Henry Striker manages a frosty boy drive-in. His straight-time pay is $10 per ho

Question

Henry Striker manages a frosty boy drive-in. His straight-time pay is $10 per hour, with time and a half for hours in excess of 40 per week. Strikers payroll deductions include withheld income tax of 8%, OASDI of 6.2%, Medicare of 1.45% and a weekly deduction of $5 for a charitable contribution. Striker worked 52 hours during the week. Frosty boy has a FUTA rate of .8% and a SUTA rate of 5.6%

Journalize the entry for Striker's weekly payroll. Assume he is below the taxable limit for FICA, FUTA and SUTA taxes.

Journalize the employer portion of the payroll taxes.

Explanation / Answer

Wage Expense

Payroll Tax Expense

OASDI Rate 6.20% Medicare Tax 1.45% FUTA Rate 0.80% SUTA Rate 5.60% Hourly Rate Upto 40 Hours $10 Hourly Rate In excess of 40 Hours: $10*1.5 $15 Hours Worked 52 Upto 40 Hours : 40*10 400 12 (52-40) Hours in excess of 40 : (12*15) 180 Total Pay 580

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.