(L.OBJ. 3, 4) Computing and recording gross and net pay [10-15 min]
Herman Simms manages a Dairy House drive-in. His straight-time pay is $14 per hour; with time-and-half for hours in excess of 40 per week. Simms’ payroll deductions include withheld income tax of 9%, FICA tax of 8%, and a weekly deduction of $10 for a charitable contribution to United Fund. Simms worked 62 hours during the week.
Requirements
1. Compute Simms’ gross pay and net pay for the week. Carry amounts to the nearest cent.
2. Journalize Dairy House’s wage expense-including payroll deductions-for Simms’ work. An explanation is not required.
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