Mann Hardware has four employees who are paid on an hourly basis
Question # 00172524
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Updated on: 01/14/2016 09:18 PM Due on: 02/13/2016
Problem 11-3A
Mann 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, 2014, are presented below.
Employe
e
Hours
Worked
Hourly
Rate
Federal Income Tax
Withholdings
Ben Abel
40
$15
Rita Hager
41
Jack Never
44
Sue Perez
46
United
Fund
$?
$5.00
16
?
5.00
13
60.00
8.00
13
61.00
5.00
Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%,
state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%.
Prepare a payroll register for the weekly payroll. (Use the wage-bracket withholding table in the text for federal income tax
withholdings.) (Round answers to 2 decimal places, e.g. 15.25.)
MANN HARDWARE
Payroll ter
For the Week Ending March 15, 2014
Deductions
Earnings
Employ Hou
ee
rs
Ben
Abel
40
Rita
Hager
41
Jack
Never
44
Sue
Perez
46
Totals
Regular
Overtime
$
$
Gross Pay
$
Federal
State
Income Tax Income Tax
FICA
$
$
$
United
Fund
Total
$
$
$
$
Net Pay
$
Salaries
and Wages
Expense
$
$
Journalize the payroll on March 15, 2014, and the accrual of employer payroll taxes. (Round answers to 2 decimal places, e.g. 15.25.
Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Mar. 15
(To record payroll)
Mar. 15
(To record accrual of payroll taxes.)
Debit
Credit
Journalize the payment of the payroll on March 16, 2014. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and
Explanation
Debit
Credit
Mar. 16
Journalize the deposit in a Federal Reserve bank on March 31, 2014, of the FICA and federal income taxes payable to the government. (Round
answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not
indent manually.)
Account Titles and
Explanation
Debit
Problem 11-3A
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Cash
Cost of Goods Sold
Credit
Depreciation Expense
Equipment
Federal Income Taxes Payable
Federal Unemployment Taxes Payable
FICA Taxes Payable
Health Insurance Payable
Insurance Expense
Interest Expense
Interest Payable
Inventory
Lawsuit Liability
Lawsuit Loss
Mortgage Payable
Notes Payable
Other Operating Expenses
Owner's Capital
Payroll Tax Expense
Pension Expense
Pension Liability
Prepaid Insurance
Prepaid Rent
Rent Revenue
Repair Parts
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Sales Taxes Payable
Service Revenue
State Income Taxes Payable
State Unemployment Taxes Payable
Subscription Revenue
Ticket Revenue
U.S. Savings Bonds Payable
Unearned Service Revenue
Unearned Subscription Revenue
Unearned Ticket Revenue
Union Dues Payable
United Fund Contributions Payable
Utilities Payable
Vacation Benefits Expense
Vacation Benefits Payable
Warranty Expense
Warranty Liability
Mann 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, 2014, are presented below.
Employe
e
Hours
Worked
Hourly
Rate
Federal Income Tax
Withholdings
Ben Abel
40
$15
Rita Hager
41
Jack Never
44
Sue Perez
46
United
Fund
$?
$5.00
16
?
5.00
13
60.00
8.00
13
61.00
5.00
Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%,
state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%.
Prepare a payroll register for the weekly payroll. (Use the wage-bracket withholding table in the text for federal income tax
withholdings.) (Round answers to 2 decimal places, e.g. 15.25.)
MANN HARDWARE
Payroll ter
For the Week Ending March 15, 2014
Deductions
Earnings
Employ Hou
ee
rs
Ben
Abel
40
Rita
Hager
41
Jack
Never
44
Sue
Perez
46
Totals
Regular
Overtime
$
$
Gross Pay
$
Federal
State
Income Tax Income Tax
FICA
$
$
$
United
Fund
Total
$
$
$
$
Net Pay
$
Salaries
and Wages
Expense
$
$
Journalize the payroll on March 15, 2014, and the accrual of employer payroll taxes. (Round answers to 2 decimal places, e.g. 15.25.
Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Mar. 15
(To record payroll)
Mar. 15
(To record accrual of payroll taxes.)
Debit
Credit
Journalize the payment of the payroll on March 16, 2014. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and
Explanation
Debit
Credit
Mar. 16
Journalize the deposit in a Federal Reserve bank on March 31, 2014, of the FICA and federal income taxes payable to the government. (Round
answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not
indent manually.)
Account Titles and
Explanation
Debit
Problem 11-3A
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Cash
Cost of Goods Sold
Credit
Depreciation Expense
Equipment
Federal Income Taxes Payable
Federal Unemployment Taxes Payable
FICA Taxes Payable
Health Insurance Payable
Insurance Expense
Interest Expense
Interest Payable
Inventory
Lawsuit Liability
Lawsuit Loss
Mortgage Payable
Notes Payable
Other Operating Expenses
Owner's Capital
Payroll Tax Expense
Pension Expense
Pension Liability
Prepaid Insurance
Prepaid Rent
Rent Revenue
Repair Parts
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Sales Taxes Payable
Service Revenue
State Income Taxes Payable
State Unemployment Taxes Payable
Subscription Revenue
Ticket Revenue
U.S. Savings Bonds Payable
Unearned Service Revenue
Unearned Subscription Revenue
Unearned Ticket Revenue
Union Dues Payable
United Fund Contributions Payable
Utilities Payable
Vacation Benefits Expense
Vacation Benefits Payable
Warranty Expense
Warranty Liability
-
Rating:
/5
Solution: Mann Hardware has four employees who are paid on an hourly basis