Payroll Register The following data for Throwback Industries, Inc. relate to the

Question

Payroll Register

The following data for Throwback Industries, Inc. relate to the payroll for the week ended December 9, 20Y8:

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, 20Y8. 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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Gross earnings reflects the total amount an employee has earned during a specific pay period before taxes and deductions. Net pay is the total earnings minus the withholdings and deductions. Remember that expenses are classified as either selling or administrative based on the purpose of the expense.

2. Journalize the entry to record the payroll for the week. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank.

Hours Hourly Weekly Federal Retirements Employee Worked Rate Salary Income Tax Savings Aaron 43 $30 $307.05 $75 Cobb 48 42 469.56 105 Clemente 45 26 234.65 110 DiMaggio 36 40 302.4 100 Griffey, Jr. 41 38 331.17 70 Mantle $2,120 508.80 90 Robinson 38 34 193.80 70 Williams 2,370 521.40 75 Vaughn 44 46 423.20 65

Explanation / Answer

1) Preparing a Payroll Register for Throwback Industries:

2) Preparing the Journal Entry to Record the Payroll for the Week:

Throwback Industries Inc. Payroll Register For the week ended Dec 9 2016 Earnings Earnings Earnings Deductions Deductions Deductions Deductions Deductions Paid Paid Account Debited Account Debited Employee Total Hours Regular Overtime Total Social Secutiry Tax @6% Medicare Tax@1.5%5 Fedral Income Tax Retirements Savings Total Net Pay Ck.No Sales Salaries Expense Office Salaries Expense Aaron 43 1,200.00 135 1,335.00 80.1 20.025 307.05 75 482.18 852.83 #901 1,335.00 Cobb 48 1,680.00 504 2,184.00 131.04 32.76 469.56 105 738.36 1,445.64 #902 2,184.00 Clemente 45 1,040.00 195 1,235.00 74.1 18.525 234.65 110 437.28 797.73 #903 1,235.00 DiMaggio 36 1,440.00 1,440.00 86.4 21.6 302.4 100 510.40 929.60 #904 1,440.00 Grifey Jr 41 1,520.00 57 1,577.00 94.62 23.655 331.17 70 519.45 1,057.56 #905 1,577.00 Mantle 2120 2,120.00 127.2 31.8 508.8 90 757.80 1,362.20 #906 2,120.00 Robinson 38 1,292.00 1,292.00 77.52 19.38 193.8 70 360.70 931.30 #907 1,292.00 Williams 2370 2,370.00 142.2 35.55 521.4 75 774.15 1,595.85 #908 2,370.00 Vaughn 44 1,840.00 276 2,116.00 126.96 31.74 423.2 65 646.90 1,469.10 #909 2,116.00 Total 15,669.00 940.14 235.04 3,292.03 760.00 5,227.21 10,441.80 11,179.00 4,490.00

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