COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Question
Chapter 10, Problem 1PB
1.
To determine
Calculate the amount of regular pay, overtime pay, and gross pay, and net pay for JP.
2.
To determine
Journalize the entry to record the payment of weekly payroll on December 31, 2019.
To determine
Calculate the amount of overtime pay based on the cumulative earnings through December 31.
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Ian McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40 per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are subject to the following deductions:
a.
Employee (Federal) income tax (use withholding table provided).
b.
Social Security tax at 6.2%.
c.
Medicare tax at 1.45%.
d.
Health insurance premium, $60.
e.
Credit union deposit, $140.
f.
United Way contribution, $15.
Required:
1. Compute McCarthy's regular, overtime, gross, and net pay. If required, round your answers to the nearest cent.
Regular pay:Overtime pay:Gross pay:Net pay:
2. Journalize the payment of his wages for the week ended March 26, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave…
Ian McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40
per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are
subject to the following deductions:
a, Employee (Federal) income tax (use withholding table provided in text).
b. Social Security tax at 6.2%.
G. Medicare tax at 1.45%.
roapg9
d. Health insurance premium, $60.
Credit union deposit, $140.
1. United Way contribution, $15.
Required:
1. Compute McCarthy's regular, overtime, gross, and net pay
2 Journalize the payment of his wages for the week ended March 26, crediting Cash
for the net amount.
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Ian McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40 per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are subject to the following deductions:
a.
Employee (Federal) income tax (use withholding table provided).
b.
Social Security tax at 6.2%.
c.
Medicare tax at 1.45%.
d.
Health insurance premium, $60.
e.
Credit union deposit, $140.
f.
United Way contribution, $15.
1. Compute McCarthy's regular, overtime, gross, and net pay. If required, round your answers to the nearest cent.
Regular pay
______
Overtime pay
______
Gross pay
______
Net pay
Journalize the payment of his wages for the week ended March 26, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an…
Chapter 10 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 10 - Prob. 1.1SRQCh. 10 - Prob. 1.2SRQCh. 10 - Prob. 1.3SRQCh. 10 - Prob. 1.4SRECh. 10 - Prob. 1.5SRECh. 10 - Prob. 1.6SRACh. 10 - Prob. 2.1SRQCh. 10 - Prob. 2.2SRQCh. 10 - Prob. 2.3SRQCh. 10 - Prob. 2.4SRE
Ch. 10 - Stacy Carter worked 48 hours during the week...Ch. 10 - Prob. 2.6SRACh. 10 - Prob. 3.1SRQCh. 10 - What accounts are debited and credited when...Ch. 10 - Prob. 3.3SRQCh. 10 - Prob. 3.4SRECh. 10 - Prob. 3.5SRECh. 10 - This general journal entry was made to record the...Ch. 10 - Prob. 1CSRCh. 10 - Prob. 2CSRCh. 10 - Prob. 3CSRCh. 10 - Prob. 4CSRCh. 10 - Prob. 5CSRCh. 10 - Prob. 1DQCh. 10 - Prob. 2DQCh. 10 - Prob. 3DQCh. 10 - Prob. 4DQCh. 10 - Prob. 5DQCh. 10 - Prob. 6DQCh. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - Prob. 9DQCh. 10 - Prob. 10DQCh. 10 - How does the direct deposit method of paying...Ch. 10 - What are the four bases for determining employee...Ch. 10 - Prob. 13DQCh. 10 - Prob. 14DQCh. 10 - Prob. 15DQCh. 10 - Prob. 1ECh. 10 - Prob. 2ECh. 10 - The monthly salaries for December and the...Ch. 10 - Prob. 4ECh. 10 - Prob. 5ECh. 10 - Prob. 6ECh. 10 - On July 31, 2019, the payroll register for White...Ch. 10 - Prob. 1PACh. 10 - Prob. 2PACh. 10 - Prob. 3PACh. 10 - Prob. 4PACh. 10 - Prob. 1PBCh. 10 - Prob. 2PBCh. 10 - Prob. 3PBCh. 10 - Prob. 4PBCh. 10 - Prob. 1CTPCh. 10 - Prob. 2CTPCh. 10 - Prob. 1MFCh. 10 - The new controller for CAR Company, a...Ch. 10 - Prob. 3MFCh. 10 - Prob. 4MFCh. 10 - Prob. 1ED
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Similar questions
- During 2019, Jake Gore worked for two different employers. Until May, he worked for Wonderman Construction Company in Kansas City, Kansas, and earned 21,500. The state unemployment rate for Wonderman is 4.6%. He then changed jobs and worked for Buxmont Improvement Company in Mobile, Alabama, and earned 33,100 for the rest of the year. The state unemployment rate for Buxmont is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by: a. Wonderman Construction Company................................ _______ b. Buxmont Improvement Company.................................... _______arrow_forwardDuring 2019, Matti Conner, president of Maggert Company, was paid a semimonthly salary of 6,000. Compute the amount of FICA taxes that should be withheld from her:arrow_forwardIan McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40 per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: a. Employee (Federal) income tax (use withholding table provided). b. Social Security tax at 6.2%. c. Medicare tax at 1.45%. d. Health insurance premium, $60. e. Credit union deposit, $140. f. United Way contribution, $15. Required: 1. Compute McCarthy's regular, overtime, gross, and net pay. If required, round your answers to the nearest cent. Regular pay $fill in the blank 818b23072fd4feb_1 Overtime pay $fill in the blank 818b23072fd4feb_2 Gross pay $fill in the blank 818b23072fd4feb_3 Net pay $fill in the blank 818b23072fd4feb_4 2. Journalize the payment of his wages…arrow_forward
- lan McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid the regular rate for all hours worked for 40 hours per week. His Federal 11% of his salary . lan is single and claims 1 withholding allowances on his W-2 form. His weekly wages are subject to the following deductions.arrow_forwardAmy’s regular hourly wage rate is $8, and she receives an hourly rate of $12 for work in excess of 40 hours. During a January pay period, Amy works 47 hours. Amy’s federal income tax withholding is $95, and she has no voluntary deductions. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Amy’s pay for the period and (b) the payment of Amy’s wages.arrow_forwardLenny Florita, an unmarried employee, works 48 hours in the week ended January 12. His pay rate is $14 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (Lenny earns $21 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from Exhibit 11A.6), total deductions, and net pay. Round tax amounts to the nearest cent.arrow_forward
- An employee works 51 hours (51 - 40 were overtime hours) during a workweek in December of 2019. He earns $10,000/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $134,200 during the year. He has requested that his employer withhold 9% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = Taxable income for social security tax = Taxable income for medicare tax =arrow_forwardLenny Florita, an unmarried employee, works 46 hours in the week ended January 12. His pay rate is $13 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims three withholding allowances. Compute his regular pay, overtime pay (Lenny earns $19.50 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from Exhibit 9A.6), total deductions, and net pay.arrow_forward
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