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.


HourlyFederalEarnings Through

EmployeeHours WorkedPay RateIncome TaxUnion Dues   Previous Week 

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

T. Binion461597523,200


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.


(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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