Payroll Hw Problem 2006

The Grayson Company has four employees. All are paid on an hourly basis and receive time & a half for all hours worked in excess of 40 per week. A summary of the time worked for the week ended 10/17/A, along with other relevant data is presented below:

Name French Giles Hanson Innis

Hours 44 46 40 40

Regular Hrly. Rate 9.00 6.00 9.00 15.00

FWT 57.40 44.23 69.23 99.07

SWT 18.30 14.20 21.00 42.23

Health Insurance 6.00 12.00 6.00 12.00

Cumulative Earnings Other 10/10/A 5.00 $17,420.00 4,780.00 6,900.00 20.00 93,800.00

The "other" deduction from French & Innis is for U.S. Savings Bond purchases. Giles & Innis work in the office, and French & Hanson are salespeople. Tax Rates & limits are as follows: FICA (employer & employee) Medicare (employer & employee) NYS Unemployment (SUI) (employer) Federal Unemployment (FUI) (employer)

Earnings Rate Limit 6.20% $94,200.00 1.45% 4.50% 8,500.00 0.80% 7,000.00

Required: A) Complete the payroll register for the week ended 10/17/A B) Journalize the entry to record the payroll. C) Journalize the entry to record the employer's liabilities for payroll taxes.