3-17A • LO 2, 3 See Example 3-1 on page 3-11 At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthly salary basis. Given on the form below are the current annual and monthly salary rates for five office workers for the week ended December 13, 20-- (50th payday of the year). In addition, with this pay, these employees are paid their sliding- scale annual bonuses. The bonuses are listed on the register. For each worker, compute: 1. Regular earnings for the weekly payroll ended December 13, 20-. 2. Overtime earnings (if applicable). 3. Total regular, overtime earnings, and bonus. 4. FICA taxable wages for this pay period. 5. FICA taxes to be withheld for this pay period. VISION CLUB COMPANY Hours Annual Regular Earnings Overtime Employee Salary Worked Bonus Earnings Total Earnings Marx, A. Вохеr, С. Lundy, R. Ruth, B. Gehrig, L. Totals $97,240/yr. 91,000/yr. 6,240/mo. 4,680/mo. 4,900/mo. S50,000 25,000 20,000 15,000 8,000 40 40 40 40 48 (left side)

3-17A • LO 2, 3 See Example 3-1 on page 3-11 At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthly salary basis. Given on the form below are the current annual and monthly salary rates for five office workers for the week ended December 13, 20-- (50th payday of the year). In addition, with this pay, these employees are paid their sliding- scale annual bonuses. The bonuses are listed on the register. For each worker, compute: 1. Regular earnings for the weekly payroll ended December 13, 20-. 2. Overtime earnings (if applicable). 3. Total regular, overtime earnings, and bonus. 4. FICA taxable wages for this pay period. 5. FICA taxes to be withheld for this pay period. VISION CLUB COMPANY Hours Annual Regular Earnings Overtime Employee Salary Worked Bonus Earnings Total Earnings Marx, A. Вохеr, С. Lundy, R. Ruth, B. Gehrig, L. Totals $97,240/yr. 91,000/yr. 6,240/mo. 4,680/mo. 4,900/mo. S50,000 25,000 20,000 15,000 8,000 40 40 40 40 48 (left side)

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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