The following data for Throwback Industries Inc. relate to the payroll for the w
ID: 2521531 • Letter: T
Question
The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8:
Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½ times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee’s annual earnings. The next payroll check to be used is No. 901.
Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax Retirement Savings Aaron 45 $62 $641.84 $110 Cobb 42 67 623.92 120 Clemente 49 68 835.88 130 DiMaggio 38 54 376.68 0 Griffey, Jr. 46 63 681.60 140 Mantle $1,600 292.45 130 Robinson 38 56 418.40 140 Williams 1,900 370.24 135 Vaughn 46 63 702.60 70 C ?v2.cengagenow.com/limtai Assignment/tak ocator assignment-take?inprog EWORK ASSIGNMENT Calculator The lolowing data fr Throwback Indushes neela to te trd tor-week ended December·20e Employee Hours Worked Hourty Rate Weekly Salary Federal income Tax Retirement Savings 641 84 623 92 835 76 68 581.60 292 45 418 40 37024 702 60 $62 67 135 38 54 Grifey, Jr 63 145 135 145 $1,600 38 1,900 Vaughn 60 Employees Mante and waans as omice stat, and ati of tse other employees are sa es personne Anam personnel are pad 1% tmes the regar rate tor aa non in excess Of 40 hours per week The social security tax tate is 60%, and Medcare tar is 15%ofeach ermployee s annual eamngs The next payrol check to be used is No. Prepare apayrol net for Throwoack industes inc or the week ended ecember 9 20Y8 Assume the nm working hours in a week are 40 nours Emer amounts a8 postre numbers end round your intermedere cecuadon4 ??? tnal anewers to the nearest whole cereExplanation / Answer
Answer 1. Employee Total hours Hourly Rate Earnings Deductions Net Pay Account Debited Regular Overtime Earnings Total Social Security Tax (6%) Medicare Tax (1.50%) Fedederal I Tax Retirement Savings Total Sales Salaries Expense Office Salaries Expense Aaron 45 62.00 2,480.00 465.00 2,945.00 176.70 44.18 641.84 110.00 972.72 1,972.29 2,945.00 Cobb 42 67.00 2,680.00 201.00 2,881.00 172.86 43.22 623.92 120.00 960.00 1,921.01 2,881.00 Clemente 49 68.00 2,720.00 918.00 3,638.00 218.28 54.57 835.88 130.00 1,238.73 2,399.27 3,638.00 DiMaggio 38 54.00 2,052.00 - 2,052.00 123.12 30.78 376.68 - 530.58 1,521.42 2,052.00 Griffey, Jr 46 63.00 2,520.00 567.00 3,087.00 185.22 46.31 681.60 140.00 1,053.13 2,033.88 3,087.00 Mantle 1,600.00 - 1,600.00 96.00 24.00 292.45 130.00 542.45 1,057.55 1,600.00 Robinson 38 56.00 2,128.00 - 2,128.00 127.68 31.92 418.40 140.00 718.00 1,410.00 2,128.00 Williams 1,900.00 - 1,900.00 114.00 28.50 370.24 135.00 647.74 1,252.26 1,900.00 Vaughn 46 63.00 2,520.00 567.00 3,087.00 185.22 46.31 702.60 70.00 1,004.13 2,082.88 3,087.00 Total 20,600.00 2,718.00 23,318.00 1,399.08 349.77 4,943.61 975.00 7,667.46 15,650.54 19,818.00 3,500.00 Answer 2. Journal Entry Date Particulars Dr. Amt Cr. Amt. 1. Sales Salaries Expense 19,818.00 Office Salaries Expense 3,500.00 Social Security Tax Payable 1,399.08 Medicare Tax Payable 349.77 Employee Federal Income Tax Payable 4,943.61 Retirement Saving Deductions Payable 975.00 Salaries Payable 15,650.54 (record the payroll for the week)
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