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Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T.King T. Binion N.Cole C. Hennesey Hours Worked Hourly Pay Rate $47 44 46 40 42 12 17 22 Federal Income Tax Union Dues $9 $442 97 148 230 5 Year-to-Date Earnings Through Previous Week $133.900 23,200 5,700 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132.900. The employer pays unemployment taxes of 6.0 % (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.

Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T.King T. Binion N.Cole C. Hennesey Hours Worked Hourly Pay Rate $47 44 46 40 42 12 17 22 Federal Income Tax Union Dues $9 $442 97 148 230 5 Year-to-Date Earnings Through Previous Week $133.900 23,200 5,700 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132.900. The employer pays unemployment taxes of 6.0 % (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 7RE: Wallace Corporation summarizes the following information from its weekly payroll records during...
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Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T. King T. Binion N.Cole C. Hennesey Hours Worked 44 46 40 42 Hourly Pay Rate $47 12 17 22 Federal Income Tax $442 97 148 230 Union Dues $9 5 Year-to-Date Earnings Through Previous Week $133.900 23,200 5,700 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132.900. The employer pays unemployment taxes of 6.0 % (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.
Transcribed Image Text:Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T. King T. Binion N.Cole C. Hennesey Hours Worked 44 46 40 42 Hourly Pay Rate $47 12 17 22 Federal Income Tax $442 97 148 230 Union Dues $9 5 Year-to-Date Earnings Through Previous Week $133.900 23,200 5,700 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132.900. The employer pays unemployment taxes of 6.0 % (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings.
18 Tuul Nov. 30 40 Nov. 30 42 Regular Lanings Overtime Date Account Titles and Explanation (To record weekly payroll) BRAMBLE OIL COMPANY Payroll Register For the Week Ending November 30, 2020 (To record employer's payroll taxes) Gross Pry FICA Prepare general journal entries to record the payroll and payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries.) Deduction Federal Income Taxes Union Debit Net Pay Credit
Transcribed Image Text:18 Tuul Nov. 30 40 Nov. 30 42 Regular Lanings Overtime Date Account Titles and Explanation (To record weekly payroll) BRAMBLE OIL COMPANY Payroll Register For the Week Ending November 30, 2020 (To record employer's payroll taxes) Gross Pry FICA Prepare general journal entries to record the payroll and payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 15.25. List all debit entries before credit entries.) Deduction Federal Income Taxes Union Debit Net Pay Credit
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