Assume that the payroll records of Flip Company provided the following information for the weekly payroll ended November 30, 2014. Employee Hours Rate Fed...
dleere
Assume that the payroll records of Flip Company provided the following information for the weekly payroll ended November 30, 2014.
Employee | Hours | Rate | Fed Tax | Dues | Earnings Year-to-Date |
Flop | 44 | $45 | $362 | $9 | $111,000 |
Flim | 46 | 15 | 97 | 5 | 23,200 |
Flam | 40 | 25 | 148 |
| 5,700 |
Floozy | 42 | 30 | 230 | 7 | 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 (total social security & medicare) tax rate is 7.65% for the first $110,100 of each employee's annual earnings. The employer pays unemployment taxes of 6.2% (5.4% for state and .8% for federal) on the first $7,000 of each employee's annual earnings.
Instructions:
a. Prepare the payroll register for the pay period.
b. Prepare a schedule to show calculation for any payroll taxes.
12 years ago
5
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