Your answer is partially correct.Prepare general journal entries to record the payroll and payroll taxes. (Credit account titles are automatically indented when amountis entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Roundanswers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries.)DateNov. 30Nov. 30Account Titles and ExplanationSalaries and Wages ExpenseFICA Taxes PayableFederal Income Taxes PayableUnion Dues PayableSalaries and Wages Payable(To record weekly payroll)Payroll Tax ExpenseFICA Taxes PayableFederal Income Taxes PayableState Income Taxes Payable(To record employer's payroll taxes)Debit8292424,52Credit437.55917216916.45437.55917917 Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November30, 2020.EmployeeT. KingT. BinionN.ColeC. HenneseyHours Worked44464042Hourly Pay Rate$69343944Federal Income Tax$44297148230Union Dues$957Year-to-DateEarnings ThroughPrevious Week$133,90023,2005.70049,500Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA taxrate 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 paysunemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.

Payroll liabilities are salaries and wages, employee benefits and payroll taxes levied on the…

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.

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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