PAYROLL ACCOUNTING CH5 - CONTINUING PAYROLL PROBLEM CHAPTER...

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CONTINUING PAYROLL PROBLEM CHAPTER 5 Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. Olney Company is a small manufacturing firm located in Allentown, Pennsylvania. The company has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter-hour increments. The standard workweek consists of 40 hours, with all employees being paid time and one-half for any hours worked beyond the 40 regular hours. Wages are paid every Friday, with one week’s pay being held back by the company. Thus, the first payday for Olney Company is January 14 for the workweek ending January 8 (Saturday). Below is the payroll register for unemployment taxes (FUTA and SUTA) for the pay of January 14. OLNEY COMPANY, INC. Payroll Register Time Card No. Employee Name Marital Status Gross Earnings 11 Mangino, R. S $740.00 12 Flores, I. S 1,058.80 13 Palmetto, C. M 685.30 21 Waters, R. M 1,045.35 22 Kroll, C. S 952.00 31 Ruppert, C. M 839.00 32 Scott, W. M 780.00
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