Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hours per week. Lupino's rate of pay is $12.00 per hour paid weekly. Federal income tax withheld was $54.00. His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%. He worked 8 hours of overtime last week (week ended July 16).Required:1. Compute the following: If required, round your answers to the nearest cent.a. Regular pay for the week$fill in the blank 2fb4580b7fd0f80_1b. Overtime pay for the week$fill in the blank 2fb4580b7fd0f80_2c. Total gross wages$fill in the blank 2fb4580b7fd0f80_3d. Social Security withheld$fill in the blank 2fb4580b7fd0f80_4e. Medicare tax withheld$fill in the blank 2fb4580b7fd0f80_5f. Total withholding$fill in the blank 2fb4580b7fd0f80_6g. Net pay$fill in the blank 2fb4580b7fd0f80_72. Journalize the payroll entry. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.Page: 1 DATEDESCRIPTIONPOST.REF.DEBITCREDIT 1Jul. 16 fill in the blank aadaabfba046fd7_2fill in the blank aadaabfba046fd7_312 fill in the blank aadaabfba046fd7_5fill in the blank aadaabfba046fd7_623 fill in the blank aadaabfba046fd7_8fill in the blank aadaabfba046fd7_934 fill in the blank aadaabfba046fd7_11fill in the blank aadaabfba046fd7_1245 fill in the blank aadaabfba046fd7_14fill in the blank aadaabfba046fd7_155

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Answered: 1. Compute the following: If required,…

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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Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hours per week. Lupino's rate of pay is $12.00 per hour paid weekly. Federal income tax withheld was $54.00. His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%. He worked 8 hours of overtime last week (week ended July 16).

Required:

1. Compute the following: If required, round your answers to the nearest cent.

a. Regular pay for the week	$fill in the blank 2fb4580b7fd0f80_1
b. Overtime pay for the week	$fill in the blank 2fb4580b7fd0f80_2
c. Total gross wages	$fill in the blank 2fb4580b7fd0f80_3
d. Social Security withheld	$fill in the blank 2fb4580b7fd0f80_4
e. Medicare tax withheld	$fill in the blank 2fb4580b7fd0f80_5
f. Total withholding	$fill in the blank 2fb4580b7fd0f80_6
g. Net pay	$fill in the blank 2fb4580b7fd0f80_7

2. Journalize the payroll entry. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.

Page: 1

	DATE	DEBIT	CREDIT
1	Jul. 16	fill in the blank aadaabfba046fd7_2	fill in the blank aadaabfba046fd7_3	1
2		fill in the blank aadaabfba046fd7_5	fill in the blank aadaabfba046fd7_6	2
3		fill in the blank aadaabfba046fd7_8	fill in the blank aadaabfba046fd7_9	3
4		fill in the blank aadaabfba046fd7_11	fill in the blank aadaabfba046fd7_12	4
5		fill in the blank aadaabfba046fd7_14	fill in the blank aadaabfba046fd7_15	5

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