Homework Answers
1.
| Regular pay (40 hours x $17) | 680.00 |
| Overtime pay [(60 - 40) x (1.5 x $17)] | 510.00 |
| Gross Pay $ | 1190.00 |
| Gross Pay $ | 1190.00 | |
| Withholding deductions: | ||
| Income tax payable (20% x $1190) | 238.00 | |
| FICA-Social security tax payable (6.2% x $1190) | 73.78 | |
| FICA-Medicare tax payable (1.45% x $1190) | 17.26 | |
| Charitable contribution to United Way payable | 10.00 | |
| Total withholding deductions | 339.04 | |
| Net (take-home) pay $ | 850.96 |
2.
| Date | Accounts | Debit | Credit |
| Wages expense | 1190.00 | ||
| Income tax payable | 238.00 | ||
| FICA-Social security tax payable | 73.78 | ||
| FICA-Medicare tax payable | 17.26 | ||
| Charitable contribution to United Way payable | 10.00 | ||
| Wages payable | 850.96 |
3.
| Date | Accounts | Debit | Credit |
| Wages payable | 850.96 | ||
| Cash | 850.96 |
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