10. The following information is for Grimsley Electrical Supplies Inc. payroll for the week ending October 26, 20X8: Hrs. worked Hourly Pay Rate Union Dues Federal Income Tax withheld Employee Year-to-Date Earnings, Previous week C. White J. Ward K. Hurt M. King $30 10 14 $240 $9 $81,000 23,200 5,100 49,500 44 46 39 65 82 42 22 169 7 All employees are paid overtime at 1.5 of the hourly rate for hours worked in excess of 40. The FICA rate is 7.5% (Social Sécurity 6% on the first $80,000 of accrued wages and Medicare 1.5%). The Employer pays unemployment benefits (Unemployment taxes) FUTA 0.6% and SUTA 5.4%, on the first $7,000 of accumulated salary for each employee.

10. The following information is for Grimsley Electrical Supplies Inc. payroll for the week ending October 26, 20X8: Hrs. worked Hourly Pay Rate Union Dues Federal Income Tax withheld Employee Year-to-Date Earnings, Previous week C. White J. Ward K. Hurt M. King $30 10 14 $240 $9 $81,000 23,200 5,100 49,500 44 46 39 65 82 42 22 169 7 All employees are paid overtime at 1.5 of the hourly rate for hours worked in excess of 40. The FICA rate is 7.5% (Social Sécurity 6% on the first $80,000 of accrued wages and Medicare 1.5%). The Employer pays unemployment benefits (Unemployment taxes) FUTA 0.6% and SUTA 5.4%, on the first $7,000 of accumulated salary for each employee.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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