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Waterway Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked i excess of 40 a week. Payroll data for the week ended March 15, 2020, are presented below. Employee Ben Abel Rita Hager Jack Never Sue Perez Hours Worked 40 42 44 46 Hourly Rate $15 16 13 13 Federal Income Tax Withholdings $? ? 60 61 United Fund $5 5 8 5 Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%. If the wages are - But less At least than 500 510 520 530 540 550 560 570 580 590 600 610 620 630 640 650 660 670 680 690 510 520 530 540 550 560 570 580 590 600 610 620 630 640 650 660 670 680 690 700 о (For wages paid througn December 2017) 34 And the number of withholding allowances claimed is 1 2 3 4 5 6 7 8 The amount of income tax to be withheld is - 19 0 20 21 22 23 27 35 28 37 29 38 30 40 31 41 32 24 43 33 25 44 34 26 46 35 27 47 36 28 49 38 29 50 39 30 52 41 31 53 42 32 55 44 33 56 45 58 47 59 48 61 50 62 51 34 35 37 38 40 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 4 567 00 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 ооооо 1 N35 2 4 6 7 8 9 10 11 W NH 12 13 14 15 ооооо ооооо о WN HO 1 2 3 4 5 6 7 8 оооо ооооо ооооо с ооо 0 Тооооо оооос ооос 0 с с ооо 9 ооооо ооооо ооооо 0 0 0 оо 10 ооооо ооооо ооооо ооооо Employee Hours Ben Abel Rita Hager Jack Never Sue Perez Totals 40 42 44 46 Regular 600 640 520 520 2280 Earnings Overtime 0 48 78 117 243 Gross Pay 600 688 598 637 2523 WATERWAY HARDWARE Payroll Register For the Week Ending March 15, 2020 FICA 45.9 52.63 45.75 48.73 193.01 Federal Income Tax ✓ 49 22 60 61 192 Deductions State Income Tax 18 20.64 17.94 19.11 75.69 United Fund 5 5 8 5 23 Total 117.9 100.27 131.69 133.84 483.7 Net Pay 482.1 587.73 466.31 503.16 2039.3 Salaries and Wages Expense X 600 688 598 637 2523 Journalize the payroll on March 15, 2020, and the accrual of employer payroll taxes. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 15 Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable United Fund Contributions Payable Salaries and Wages Payable (To record payroll) Debit 2523 1.0.0.0.0.0 | > | Credit 193.01 192 75.69 23 2039.3 Journalize the payment of the payroll on March 16, 2020. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 16 Salaries and Wages Payable Cash Debit 2039.3 Credit 2039.3 Journalize the deposit in a Federal Reserve bank on March 31, 2020, of the FICA and federal income taxes payable to the government. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 FICA Taxes Payable Federal Income Taxes Payable Cash Debit 193.01 192 X Credit 385.01 Waterway Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked i excess of 40 a week. Payroll data for the week ended March 15, 2020, are presented below. Employee Ben Abel Rita Hager Jack Never Sue Perez Hours Worked 40 42 44 46 Hourly Rate $15 16 13 13 Federal Income Tax Withholdings $? ? 60 61 United Fund $5 5 8 5 Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%. If the wages are - But less At least than 500 510 520 530 540 550 560 570 580 590 600 610 620 630 640 650 660 670 680 690 510 520 530 540 550 560 570 580 590 600 610 620 630 640 650 660 670 680 690 700 о (For wages paid througn December 2017) 34 And the number of withholding allowances claimed is 1 2 3 4 5 6 7 8 The amount of income tax to be withheld is - 19 0 20 21 22 23 27 35 28 37 29 38 30 40 31 41 32 24 43 33 25 44 34 26 46 35 27 47 36 28 49 38 29 50 39 30 52 41 31 53 42 32 55 44 33 56 45 58 47 59 48 61 50 62 51 34 35 37 38 40 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 4 567 00 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 ооооо 1 N35 2 4 6 7 8 9 10 11 W NH 12 13 14 15 ооооо ооооо о WN HO 1 2 3 4 5 6 7 8 оооо ооооо ооооо с ооо 0 Тооооо оооос ооос 0 с с ооо 9 ооооо ооооо ооооо 0 0 0 оо 10 ооооо ооооо ооооо ооооо Employee Hours Ben Abel Rita Hager Jack Never Sue Perez Totals 40 42 44 46 Regular 600 640 520 520 2280 Earnings Overtime 0 48 78 117 243 Gross Pay 600 688 598 637 2523 WATERWAY HARDWARE Payroll Register For the Week Ending March 15, 2020 FICA 45.9 52.63 45.75 48.73 193.01 Federal Income Tax ✓ 49 22 60 61 192 Deductions State Income Tax 18 20.64 17.94 19.11 75.69 United Fund 5 5 8 5 23 Total 117.9 100.27 131.69 133.84 483.7 Net Pay 482.1 587.73 466.31 503.16 2039.3 Salaries and Wages Expense X 600 688 598 637 2523 Journalize the payroll on March 15, 2020, and the accrual of employer payroll taxes. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 15 Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable United Fund Contributions Payable Salaries and Wages Payable (To record payroll) Debit 2523 1.0.0.0.0.0 | > | Credit 193.01 192 75.69 23 2039.3 Journalize the payment of the payroll on March 16, 2020. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 16 Salaries and Wages Payable Cash Debit 2039.3 Credit 2039.3 Journalize the deposit in a Federal Reserve bank on March 31, 2020, of the FICA and federal income taxes payable to the government. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 FICA Taxes Payable Federal Income Taxes Payable Cash Debit 193.01 192 X Credit 385.01
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Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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