**Payroll Summary for Throwback Industries Inc.***Week Ended December 9*The provided data outlines the payroll details for Throwback Industries Inc. for the specified week. **Employee Data:**| Employee | Hours Worked | Hourly Rate | Weekly Salary | Federal Income Tax | U.S. Savings Bonds ||-------------|--------------|-------------|---------------|--------------------|-------------------|| Aaron | 46 | $68.00 | | $750.20 | $100 || Cobb | 41 | $62.00 | | $537.68 | $110 || Clemente | 48 | $70.00 | | $832.64 | $120 || DiMaggio | 35 | $56.00 | | $366.04 | $0 || Griffey, Jr.| 45 | $62.00 | | $641.84 | $130 || Mantle | | | $1,800.00 | $342.45 | $120 || Robinson | 36 | $54.00 | | $382.56 | $130 || Williams | | | $2,000.00 | $398.24 | $125 || Vaughn | 42 | $62.00 | | $584.72 | $50 |**Notes:**- Employees Mantle and Williams are office staff, while all others are sales personnel.- Sales personnel earn 1.5 times their regular rate for hours worked over 40 per week.- Social Security tax is 6.0% of earnings.- Medicare tax is 1.5% of each employee’s annual earnings.- Next payroll check number is 901.**Instructions:**1. Prepare a payroll summary including: - Employee name - Total Hours - Regular Earnings - Overtime Earnings - Total Earnings - Social Security Tax - Medicare Tax - Federal Income Tax - U.S. Savings Bonds - Total Deductions - Net Pay - Check Number - Sales Salaries Expense - Office Salaries Expense2. Journalize

Payroll - Payroll includes the payments that must be made in connection with the salaries and…

Employee Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantle Robinson Williams Hours Worked 46 41 48 35 45 36 Hourly Rate $68.00 62.00 70.00 56.00 62.00 54.00 Weekly Salary $1,800 2,000 Federal Income Tax $750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 773 U.S.Savings Bonds $100 110 120 0 130 120 130 125 50

Employee Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantle Robinson Williams Hours Worked 46 41 48 35 45 36 Hourly Rate $68.00 62.00 70.00 56.00 62.00 54.00 Weekly Salary $1,800 2,000 Federal Income Tax $750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 773 U.S.Savings Bonds $100 110 120 0 130 120 130 125 50

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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Wages $300 before any deductions Income tax withholding 10% FICA 6.2% Med 1.45% FUTA 0.8% SUTA 5.4% Required 1. Provide journal entry 2. Record the payroll 3. Record employment taxes
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Accounting Problem 11-3 Twin City Enterprises had the following information available for the payroll of May 31st. Wages Earned $365,000 Federal Income Tax Withheld 54,750 State Income Tax Withheld 18,000 All wages are subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal Unemployment Tax of 0.70% and State Unemployment Tax of 1.50% is payable on $240,000 of the wages. Calculate the following amounts. Social Security withholding Medicare withholding FUTA SUTA Total withholdings Net Wages Total cost to the company Prepare the journal entry to record wages and withholdings. Prepare the journal entry to record payroll taxes.
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Subject: acounting
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