The information for Titan Company, shown in the following chart, is available from Titan's time records and the employees' individual earnings records for the pay period ended December 22.NameHours WorkedEarnings at End of Previous WeekTotal EarningsClass.Federal Income TaxOther DeductionsAlbee, C.4463,365.00 1,645.00 Sales197.05 UW25.00Don, V.40136,378.00 2,837.00 Sales494.80 AR95.00Fine, J.4076,835.00 1,504.00 Sales173.70 UW20.00Ginny, N.4633,507.00 662.00 Office47.15 UW40.00Johnson, J.4757,079.00 1,112.00 Office115.10 UW20.00Lund, D.43111,820.00 2,098.00 Sales309.55 UW25.00Maya, R.4266,834.00 1,307.00 Sales144.85 AR75.00Nord, P.4136,761.00 722.00 Sales55.95 UW25.00Oscar, T.4393,582.00 1,831.00 Sales242.80 UW30.00Troy, B.4047,255.00 931.00 Sales87.95 UW15.00Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. The company does not pay for overtime hours.Required:1. Complete the payroll register using a Social Security tax rate of 6.2 percent and a Medicare tax rate of 1.45 percent. Concerning Other Deductions, AR refers to Accounts Receivable and UW refers to United Way. Begin payroll checks in the payroll register with No. 2914. If an amount is zero, enter "0". If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations.( Please see image)** Federal income tax reference ( 01 allowance) :https://www.irs.gov/pub/irs-prior/p15--2016.pdf 2.( See HW2 image)Thanks The image is a payroll register form for the week ending December 22. It includes columns for various employee earnings and deductions, as follows:**Columns:**1. **Name**: Lists employee initials (e.g., Albee, C.; Don, V.; Fine, J.).2. **Total Hours**: Space to record the total hours worked.3. **Beginning Cumulative Earnings**: Space to record the earnings accumulated from the beginning of the year to the start of this period.4. **Total Earnings**: Space to record total earnings for this pay period.5. **Ending Cumulative Earnings**: Space for the total earnings at the end of the period.6. **Taxable Earnings**: Includes several components: - **Unemployment** - **Social Security** - **Medicare**7. **Deductions**: Includes several components: - **Federal Income Tax** - **Social Security Tax** - **Medicare Tax****Other Sections:**- **Other Deductions**: Space for miscellaneous deductions.- **Pension**: Space to list contributions or deductions related to pensions.- **Net Amount**: Space for net pay calculation after deductions.- **CK. NO.**: Space for check number.- **Exercise Account Number**: Space for account number.- **Salary**: - **Sales Salary** - **Office Salary**Each row corresponds to a different employee, with entry spaces provided for each category. This detailed form allows for thorough documentation of employee earnings, taxes, and deductions for payroll processing. **General Journal Entry Process for Payroll****Instruction:**Prepare the general journal entry to record the payroll. The firm’s general ledger contains a Salary Expense account and a Salaries Payable account. Then prepare the general journal entry to pay the payroll. Assume that funds for this payroll have been transferred to Cash—Payroll Bank Account and that this entry has been made. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations.**General Journal Template:**- **Header:** - **GENERAL JOURNAL** - **Page: __**- **Columns:** - **DATE**: The date of the transaction. - **DESCRIPTION**: Description of the transaction. - **POST. REF.**: Posting reference. - **DEBIT**: Debit amount. - **CREDIT**: Credit amount.- **Entry Details**: - **Date**: Dec. 22 - **Description**: Listed in rows for multiple entries. - **Debit/Credit Boxes**: Spaces provided for the corresponding amounts.- **Footer**: - *Payroll register for week ended December 22.*Note: Ensure accuracy in the amounts being debited or credited and provide clear descriptions for each financial activity within the payroll process.

SOCIAL SECURITY TAX CAN BE COMPUTED AS FOLLOWS SST=TOTAL EARNINGS - ACCOUNTS RECEIVABLE FOR A…

The information for Titan Company, shown in the following chart, is available from Titan's time records and the employees' individual earnings records for the pay period ended December 22. Name Hours Worked Earnings at End of Previous Week Total Earnings Class. Federal Income Tax Other Deductions Albee, C. 44 63,365.00 1,645.00 Sales 197.05 UW 25.00 Don, V. 40 136,378.00 2,837.00 Sales 494.80 AR 95.00 Fine, J. 40 76,835.00 1,504.00 Sales 173.70 UW 20.00 Ginny, N. 46 33,507.00 662.00 Office 47.15 UW 40.00 Johnson, J. 47 57,079.00 1,112.00 Office 115.10 UW 20.00 Lund, D. 43 111,820.00 2,098.00 Sales 309.55 UW 25.00 Maya, R. 42 66,834.00 1,307.00 Sales 144.85 AR 75.00 Nord, P. 41 36,761.00 722.00 Sales 55.95 UW 25.00 Oscar, T. 43 93,582.00 1,831.00 Sales 242.80 UW 30.00 Troy, B. 40 47,255.00 931.00 Sales 87.95 UW 15.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. The company does not pay for overtime hours. Required: 1. Complete the payroll register using a Social Security tax rate of 6.2 percent and a Medicare tax rate of 1.45 percent. Concerning Other Deductions, AR refers to Accounts Receivable and UW refers to United Way. Begin payroll checks in the payroll register with No. 2914. If an amount is zero, enter "0". If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations.( Please see image) ** Federal income tax reference ( 01 allowance) :https://www.irs.gov/pub/irs-prior/p15--2016.pdf 2.( See HW2 image) Thanks

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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Question

The information for Titan Company, shown in the following chart, is available from Titan's time records and the employees' individual earnings records for the pay period ended December 22.

Name	Hours Worked	Earnings at End of Previous Week	Total Earnings	Class.	Federal Income Tax	Other Deductions
Albee, C.	44	63,365.00	1,645.00	Sales	197.05	UW	25.00
Don, V.	40	136,378.00	2,837.00	Sales	494.80	AR	95.00
Fine, J.	40	76,835.00	1,504.00	Sales	173.70	UW	20.00
Ginny, N.	46	33,507.00	662.00	Office	47.15	UW	40.00
Johnson, J.	47	57,079.00	1,112.00	Office	115.10	UW	20.00
Lund, D.	43	111,820.00	2,098.00	Sales	309.55	UW	25.00
Maya, R.	42	66,834.00	1,307.00	Sales	144.85	AR	75.00
Nord, P.	41	36,761.00	722.00	Sales	55.95	UW	25.00
Oscar, T.	43	93,582.00	1,831.00	Sales	242.80	UW	30.00
Troy, B.	40	47,255.00	931.00	Sales	87.95	UW	15.00

Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. The company does not pay for overtime hours.

Required:

1. Complete the payroll register using a Social Security tax rate of 6.2 percent and a Medicare tax rate of 1.45 percent. Concerning Other Deductions, AR refers to Accounts Receivable and UW refers to United Way. Begin payroll checks in the payroll register with No. 2914. If an amount is zero, enter "0". If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations.( Please see image)

** Federal income tax reference ( 01 allowance) :https://www.irs.gov/pub/irs-prior/p15--2016.pdf

2.( See HW2 image)

Thanks

The image is a payroll register form for the week ending December 22. It includes columns for various employee earnings and deductions, as follows:

**Columns:**

1. **Name**: Lists employee initials (e.g., Albee, C.; Don, V.; Fine, J.).
2. **Total Hours**: Space to record the total hours worked.
3. **Beginning Cumulative Earnings**: Space to record the earnings accumulated from the beginning of the year to the start of this period.
4. **Total Earnings**: Space to record total earnings for this pay period.
5. **Ending Cumulative Earnings**: Space for the total earnings at the end of the period.
6. **Taxable Earnings**: Includes several components:
- **Unemployment**
- **Social Security**
- **Medicare**
7. **Deductions**: Includes several components:
- **Federal Income Tax**
- **Social Security Tax**
- **Medicare Tax**

**Other Sections:**

- **Other Deductions**: Space for miscellaneous deductions.
- **Pension**: Space to list contributions or deductions related to pensions.
- **Net Amount**: Space for net pay calculation after deductions.
- **CK. NO.**: Space for check number.
- **Exercise Account Number**: Space for account number.
- **Salary**:
- **Sales Salary**
- **Office Salary**

Each row corresponds to a different employee, with entry spaces provided for each category. This detailed form allows for thorough documentation of employee earnings, taxes, and deductions for payroll processing.

**General Journal Entry Process for Payroll**

**Instruction:**
Prepare the general journal entry to record the payroll. The firm’s general ledger contains a Salary Expense account and a Salaries Payable account. Then prepare the general journal entry to pay the payroll. Assume that funds for this payroll have been transferred to Cash—Payroll Bank Account and that this entry has been made. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations.

**General Journal Template:**

- **Header:**
- **GENERAL JOURNAL**
- **Page: __**

- **Columns:**
- **DATE**: The date of the transaction.
- **DESCRIPTION**: Description of the transaction.
- **POST. REF.**: Posting reference.
- **DEBIT**: Debit amount.
- **CREDIT**: Credit amount.

- **Entry Details**:
- **Date**: Dec. 22
- **Description**: Listed in rows for multiple entries.
- **Debit/Credit Boxes**: Spaces provided for the corresponding amounts.

- **Footer**:
- *Payroll register for week ended December 22.*

Note: Ensure accuracy in the amounts being debited or credited and provide clear descriptions for each financial activity within the payroll process.

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