Question 1 Crane Company has the following data for the weekly payroll ending Ja

Question

Question 1 Crane Company has the following data for the weekly payroll ending January 31. Federal Hourly Income Tax Health Hours Employee M T W T F S Rate Withholding Insurance L. Mark8 8 10 8 9 3$12 D. Tavaras 9 9 8 8 10 0 Employees are paid 1 ½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are $34 36 $11 15 15 R. Kenseth 8 8 8 8 8 214 16 Crane Company is subject to 5.4% state unemployment taxes and 0.8% federal unemployment taxes on the first $7,000 Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) CRANE COMPANY Payroll Register For the Week Ending January 31 Earnings Federal Income Taxes Regular Overtime Gross Pay Total Hours Employee L. Mark R. Kenseth

Explanation / Answer

Earnings Deductions Net Pay Employees Total Hours Regular Overtime Gross Pay FICA Taxes Fed. I.T. Health Insu. Total L. Mark 46 480 72 552 44 34 11 89 463 R. Kenseth 42 560 28 588 47 36 15 98 490 D. Tavaras 44 640 64 704 56 55 15 126 578 1680 164 1844 148 125 41 314 1530 Since rate of FICA are not showing I assumed it 8%, Date Account Title Debit Credit Jan. 31 Salaries Expenses         1,844 FICA Payable            148 FED. I.T.            125 Health Insurance               41 Accrued Payroll Payable         1,530 Date Account Title Debit Credit 1-Jan-31 FUTA Expense               15 SUTA Expense            100 Cash or Tax Payable            114

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