ex 198 assume that the payroll records of klein oil company provided the following i 4325068

Ex. 198

Assume that the payroll records of Klein Oil Company provided the following information for the weekly payroll ended November 30, 2017.

Year-to-Date

HourlyFederalEarnings Through

EmployeeHours WorkedPay RateIncome TaxUnion Dues   Previous Week 

T. King44$55$442$9$118,000

T. Binion461597523,200

N.Cole4025148—5,700

C. Hennesey4230230749,500

Ex. 198(Cont.)

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 $117,000 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 general journal entries to record the payroll and payroll taxes.

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