VERSIONBACK Exercise 11-11 Ramirez Company has the following data for the weekly
ID: 2519151 • Letter: V
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VERSIONBACK Exercise 11-11 Ramirez Company has the following data for the weekly payroll ending January 31 Hourly Federal Income Health Employee M T w T F S Rate Tax LHeton 87981| 2 S12 IR,Kenseth 7 9 7 7 84 14 $11 25 uey D. Tavaras 908 95 57 Employees are paid 1.5 times the reguiar hourly rate for all hours worked in excess of 40 houns per week FICA taxes are 7.65% Ramirez Company is subject to S4% state nemployment taves and eas esera unemploy et taln the et the nrst $117,000 ofgross_gs. Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.2s) Payrel Register For the Week Ending January 3 Employee Tolal Hours Regular Overtime Gross Pay FICA TaxesFederal Income kuzy command option 4 tion commandExplanation / Answer
Answer a. RAMIREZ COMPANY Payroll Register For the Week Ending Jan 31 Employee Total Hours Earnings Deductions Net Pay Regular Overtime Gross Pay FICA Taxes Federal Income Tax Health Insurance Total L. Helton 45.00 480.00 90.00 570.00 43.61 34.00 11.00 88.61 481.40 R. Kenserth 42.00 560.00 42.00 602.00 46.05 38.00 25.00 109.05 492.95 D. Tavaras 44.00 600.00 90.00 690.00 52.79 57.00 26.00 135.79 554.22 Total 1,640.00 222.00 1,862.00 142.44 129.00 62.00 333.44 1,528.56 Answer b. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 31-Jan Salaries & Wages Expense 1,862.00 FICA Taxes Payable 142.44 Federal Income Taxes Payable 129.00 Health Insurance Payable 62.00 Salaries & Wages Payable 1,528.56 (To record the payroll) 31-Jan Payroll Taxes 257.89 FICA Taxes Payable 142.44 FUTA Payable 14.90 $1,862 X 0.80% SUTA Payable 100.55 $1,862 X 5.40% (To record the payroll taxes)
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