Question

each year. e on December 31 of I will living Company report the note payable? urnalizing an employee's total pay at College of Fort Worth and is paid $12 per hour for a 40-hour od time-and-a-half for hours above 40. 511-6 Computing Learning Lucy Rose works at Col workweek and time Requirements 1. Compute Rose's on 2. Rose is single, and her ose's gross pay for working 60 hours during the first week of February le, and her income tax withholding is 15% of total pay, Rose's only ductions are payroll taxes. Compute Rose's net (take-home) pay for the Assume Rose's earnings to date are less than the OASDI limit. alize the accrual of wages expense and the payment related to the employ- pa 3. Journalize the aca ment of Lucy Rose.

Answer 1

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Solution: Dollar Rounding off instruction is not available, can be slightly different: Naming convention of JE is not available, can be slightly different: 1) Gross Pay (40*12)+(20*18) $ 840 2) $ 840 Gross Pay Deductions: Income tax withheld (840*15%) FICA taxes (840*7.65%) Rose's Net Pay $ -126 -64 650 $649.74 $ Event Credit Debit $ 840.00 Jounal entries Account title and explaination Wages (Salaries) Expense Income tax withholding payable OASDI withholding payable (840*6.2%) Hl withholding payable (840*1.45%) Wages (salaries) Payable (To record the accrual of wages expense) Wages (salaries) Payable Cash (To record the payment of wages) $ 126.00 $ 52.08 $ 12.18 $ 649.74 $ 649.74 $ 649.74