Blossom Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15 are presented below. Employee Ben Abel Rita Hager Jack Never Sue Perez Hours Worked (a) 40 42 44 46 Hourly Rate $12.00 13.00 Your answer is partially correct. 13.00 13.00 Federal Income Tax Withholdings $48.00 21.00 60.00 61.00 United Fund The following tax rates are applicable: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state income taxes 3%, state unemployment taxes 5,4%, and federal unemployment 0.6%. $5.00 5.00 8.00 5.00 Journalize employer payroll taxes. No employee has reached the Social Security limit of $128,400 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually)

Blossom Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15 are presented below. Employee Ben Abel Rita Hager Jack Never Sue Perez Hours Worked (a) 40 42 44 46 Hourly Rate $12.00 13.00 Your answer is partially correct. 13.00 13.00 Federal Income Tax Withholdings $48.00 21.00 60.00 61.00 United Fund The following tax rates are applicable: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state income taxes 3%, state unemployment taxes 5,4%, and federal unemployment 0.6%. $5.00 5.00 8.00 5.00 Journalize employer payroll taxes. No employee has reached the Social Security limit of $128,400 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually)

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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