Assume that the payroll records of Klein Oil Company provided the following information for the weekly payroll
Question:
Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA Social Security tax rate is 6.2% for the first $117,000 of each employee's annual earnings. The FICA Medicare tax rate is 1.45% of each employee's annual earnings without limit. The employer pays unemployment taxes of 6.2% (5.4% for state and 8% for federal) on the first $7,000 of each employee's annual earnings.
Instructions:
a) Prepare the payroll register for the pay period.
b) Prepare general journal entries to record the payroll, payment of net pay, and employer payroll taxes.
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Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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