31
Assume that the payroll records of Erroll Oil Company provided the following information for the weekly payroll ended November 26, 2017. 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 $117,000 (1.45% over $117,000) 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 general journal entries to record the payroll and payroll taxes.

Question

31
Assume that the payroll records of Erroll Oil Company provided the following information for the weekly payroll ended November 26, 2017.  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 $117,000 (1.45% over $117,000) 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 general journal entries to record the payroll and payroll taxes.

Quizplus · Accepted Answer

The Answer of 31
Assume that the payroll records of Erroll Oil Company provided the following information for the weekly payroll ended November 26, 2017.  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 $117,000 (1.45% over $117,000) 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 general journal entries to record the payroll and payroll taxes.

31 Assume That the Payroll Records of Erroll Oil Company Provided