Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T.King T. Binion N.Cole C. Hennesey Hours Worked 44 46 40 42 Hourly Pay Rate $69 34 39 44 Federal Income Tax $442 97 148 230 Union Dues $9 5 сл 7 Year-to-Date Earnings Through Previous Week $133,900 23,200 5,700 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.
Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T.King T. Binion N.Cole C. Hennesey Hours Worked 44 46 40 42 Hourly Pay Rate $69 34 39 44 Federal Income Tax $442 97 148 230 Union Dues $9 5 сл 7 Year-to-Date Earnings Through Previous Week $133,900 23,200 5,700 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Your answer is partially correct.
Prepare general journal entries to record the payroll and payroll taxes. (Credit account titles are automatically indented when amount
is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round
answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries.)
Date
Nov. 30
Nov. 30
Account Titles and Explanation
Salaries and Wages Expense
FICA Taxes Payable
Federal Income Taxes Payable
Union Dues Payable
Salaries and Wages Payable
(To record weekly payroll)
Payroll Tax Expense
FICA Taxes Payable
Federal Income Taxes Payable
State Income Taxes Payable
(To record employer's payroll taxes)
Debit
8292
424,52
Credit
437.55
917
21
6916.45
437.55
917
917](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F771ce31f-7488-4bd5-b9c6-b862d83ada4d%2F5816d528-b8d8-4712-9847-a4c2969f40a5%2Fgdpt8ke_processed.png&w=3840&q=75)
Transcribed Image Text:Your answer is partially correct.
Prepare general journal entries to record the payroll and payroll taxes. (Credit account titles are automatically indented when amount
is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round
answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries.)
Date
Nov. 30
Nov. 30
Account Titles and Explanation
Salaries and Wages Expense
FICA Taxes Payable
Federal Income Taxes Payable
Union Dues Payable
Salaries and Wages Payable
(To record weekly payroll)
Payroll Tax Expense
FICA Taxes Payable
Federal Income Taxes Payable
State Income Taxes Payable
(To record employer's payroll taxes)
Debit
8292
424,52
Credit
437.55
917
21
6916.45
437.55
917
917
![Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November
30, 2020.
Employee
T. King
T. Binion
N.Cole
C. Hennesey
Hours Worked
44
46
40
42
Hourly Pay Rate
$69
34
39
44
Federal Income Tax
$442
97
148
230
Union Dues
$9
5
7
Year-to-Date
Earnings Through
Previous Week
$133,900
23,200
5.700
49,500
Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax
rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays
unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F771ce31f-7488-4bd5-b9c6-b862d83ada4d%2F5816d528-b8d8-4712-9847-a4c2969f40a5%2F6c6mtvh_processed.png&w=3840&q=75)
Transcribed Image Text:Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November
30, 2020.
Employee
T. King
T. Binion
N.Cole
C. Hennesey
Hours Worked
44
46
40
42
Hourly Pay Rate
$69
34
39
44
Federal Income Tax
$442
97
148
230
Union Dues
$9
5
7
Year-to-Date
Earnings Through
Previous Week
$133,900
23,200
5.700
49,500
Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax
rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays
unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.
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