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.