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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![**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 Expense
2. Journalize](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F31dafadd-9dd5-402b-951e-769b2eb755a1%2F25a0023b-2017-45e9-9e79-8acac4cd1ff1%2F5nvtid_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**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 Expense
2. Journalize
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