Assume That the Payroll Records of Klein Oil Company Provided

question 59

Essay

Assume that the payroll records of Klein Oil Company provided the following information for the weekly payroll ended November 30, 2022. $\begin{array}{lrrrrr}&&&&&\text { Year-to-Date }\\\text { Employee }&\text { Hours Worked }&\text { Hourly } & \text { Federal } &&\text { Earnings Through } \\&&\text { Pay Rate } & \text { Income Tax }&\text { Union Dues }&\text { Previous Week}\\\hline\text { T. King } & 44 & \$ 55 & \$ 442 & \$ 9 & \$ 129,400 \\\text { T. Binion } & 46 & 15 & 97 & 5 & 23,200 \\\text { N.Cole } & 40 & 25 & 148 & - & 5,700 \\\text { C. Hennesey } & 42 & 30 & 230 & 7 & 49,500\end{array}$ 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 $128,400 of each employee's annual earnings. The employer pays unemployment taxes of 6% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings. Ignore Medicare taxes on earnings above $128,400.
Instructions
(a) For each employee and in total, compute the gross pay and net pay for the pay period.
(b) Prepare general journal entries to record the payroll and payroll taxes.

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Definitions:

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