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Problem 11-3A (P11-3A) Del Hardware has four employees who are paid on an hourly basis

Problem 11-3A (P11-3A) Del Hardware has four employees who are paid on an hourly basis
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ACCOUNTING

FIN ACCT 557 (ACC 557 / ACC557)

Strayer University

Accounting Principles
Financial Accounting
Weygandt, Kieso, and Kimmel, 5th Edition

Financial Accounting

Problem 11-3A (P11-3A) Del Hardware has four employees who are paid on an hourly basis plus time-and-a half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2010, are presented below.
Employee Hours Hourly Rate Federal Income Tax Withholdings United Fund
Joe Devena 40 $ 15 $ 5
Mary Keener 42 $ 15 $ 5
Andy Dye 44 $ 13 $ 60 $ 8
Kim Shen 46 $ 13 $ 61 $ 5
Devena and Keener are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 8%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%. The first three employees are sales clerks (store wages expense). The fourth employee performs administrative duties (office wages expense).
Instructions
a. Prepare a payroll register for the weekly payroll. (Use the wage-bracket withholding table in the text for federal income tax withholdings.)
b. Journalize the payroll on March 15, 2010, and the accrual of employer payroll taxes.
c. Journalize the payment of the payroll on March 16, 2010.
d. Journalize the deposit in a Federal Reserve bank on March 31, 2010, of the FICA and federal income taxes payable to the government.

 

FILE: MS WORD

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