FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question
Compute the following amounts for Regina's wages for the current week (Round FICA taxes, State income taxes and Net pay answers
to 2 decimal places, eg. 52.55.)
(1) Gross earnings.
(2) FICA taxes. (Assume a 7.65% rate on maximum of $127.200.)
(3) Federal income taxes withheld.
(4) State income taxes withheld. (Assume a 2.0% rate.)
(5) Net pay.
List of Accounts
X Your answer is incorrect.
Record Regina's pay. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to
2 decimal places, eg. 52.75.)
Account Titles and Explanation
Debit
Credit
%24
%24
%24
expand button
Transcribed Image Text:Compute the following amounts for Regina's wages for the current week (Round FICA taxes, State income taxes and Net pay answers to 2 decimal places, eg. 52.55.) (1) Gross earnings. (2) FICA taxes. (Assume a 7.65% rate on maximum of $127.200.) (3) Federal income taxes withheld. (4) State income taxes withheld. (Assume a 2.0% rate.) (5) Net pay. List of Accounts X Your answer is incorrect. Record Regina's pay. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) Account Titles and Explanation Debit Credit %24 %24 %24
Regina Garza's regular hourly wage rate is $11.50, and she receives a wage of 1% times the regular hourly rate for workin excess of 40
hours. During a March weekly pay period, Regina worked 48 hours. Her gross earnings prior to the current weekwere $7,800. Regina
is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $30 per
week.
MARRIED Persons –WEEKLY Payroll Period
(For Wages Paid through December 2017)
If the wages
And the number of withholding allowances claimed is -
are -
1 2 3 4 56 7 89
But
At
10
less
least
than
The amount of income tax to be withheld is -
34 27 19 11 4 0
500
510
510
520
35 28 20 12
5
520
530
37 29 21 13
6.
530
540
38 | 30 | 22 | 14
7
540
550
40 31 23 15
8
550
560
41 32 24 16
9
1
560
570
43 33 25 17 10
570
580
44
34 26 18
11
3
580
590
46 35 27 19
12
4
590
600
47 36 28 20 13
5
600
610
49 38 29 21 14
610
620
50 39 30 22 15
7
620
630
52 41 31 23 16
1
630
640
53 42 32 24 17
9
2
640
650
55 44 33 25
18 | 10
3
650
660
56 45 34 26 19 11
4
660
670
58 47 35 27 20 12
670
680
59 48 37 28 21 13
680
690
61 50 38 29 22 14
7
690
700
62 51 40 30 23 15
8
expand button
Transcribed Image Text:Regina Garza's regular hourly wage rate is $11.50, and she receives a wage of 1% times the regular hourly rate for workin excess of 40 hours. During a March weekly pay period, Regina worked 48 hours. Her gross earnings prior to the current weekwere $7,800. Regina is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $30 per week. MARRIED Persons –WEEKLY Payroll Period (For Wages Paid through December 2017) If the wages And the number of withholding allowances claimed is - are - 1 2 3 4 56 7 89 But At 10 less least than The amount of income tax to be withheld is - 34 27 19 11 4 0 500 510 510 520 35 28 20 12 5 520 530 37 29 21 13 6. 530 540 38 | 30 | 22 | 14 7 540 550 40 31 23 15 8 550 560 41 32 24 16 9 1 560 570 43 33 25 17 10 570 580 44 34 26 18 11 3 580 590 46 35 27 19 12 4 590 600 47 36 28 20 13 5 600 610 49 38 29 21 14 610 620 50 39 30 22 15 7 620 630 52 41 31 23 16 1 630 640 53 42 32 24 17 9 2 640 650 55 44 33 25 18 | 10 3 650 660 56 45 34 26 19 11 4 660 670 58 47 35 27 20 12 670 680 59 48 37 28 21 13 680 690 61 50 38 29 22 14 7 690 700 62 51 40 30 23 15 8
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education