Print iem The following data for Throwback U.S. Savings HoursHourlyWeekly Worked

Question

Print iem The following data for Throwback U.S. Savings HoursHourlyWeekly Worked Income Tax $46 454.94 Dawson Fouts Namath 458.64 $2,230 535.20 550.00 66.00 are sales personnel. Al sales personnel are paid 3% times the regular rate for all hours in excess of 40 hours per week. Employees Marino and Star re office staff, a d all of the other mmployees The social security tax rate is 6%, and Required Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 625. Assume the normal working hours in a weok are 40 hours. Enter amounts as positive numbers. Round ? prepare a panoll summary for Throwback Industries, inc for the week ended December 9. your intermediate calculations and final answers to the nearest whole cent (two decimal places) Accounts Debited Office Ck Salaries ll Salaries Deductions Paid Check ay work

Explanation / Answer

Answer 1. Employee Total hours Hourly Rate Earnings Deductions Net Pay Account Debited Regular Overtime Earnings Total Social Security Tax (6%) Medicare Tax (1.50%) Fedederal I Tax US Saving Bonds Total Sales Salaries Expense Office Salaries Expense Blanda                      42                46.00             1,840.00                  138.00           1,978.00                   118.68                               29.67                454.94                   80.00       683.29          1,294.71                 1,978.00 Dawson                      46                32.00             1,280.00                  288.00           1,568.00                      94.08                               23.52                337.12                   90.00       544.72          1,023.28                 1,568.00 Fouts                      43                24.00                 960.00                  108.00           1,068.00                      64.08                               16.02                202.92                   95.00       378.02             689.98                 1,068.00 Griese                      36                34.00             1,224.00                           -             1,224.00                      73.44                               18.36                257.04                   75.00       423.84             800.16                 1,224.00 Namath                      48                42.00             1,680.00                  504.00           2,184.00                   131.04                               32.76                458.64                   55.00       677.44          1,506.56                 2,184.00 Marino             2,230.00                           -             2,230.00                   133.80                               33.45                535.20                   60.00       762.45          1,467.55                2,230.00 Staubach                      38                36.00             1,368.00                           -             1,368.00                      82.08                               20.52                205.20                   55.00       362.80          1,005.20                 1,368.00 Starr             2,500.00                           -             2,500.00                   150.00                               37.50                550.00                   95.00       832.50          1,667.50                2,500.00 Unitas                      45                28.00             1,120.00                  210.00           1,330.00                      79.80                               19.95                266.00                   55.00       420.75             909.25                 1,330.00 Total           14,202.00              1,248.00         15,450.00                   927.00                             231.75             3,267.06                660.00    5,085.81       10,364.19               10,720.00                4,730.00 Answer 2. Journal Entry Date Particulars Dr. Amt Cr. Amt. 1. Sales Salaries Expense    10,720.00 Office Salaries Expense      4,730.00 Social Security Tax Payable          927.00 Medicare Tax Payable          231.75 Federal I Tax Payable      3,267.06 US Saving Bonds Payable          660.00    Salaries Payable    10,364.19 (record the payroll for the week)

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