Question

Ramirez Company has the following data for the weekly payroll ending January 31.

.:.
Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $110,100 of gross earnings. Ramirez Company is subject to 5.4% state unemployment taxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings.

Instructions
(a) Prepare the payroll register for the weekly payroll.
(b) Prepare the journal entries to record the payroll and Ramirez’s payroll tax expense.



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  • CreatedJanuary 30, 2014
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