An employee earns $25 per hour and 1.50 times that rate for all hours in excess of 40 hours per week. There two headcounts in the warehouse, each one work 40 regular hours, one 5 hours over time and the other 10 hours during the week. Assume further that the social security tax rate was 6.0% (on earnings up to $100,000), the Medicare tax rate was 1.5%, and federal income tax to be withheld was $714. Prepare a payroll register for the first week of the year January 7, 2011. The payroll should pay in January 10, 2011. d. Prepare payroll and payment entries.
An employee earns $25 per hour and 1.50 times that rate for all hours in excess of 40 hours per week. There two headcounts in the warehouse, each one work 40 regular hours, one 5 hours over time and the other 10 hours during the week. Assume further that the social security tax rate was 6.0% (on earnings up to $100,000), the Medicare tax rate was 1.5%, and federal income tax to be withheld was $714. Prepare a payroll register for the first week of the year January 7, 2011. The payroll should pay in January 10, 2011. d. Prepare payroll and payment entries.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 5PA
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An employee earns $25 per hour and 1.50 times that rate for all hours in excess of 40 hours per week. There two headcounts in the warehouse, each one work 40 regular hours, one 5 hours over time and the other 10 hours during the week. Assume further that the social security tax rate was 6.0% (on earnings up to $100,000), the Medicare tax rate was 1.5%, and federal income tax to be withheld was $714. Prepare a payroll register for the first week of the year January 7, 2011.
The payroll should pay in January 10, 2011.
d. Prepare payroll and payment entries.
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