Question: Please help me part C Hiller Drug Store has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in
Hiller Drug Store has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 per week. Payroll data for the week ended February 15, 2016 are presented below. Steck and Jabar are married. They claim 2 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA-OASDI 6.2% of the first $110,000; FICA-HI 1.45 of all wages: state income taxes 3% of gross pay; state unemployment taxes 3.4% of the first $7,000 paid to each employee; and federal unemployment taxes 0.6% of the first $7,000 paid to each employee. (At this point, all employees are still under all tax limits). A. Prepare a payroll register for the weekly payroll. (Use Withholding Table attachment to determine Steck's and Jabar's federal tax withholding). B. Prepare the journal entries to record the payroll and Hiller Drug Store's payroll tax expense. C. Prepare the journal entry to record the deposit of the FICA and federal income taxes payable to the government
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
