Coronado Hardware has four employees who are paid on an hourly basis plus time-and-a-half for...

60.1K

Verified Solution

Question

Accounting

imageimageimageimageimageimageimageimage

Coronado 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, 2022, are presented below. 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 0.6%. Prepare a payroll register for the weekly payroll. No employee has reached the Social Security limit of $132,900 or the \begin{tabular}{|l|l|l|l|l|l|l|l|l|l|l|l|l|} \hline 1,481 & 1,492 & 144 & 134 & 124 & 115 & 105 & 95 & 86 & 76 & 66 & 56 & 47 \\ 1,492 & 1,503 & 145 & 135 & 126 & 116 & 106 & 97 & 87 & 77 & 67 & 58 & 48 \\ 1,503 & 1,514 & 146 & 137 & 127 & 117 & 108 & 98 & 88 & 78 & 69 & 59 & 49 \\ 1,514 & 1,525 & 148 & 138 & 128 & 119 & 109 & 99 & 89 & 80 & 70 & 60 & 51 \\ 1,525 & 1,536 & 149 & 139 & 130 & 120 & 110 & 101 & 91 & 81 & 71 & 62 & 52 \\ \hline \end{tabular} Attempts: 1 of 5 used Journalize the payroll on March 15, 2022, 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.) Journalize the payment of the payroll on March 16, 2022. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Journalize the deposit in a Federal Reserve bank on March 31, 2022, 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.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students