Part 1
Straight-time pay for 40 hours (40*14) |
560 |
Overtime pay for 14 hours (14*14*1.5) |
294 |
Gross Pay |
$874 |
Gross Pay |
874.00 |
|
Withholding deductions: |
||
Employee income tax (874*30%) |
262.20 |
|
Employee OASDI tax (874*6.2%) |
54.19 |
|
Employee Medicare tax (874*1.45%) |
12.67 |
|
Employee contribution to United Way |
12.00 |
|
Total withholdings |
341.06 |
|
Net (take-home) pay |
$532.94 |
Part 2
Date |
Accounts and explanation |
Debit |
Credit |
Wages Expense |
874 |
||
Employee Income Taxes Payable |
262.20 |
||
FICA-OASDI Taxes Payable |
54.19 |
||
FICA-Medicare Taxes Payable |
12.67 |
||
United Way Payable |
12.00 |
||
Wages Payable |
532.94 |
Part 3
Date |
Accounts and explanation |
Debit |
Credit |
Wages Payable |
532.94 |
||
Cash |
532.94 |
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Question Help Hal Sully manages a Frosty World drive-in. His straight-time pay is $16 per hour, with time-and-a-half for hours in excess of 40 per week. Sully's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $10 for a charitable contribution to United Way. Sully worked 56 hours during the week. O (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Sully's gross pay and net pay for...
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Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...