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PR The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. V1. Total net pay $15,424.12 Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds Employee $100 $750.20 537.68 Aaron 46 $68.00 Cobb 41 62.00 110 Clemente 48 70.00 832.64 120 EXCEL TEMPLATE 56.00 366.04 DiMaggio Griffey, Jr. 35 45 62.00 641.84 130 120 130 Mantle $1,800 342.45 Robinson 36 54.00 382.56 Williams 2,000 398.24 125 Vaughn 42 62.00 584.72 50 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 12 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, To- tal Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense. Instructions 2. Journalize the entry to record the payroll for the week.

PR The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. V1. Total net pay $15,424.12 Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds Employee $100 $750.20 537.68 Aaron 46 $68.00 Cobb 41 62.00 110 Clemente 48 70.00 832.64 120 EXCEL TEMPLATE 56.00 366.04 DiMaggio Griffey, Jr. 35 45 62.00 641.84 130 120 130 Mantle $1,800 342.45 Robinson 36 54.00 382.56 Williams 2,000 398.24 125 Vaughn 42 62.00 584.72 50 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 12 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, To- tal Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense. Instructions 2. Journalize the entry to record the payroll for the week.

FINANCIAL ACCOUNTING
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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Only exercise 10-4A please and thank you?
Chapter 10 Liabilities: Current, Installment Notes, and Contingencies 529 Instructions 1. Compute the amounts to be reported for the year on each employee's Wage and Tax Statement (Form W-2), arranging the data as follows. Round all amounts to the nearest cent. 1 expenses at the end of the Gross Earnings Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld Employee Obj. 2 -mber 30 was obtained from 2. Compute the following employer payroll taxes for the year: (a) social security, (b) Medicare, (c) state unemployment compensation at 5.4% on the first $10,000 of each employee's earnings, (d) federal unemployment compensation at 0.8% on the first $10,000 of each employee's earnings, and (e) total. Round all amounts to the nearest cent. $160,000 Obj. 2 PR 10-4A Payroll summary The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. 10,500 V1. Total net pay $15,424.12 9,000 Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds Employee Aaron 46 $68.00 $750.20 $100 Cobb 41 62.00 537.68 110 Clemente 48 70.00 832.64 120 EXCEL TEMPLATE 35 56.00 366.04 DİMaggio Griffey, Jr. n December 31, journalize 641.84 130 45 62.00 Mantle $1,800 342.45 120 Robinson 36 54.00 382.56 130 Williams 2,000 398.24 125 to be paid on December subject to unemployment Vaughn 42 62.00 584.72 50 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 12 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. a January 5 of the follow- o be paid on January 5. employment compensa- 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, To- tal Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense. 2. Journalize the entry to record the payroll for the week. Instructions Obj. 2 rees on the last day of tax were withheld in e month receives half filed, and the cor- Obj. 2, 3 PR 10-5A Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on aly in the
Transcribed Image Text:Chapter 10 Liabilities: Current, Installment Notes, and Contingencies 529 Instructions 1. Compute the amounts to be reported for the year on each employee's Wage and Tax Statement (Form W-2), arranging the data as follows. Round all amounts to the nearest cent. 1 expenses at the end of the Gross Earnings Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld Employee Obj. 2 -mber 30 was obtained from 2. Compute the following employer payroll taxes for the year: (a) social security, (b) Medicare, (c) state unemployment compensation at 5.4% on the first $10,000 of each employee's earnings, (d) federal unemployment compensation at 0.8% on the first $10,000 of each employee's earnings, and (e) total. Round all amounts to the nearest cent. $160,000 Obj. 2 PR 10-4A Payroll summary The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. 10,500 V1. Total net pay $15,424.12 9,000 Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds Employee Aaron 46 $68.00 $750.20 $100 Cobb 41 62.00 537.68 110 Clemente 48 70.00 832.64 120 EXCEL TEMPLATE 35 56.00 366.04 DİMaggio Griffey, Jr. n December 31, journalize 641.84 130 45 62.00 Mantle $1,800 342.45 120 Robinson 36 54.00 382.56 130 Williams 2,000 398.24 125 to be paid on December subject to unemployment Vaughn 42 62.00 584.72 50 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 12 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. a January 5 of the follow- o be paid on January 5. employment compensa- 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, To- tal Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense. 2. Journalize the entry to record the payroll for the week. Instructions Obj. 2 rees on the last day of tax were withheld in e month receives half filed, and the cor- Obj. 2, 3 PR 10-5A Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on aly in the
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