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 Hourly Pay Rate $47 44 46 40 42 12 17 22 Federal Income Tax Union Dues $9 $442 97 148 230 5 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 Hourly Pay Rate $47 44 46 40 42 12 17 22 Federal Income Tax Union Dues $9 $442 97 148 230 5 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
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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
$47
12
17
22
Federal Income Tax
$442
97
148
230
Union Dues
$9
5
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.
Transcribed Image Text:18
Tuul
Nov. 30
40
Nov. 30
42
Regular
Lanings
Overtime
Date Account Titles and Explanation
(To record weekly payroll)
BRAMBLE OIL COMPANY
Payroll Register
For the Week Ending November 30, 2020
(To record employer's payroll taxes)
Gross Pry
FICA
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.)
Deduction
Federal Income Taxes
Union
Debit
Net Pay
Credit
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