PULL SCREEN PRINTER VERSION BACK Question 1 Crane Company has the following data

Question

PULL SCREEN PRINTER VERSION BACK Question 1 Crane Company has the following data for the weekly peyroll ending January 31. Hours Hourly Income T Health Employee MTW TFSRate Withholding Insurance L. Mark 88 10 8 93 $12 R. Kenseth 888 8 82 14 D. Tavaras 9988 10 0 16 $11 15 15 $34 36 Employees are paid is subject to 5.4% state unemployment taxes and 0.8% federal unemployment taxes on the first S 7,000 of gross earnings. 1½ times the regular hourty rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first S1 17,000 of gross earings. Crane Corp. Your answer is partially correct. Try again. Prepare the payroll register for the weekly payroll. (Round answers to 2 decímal places, eg. 15.25. CRANE COMPANY Payroll Register For the Week Ending January 31 Earnings Deductions Federal FICA Taxes Income Taxes Insurance Employee Total Hours Regular Overtime Gross Pay Health Total Net Pay Mark .110:22 ..

Explanation / Answer

Solution:

a) Preparing the Payroll Register for the Weekly Payroll:

Crane Company

Payroll Register

For the week ending January 31

b) Preparing the Journal Entries to Record the Payroll and Crane Payroll tax expense:

Crane Company

Payroll Register

For the week ending January 31

Earnings Deductions Employee Total Hours Regular Overtime Gross Pay FICA Taxes Federal Income Taxes Health Insurance Total Net Pay L. Mark 46 $480.00 $108.00 $588.00 $44.98 $34.00 $11.00 $89.98 $498.02 R. Kenseth 42 $560.00 $42.00 $602.00 $46.05 $36.00 $15.00 $97.05 $504.95 D. Tavaras 44 $640.00 $96.00 $736.00 $56.30 $55.00 $15.00 $126.30 $609.70 Totals $1,680.00 $246.00 $1,926.00 $147.33 $125.00 $41.00 $313.33 $1,612.67

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