Payroll register The following data for Throwback Industries Inc. relate to the
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Payroll register
The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2016: Employee Hours Worked Hourly Rate $68 Weekly Salary Federal Income Tax $750.20 537.68 836.44 366.04 641.84 342.45 U.S. Savings Bonds $120 130 140 DiMaggio Griffey, Jr. 35 150 140 150 145 $1,800 2,000 398.24 62 584.72 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1 ½ times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, 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 payrol register for Throwback Industries Inc. for the week ended December 9, 2016. 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.Explanation / Answer
Answer 1. Payroll for Week Ending December 9, 2016 Employee Total Hours Earnings Dedudctions Paid Amount Debited Regular Overtime Total Social Security Tax Medicare Tax Federal Income Tax US Saving Bonds Total Net Pay Ch. No. Sales Salaries Expenses Office Salaries Expenses Aaron 46 2,720.00 612.00 3,332.00 199.92 49.98 750.20 120.00 1,120.10 2,211.90 #901 3,332.00 Cobb 41 2,480.00 93.00 2,573.00 154.38 38.60 537.68 130.00 860.66 1,712.35 #902 2,573.00 Clemente 48 2,800.00 840.00 3,640.00 218.40 54.60 836.44 140.00 1,249.44 2,390.56 #903 3,640.00 DiMaggio 35 1,960.00 - 1,960.00 117.60 29.40 366.04 - 513.04 1,446.96 #904 1,960.00 Griffrey. Jr. 45 2,480.00 465.00 2,945.00 176.70 44.18 641.84 150.00 1,012.72 1,932.29 #905 2,945.00 Mantle - 1,800.00 - 1,800.00 108.00 27.00 342.45 140.00 617.45 1,182.55 #906 1,800.00 Robinson 36 1,944.00 - 1,944.00 116.64 29.16 382.56 150.00 678.36 1,265.64 #907 1,944.00 Williams - 2,000.00 - 2,000.00 120.00 30.00 398.24 145.00 693.24 1,306.76 #908 2,000.00 Vaughn 42 2,600.00 195.00 2,795.00 167.70 41.93 584.72 40.00 834.35 1,960.66 #909 2,795.00 Total 20,784.00 2,205.00 22,989.00 1,379.34 344.84 4,840.17 1,015.00 7,579.35 15,409.66 19,189.00 3,800.00 Answer 2. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 9-Dec-16 Sales Salaries Expenses Dr. 19,189.00 Office Salaries Expenses Dr. 3,800.00 To Social Security Tax Payable 1,379.34 To Medicare Tax Payable 344.84 To Federal Income Tax Payable 4,840.17 To US Bonds Payable 1,015.00 To Salaries & Wages Payable 15,409.66
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