Payroll summary The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds Aaron 46 $68.00 $750.20 $100 Cobb 41 62.00 537.68 110 Clemente 48 70.00 832.64 120 DiMaggio 35 56.00 366.04 0 Griffey, Jr. 45 62.00 641.84 130 Mantle $1,800 342.45 120 Robinson 36 54.00 382.56 130 Williams 2,000 398.24 125 Vaughn 42 62.00 584.72 50 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½times 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. Instructions 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense. 2. Journalize the entry to record the payroll for the week.

BuyFind

Corporate Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535
BuyFind

Corporate Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535

Solutions

Chapter
Section
Chapter 10, Problem 10.4APR
Textbook Problem

Payroll summary

The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9.

Employee

Hours

Worked

Hourly Rate

Weekly

Salary

Federal

Income Tax

U.S. Savings

Bonds

Aaron 46 $68.00 $750.20 $100
Cobb 41 62.00 537.68 110
Clemente 48 70.00 832.64 120
DiMaggio 35 56.00 366.04 0
Griffey, Jr. 45 62.00 641.84 130
Mantle $1,800 342.45 120
Robinson 36 54.00 382.56 130
Williams 2,000 398.24 125
Vaughn 42 62.00 584.72 50

Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½times 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.

Instructions

1.    Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense.

2.    Journalize the entry to record the payroll for the week.

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Chapter 10 Solutions

Corporate Financial Accounting
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