Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please look at the data and answer questions 1 and

please look at the data and answer questions 1 and 2 ...

50.1K

Verified Solution

Question

Accounting

please look at the data and answer questions 1 and 2
image
The fnllowina data far Throwback Industries Inc relate to the payroll for the week ended December 9 by Salary Fedoral Income Tax US. Savings Bonds Employees Mantle and Williams are ofilice staff, and all of the other employees are sales personnel All sales personnel are paid times the tegular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No 901 Instructions 1. Prepare a payroll summary for Throwback Industries inc, for the week ended December 9 , Round all calculations to the nearest cent. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No, Sales Salaries Expense, and Ofilice Salaries Expense. 2. Joumalize the entry to record the payroll for the week

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