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MASTERY PROBLEM Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number of allowances claimed, marital status, information from time cards on hours worked each day, and the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 12 times the regular rate. All weekend hours are paid at double the regular rate. Trenkamp uses a weekly federal income tax withholding table (see Figure 8-4 on pages 288 and 289). Social Security tax is withheld at the rate of 6.2% for the first ST10,100 earned. Medicare tax is withheld at 1.45% and state income tax at 3.5%. Each employee has $5 withheld for health insurance. All employees use payroll deduc- tion to the credit union for varying amounts as listed.

MASTERY PROBLEM Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number of allowances claimed, marital status, information from time cards on hours worked each day, and the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 12 times the regular rate. All weekend hours are paid at double the regular rate. Trenkamp uses a weekly federal income tax withholding table (see Figure 8-4 on pages 288 and 289). Social Security tax is withheld at the rate of 6.2% for the first ST10,100 earned. Medicare tax is withheld at 1.45% and state income tax at 3.5%. Each employee has $5 withheld for health insurance. All employees use payroll deduc- tion to the credit union for varying amounts as listed.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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MASTERY PROBLEM / Cr. Cash: $4,301.83 ar Ban Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number of allowances claimed, marital status, information from time cards on hours worked each day, and the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 1½ times the regular rate. All weekend hours are paid at double the regular rate. Trenkamp uses a weekly federal income tax withholding table (see Figure 8-4 on pages 288 and 289). Social Security tax is withheld at the rate of 6.2% for the first $110,100 earned. Medicare tax is withheld at 1.45% and state income tax at 3.5%. Each employee has $5 withheld for health insurance, All employees use payroll deduc- tion to the credit union for varying amounts as listed. GENERAL LEDGER Trenkamp Collection Agency Payroll Information for the Week Ended November 18, 20-- Credit Total Hourly Rate Earnings 1/1-11/11 Union Employee No. No of Allow. Regular Hours Worked S S M T W T F Marital Name Status Deposit $ 24,525 30,480 Berling, James Merz, Linda Goetz, Ken Menick, Judd Morales, Eva Heimbrock, Jacob 1 3. $12 $149.60 9 889 10 888 8 10 4. 15 117.00 3 67 8910 11 91.30 21,500 4 2. 0 0 8 8 9 11 126.50 22,625 8 8 0 0 0 0 5 24,730 109,140 21,425 3 8886 8. 13 117.05 6. 5 888 8 8 34 154.25 Townsley, Sarah Salzman, Beth 2 4 0 6 6 66 4 9. 83.05 8. 6,635 5,635 21,635 24,115 6 2 8866 6. 11 130.00 Layton, Esther Thompson, David Vadillo, Carmen 9. 8 888 8. 11 88.00 10 5 0 2 8 0 4 8889 10 9 7 7 10 11 128.90 11 13 139.11 The Trenkamp Collection Agency follows the practice of drawing a single check for the net amount of the payroll and depositing the check in a special payroll account at the bank. Individual checks issued were numbered consecutively, beginning with No. 331. REQUIRED 1. Prepare a payroll register for Trenkamp Collection Agency for the week ended November 18, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter $365 for Salzman and $440 for Layton. Leave this column blank for all other employees.) Total the amount columns, verify the totals, and rule with single and double lines. 2. Assuming that the wages for the week ended November 18 were paid on November 21, prepare the journal entry for the payment of this payroll. MMMSMMMMMMS
Transcribed Image Text:MASTERY PROBLEM / Cr. Cash: $4,301.83 ar Ban Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number of allowances claimed, marital status, information from time cards on hours worked each day, and the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 1½ times the regular rate. All weekend hours are paid at double the regular rate. Trenkamp uses a weekly federal income tax withholding table (see Figure 8-4 on pages 288 and 289). Social Security tax is withheld at the rate of 6.2% for the first $110,100 earned. Medicare tax is withheld at 1.45% and state income tax at 3.5%. Each employee has $5 withheld for health insurance, All employees use payroll deduc- tion to the credit union for varying amounts as listed. GENERAL LEDGER Trenkamp Collection Agency Payroll Information for the Week Ended November 18, 20-- Credit Total Hourly Rate Earnings 1/1-11/11 Union Employee No. No of Allow. Regular Hours Worked S S M T W T F Marital Name Status Deposit $ 24,525 30,480 Berling, James Merz, Linda Goetz, Ken Menick, Judd Morales, Eva Heimbrock, Jacob 1 3. $12 $149.60 9 889 10 888 8 10 4. 15 117.00 3 67 8910 11 91.30 21,500 4 2. 0 0 8 8 9 11 126.50 22,625 8 8 0 0 0 0 5 24,730 109,140 21,425 3 8886 8. 13 117.05 6. 5 888 8 8 34 154.25 Townsley, Sarah Salzman, Beth 2 4 0 6 6 66 4 9. 83.05 8. 6,635 5,635 21,635 24,115 6 2 8866 6. 11 130.00 Layton, Esther Thompson, David Vadillo, Carmen 9. 8 888 8. 11 88.00 10 5 0 2 8 0 4 8889 10 9 7 7 10 11 128.90 11 13 139.11 The Trenkamp Collection Agency follows the practice of drawing a single check for the net amount of the payroll and depositing the check in a special payroll account at the bank. Individual checks issued were numbered consecutively, beginning with No. 331. REQUIRED 1. Prepare a payroll register for Trenkamp Collection Agency for the week ended November 18, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter $365 for Salzman and $440 for Layton. Leave this column blank for all other employees.) Total the amount columns, verify the totals, and rule with single and double lines. 2. Assuming that the wages for the week ended November 18 were paid on November 21, prepare the journal entry for the payment of this payroll. MMMSMMMMMMS
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