICA OASDI $2,244.10 FICA НІ $524.83 FIT W/H $6,515.00 State Tax $361.95 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). Union Dues $500.00 Net Pay $26,049.22
Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $462,500. The workers' compensation insurance premium rate is 0.2%.
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Payroll Register The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Hours Hourly Employee Worked Rate Weekly Salary Federal Retirements Income Tax Savings Aaron 47 $30 $348.45 $75 Cobb 46 42 442.47 65 Clemente 45 234.65 75 DiMaggio 36 40 302.4 90 Griffey, Jr. 44 38 367.08 75 Mantle $2.170 520.80 90 Robinson 38 34 193.80 80 Williams 2,430 534.60 60 Vaughn 41 46 381.80 100 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½ times the regular rate for all hours in excess 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. 901. Required: 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 2018. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers. Round your Intermediate…
Greensburg Inc. had the following payroll for October 2020: Employee Wages $90,000 Federal income tax withheld 23,000 FICA 5,000 Health premiums deducted 3,000 Salaries (included above) subject federal unemployment taxes 90,000 Salaries (included above) subject to state unemployment taxes 90,000 REQUIRED: Present journal entries on October 31, 2020 to record: Accrual of the monthly payroll. Accrual of the employer's payroll tax. (Assume that the employer matches health premiums and the federal unemployment tax is 0.8%, and the state unemployment tax is 5.4%.)
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The following data for Throwback Industries Inc., relate to the payroll for the week ended December 9, 20Y8: Federal Weekly Salary Income Tax Employee Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantie. Robinson Hours Worked 48 44 42 34 45 38 Hourly 41 Rate $26 44 34 28 42 30 $2,100 40 2,350 $310.96 435.16 277.78 199.92 418.95 504.00 171.00 517.00 332.00 Retirements Savings $60 105 80 105 95 90 40 Williams 100 Vaughn 95 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%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901 Required: 4 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 2018. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers. Round your intermediate…