Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times thehourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270and $233, respectively, for the first week of January. The following information is for the first week in January Year 1.EmployeeKellyJonRequireda. Calculate the gross pay for each employee for the week.b. Calculate the net pay for each employee for the week.c. Prepare the general journal entry to record payment of the wages.Req A and Ba.b.Hours Worked5449Complete this question by entering your answers in the tabs below.Wage Rate perHour$ 22$ 27Gross payNet payReq CCalculate the gross pay for each employee for the week.Calculate the net pay for each employee for the week.(Round intermediate calculations and your final answers to 2 decimal places.)KellyJonReq A and BReq C >

Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $233, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Kelly Jon Hours Worked 54 49 Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Req A and B Complete this question by entering your answers in the tabs below. Wage Rate per Hour $22 $ 27 a. Gross pay b. Net pay Req C Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week.. (Round intermediate calculations and your final answers to 2 decimal places.) Kelly Jon < Req A and B Req C >

Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $233, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Kelly Jon Hours Worked 54 49 Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Req A and B Complete this question by entering your answers in the tabs below. Wage Rate per Hour $22 $ 27 a. Gross pay b. Net pay Req C Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week.. (Round intermediate calculations and your final answers to 2 decimal places.) Kelly Jon < Req A and B Req C >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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