FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2018:
Hours
Hourly
Weekly
Federal
Retirements
Employee
Worked
Rate
Salary
Income Tax
Savings
Aaron
46
$26
$293.02
$55
Cobb
41
Clemente
DiMaggio
Griffey, J
# 9 8 9
44
392.59
60
43
34
287.47
100
37
28
217.56
60
48
42
458.64
60
Mantle
$2,220
532.80
45
Robinson
35
30
157.50
85
Williams
2,490
547.80
40
Vaughn
44
40
368.00
105
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
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:
1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 20YS. 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).
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Transcribed Image Text:The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2018: Hours Hourly Weekly Federal Retirements Employee Worked Rate Salary Income Tax Savings Aaron 46 $26 $293.02 $55 Cobb 41 Clemente DiMaggio Griffey, J # 9 8 9 44 392.59 60 43 34 287.47 100 37 28 217.56 60 48 42 458.64 60 Mantle $2,220 532.80 45 Robinson 35 30 157.50 85 Williams 2,490 547.80 40 Vaughn 44 40 368.00 105 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 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: 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 20YS. 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).
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