Prepare the payroll register for the pay period

Reference no: EM13766276

Assume that the payroll records of Flip Company provided the following information for the weekly payroll ended November 30, 2014.

Employee	Hours	Rate	Fed Tax	Dues	Earnings Year-to-Date
Flop	44	$45	$362	$9	$111,000
Flim	46	15	97	5	23,200
Flam	40	25	148		5,700
Floozy	42	30	230	7	49,500

Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA (total social security & medicare) tax rate is 7.65% for the first $110,100 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 a schedule to show calculation for any payroll taxes.

Reference no: EM13766276

Questions Cloud

Average of time estimated to complete a repair job : Labor costs of an auto repair mechanic are seldom based on actual hours worked. Instead, the amount paid a mechanic is based on an industry average of time estimated to complete a repair job.

What is the companys cost of equity : The Down and Out Co. just issued a dividend of $2.46 per share on its common stock. The company is expected to maintain a constant 4 percent growth rate in its dividends indefinitely. If the stock sells for $30 a share, what is the company's cost of ..

Why does the new religion appeal to nwoye : Why does the new religion appeal to Nwoye? How do the missionaries attract new converts? What does Oberika mean when he says "Our clan can no longer act like one?"

Risk-free rate and market risk premium : Stock Y has a beta of 1.8 and an expected return of 18.2 percent. Stock Z has a beta of 0.8 and an expected return of 9.6 percent. If the risk-free rate is 5.2 percent and the market risk premium is 6.7 percent, the reward-to-risk ratios for stocks Y..

Prepare the payroll register for the pay period : a. Prepare the payroll register for the pay period. b. Prepare a schedule to show calculation for any payroll taxes.

Identify a form of incentive pay you have earned at a job : Identify a form of incentive pay you have earned at a job. Discuss how it was determined or what it was based on, and if you feel that it was really an incentive

Federal funds are important sources of liquidity : Repurchase agreements and federal funds are important sources of liquidity. The cost of using these markets spiked after Lehman Brothers failed.

Calculate the coefficient of variation : The following probability distribution of expected returns have been determined for Benko Corporation Probability Expected Returns (Outcomes) .30 12%, .40 15%, .20 25%, .10 0%. First calculate the expected rate of return, r with ^? Now calculate the ..

A bond that pays interest annually yielded : A bond that pays interest annually yielded 7.50 percent last year. The inflation rate for the same period was 5.50 percent. what was the actual real rate of return on this bond for last year?

User Account

All Pages