The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9 Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds $68.00 $750 20 537.68 832 64 366.04 641.84 342.45 382.56 Aaron Cobb 46 41 62.00 70.00 56.00 Clemente 48 DiMaggio 35 Griffey, Jr. 45 Mantle Robinson 36 Williams 62.00 $1,800 54.00 2,000 Vaughn 42 62.00 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel All sales personnel are paid 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. Instructions $100 110 120 0 130 120 130 398 24 584.72 125 50 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Round all calculations to the nearest cent. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total 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.
The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9 Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds $68.00 $750 20 537.68 832 64 366.04 641.84 342.45 382.56 Aaron Cobb 46 41 62.00 70.00 56.00 Clemente 48 DiMaggio 35 Griffey, Jr. 45 Mantle Robinson 36 Williams 62.00 $1,800 54.00 2,000 Vaughn 42 62.00 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel All sales personnel are paid 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. Instructions $100 110 120 0 130 120 130 398 24 584.72 125 50 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Round all calculations to the nearest cent. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The following data for Throwback Industries
Employee Hours Worked Hourly Rate
Aaron 46 $68.00
$750 20
Cobb
41
Clemente 48
DiMaggio 35
Griffey, Jr.. 45
Mantle
62.00
70.00
56.00
62.00
$1,800
Robinson 36
54.00
Williams
2,000
Vaughn 42 62.00
537.68
832.64
366.04
Inc. relate to the payroll for the week ended December 9,
Weekly Salary Federal Income Tax U.S. Savings Bonds
$100
110
120
0
641.84 130
342.45
382.56
398 24
584.72
120
130
125
50
Employees Mantle and Williams are office staff, and all of the other employees are sales personnel All sales personnel are paid
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.
Instructions
1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Round all calculations to the nearest cent. Use the
following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total 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.
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