Assume that the payroll records of Klein Oil Company provided the following information for the weekly payroll ended November 30, 2022. 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 $128,400 of each employee's annual earnings. Ignore any Medicare tax on earnings over $128,400.
Instructions
(a) Compute gross pay, deductions, and net pay for each employee and in total..
(b) Prepare general journal entry to record the payroll.

Question

Assume that the payroll records of Klein Oil Company provided the following information for the weekly payroll ended November 30, 2022.  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 $128,400 of each employee's annual earnings. Ignore any Medicare tax on earnings over $128,400.
Instructions
(a) Compute gross pay, deductions, and net pay for each employee and in total..
(b) Prepare general journal entry to record the payroll.

Quizplus · Accepted Answer

The Answer of Assume that the payroll records of Klein Oil Company provided the following information for the weekly payroll ended November 30, 2022.  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 $128,400 of each employee's annual earnings. Ignore any Medicare tax on earnings over $128,400.
Instructions
(a) Compute gross pay, deductions, and net pay for each employee and in total..
(b) Prepare general journal entry to record the payroll.

Assume That the Payroll Records of Klein Oil Company Provided