The information for Titan Company, shown in the following chart, is available from Titan's time records and the employees' individual earnings records for the pay period ended December 22. Name Hours Worked Earnings at End of Previous Week Total Earnings Class. Federal Income Tax Other Deductions Albee, C. 44 63,365.00 1,645.00 Sales 197.05 UW 25.00 Don, V. 40 136,378.00 2,837.00 Sales 494.80 AR 95.00 Fine, J. 40 76,835.00 1,504.00 Sales 173.70 UW 20.00 Ginny, N. 46 33,507.00 662.00 Office 47.15 UW 40.00 Johnson, J. 47 57,079.00 1,112.00 Office 115.10 UW 20.00 Lund, D. 43 111,820.00 2,098.00 Sales 309.55 UW 25.00 Maya, R. 42 66,834.00 1,307.00 Sales 144.85 AR 75.00 Nord, P. 41 36,761.00 722.00 Sales 55.95 UW 25.00 Oscar, T. 43 93,582.00 1,831.00 Sales 242.80 UW 30.00 Troy, B. 40 47,255.00 931.00 Sales 87.95 UW 15.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. The company does not pay for overtime hours. Required: 1. Complete the payroll register using a Social Security tax rate of 6.2 percent and a Medicare tax rate of 1.45 percent. Concerning Other Deductions, AR refers to Accounts Receivable and UW refers to United Way. Begin payroll checks in the payroll register with No. 2914. If an amount is zero, enter "0". If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations.( Please see image) ** Federal income tax reference ( 01 allowance) :https://www.irs.gov/pub/irs-prior/p15--2016.pdf 2.( See HW2 image) Thanks

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 4PA

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Question

The information for Titan Company, shown in the following chart, is available from Titan's time records and the employees' individual earnings records for the pay period ended December 22.

Name	Hours Worked	Earnings at End of Previous Week	Total Earnings	Class.	Federal Income Tax	Other Deductions
Albee, C.	44	63,365.00	1,645.00	Sales	197.05	UW	25.00
Don, V.	40	136,378.00	2,837.00	Sales	494.80	AR	95.00
Fine, J.	40	76,835.00	1,504.00	Sales	173.70	UW	20.00
Ginny, N.	46	33,507.00	662.00	Office	47.15	UW	40.00
Johnson, J.	47	57,079.00	1,112.00	Office	115.10	UW	20.00
Lund, D.	43	111,820.00	2,098.00	Sales	309.55	UW	25.00
Maya, R.	42	66,834.00	1,307.00	Sales	144.85	AR	75.00
Nord, P.	41	36,761.00	722.00	Sales	55.95	UW	25.00
Oscar, T.	43	93,582.00	1,831.00	Sales	242.80	UW	30.00
Troy, B.	40	47,255.00	931.00	Sales	87.95	UW	15.00

Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. The company does not pay for overtime hours.

Required:

1. Complete the payroll register using a Social Security tax rate of 6.2 percent and a Medicare tax rate of 1.45 percent. Concerning Other Deductions, AR refers to Accounts Receivable and UW refers to United Way. Begin payroll checks in the payroll register with No. 2914. If an amount is zero, enter "0". If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations.( Please see image)

** Federal income tax reference ( 01 allowance) :https://www.irs.gov/pub/irs-prior/p15--2016.pdf

2.( See HW2 image)

Thanks

PAYROLL REGISTER FOR WEEK ENDED December 22, 20--
PAVNENTS
EXPENSE A CCOUNT DEBITED
TAXABLE EARNINGS
DEDUCTI
BEGINNING
ENDING
FEDERAL
SOCIAL
NET
CK.
SA.LES
OFFICE
ТОTAL
CUMULATIVE
TОTAL
CUMULATIVE
SOCIAL
INCOME
SECURITY
MEDICARI
OTHER DEDUCTIONS
TOTAL
AMOLUNT
NO.
SALARY
SALARV
NAME
HOURS
EARNINGS
EARNINGS
EARNINGS
UNEMPLOYMENT
SECURITY
MEDICARE
TAX
TAX
TAX
Uw S
Albee, C.
AR 3
Don, V.
Fine, J.
Uw S
Ginny, N.
UWS
Johnson, J.
• hd, D.
AR IS
Maya, R.
Iws
Nord, P.
UW S
Oscar, T.
UwS
Troy, B.
$

2. Prepare the general journal entry to record the payroll. The firm's general ledger contains a Salary Expense account and a Salaries Payable account. Then prepare the general journal entry to pay the payroll. Assume tha
funds for this payroll have been transferred to Cash-Payroll Bank Account and that this entry has been made. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations ar
the final answers to the nearest cent and use the rounded answers in subsequent computations.
GENERAL JOURNAL
PAGE
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
20--
Dec. 22
Payroll register for week ended December 22.

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