Assume that the payroll records of Flip Company provided the following information for the weekly payroll ended November 30, 2014. Employee Hours Rate Fed…

Assume that the payroll records of Flip Company provided the following information for the weekly payroll ended November 30, 2014. Employee Hours Rate Fed….

 

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.

 

Assume that the payroll records of Flip Company provided the following information for the weekly payroll ended November 30, 2014. Employee Hours Rate Fed…

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