Bramble Corbin's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During aJanuary pay period, Bramble works 45 hours. Bramble's federal income tax withholding is $98, she has no voluntary deductions, andthe FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date.Prepare the journal entries to record (a) Bramble's pay for the period and (b) the payment of Bramble's wages. Use January 15 for theend of the pay period and the payment date. (Round Intermediate calculation and final answers to 2 decimal places, eg. 15.25. Creditaccount titles are automatically indented when amount is entered. Do not indent manually.)No. Date Account Titles and ExplanationDebitCredit(a)Jan. 15(b)Jan. 15

Gross salary = (40 hours x $20) + (45 hours - 40 hours) x $30 = $950 FICA taxes…

Answered: Bramble Corbin's regular hourly wage…

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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Sadie White receives an hourly rate of $35, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 44; federal income tax withheld, $317; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to White? If required, round your answers to the nearest cent. a.$1,102.25 b.$1,223.00 c.$1,610.00 d.$1,172.25
Justin Mathews is a waiter at the Delixe Lounge. In his first weekly pay in March, he earned $300.00 for the $40 hours he worked. In addition, he reports his tips for February to his employer ($500), withholds the appropriate taxes from his tips in March. Calculate his net take home pay assuming the employer withheld federal income tax married filing jointly.
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Mike Mays is a waiter at the Dixie Motel. In his first weekly pay in March, he earned $360 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($700.00), and the employer withholds the appropriate taxes for the tips from his first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage tax bracket, married filing jointly, allowances, social security and state income tax (2%).
Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married filing jointly), social security taxes, and state income tax (1%). Enter deductions beginning with a minus sign (-). Round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the…
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Lucy Rose works at College of Fort Worth and is paid $12 per hour for a 40-hour workweek and time-and-a-half for hours above 40. A (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 2. Rose is single, and her income tax withholding is 15% of total pay. Rose's only payroll deductions are payroll taxes. Compute Rose's net (take-home) pay for the week. Assume Rose's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent.) Withholding deductions: Net (take-home) pay Requirement 3. Journalize the accrual of wages expense and the payments related to the employment of Lucy Rose. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin with the entry to accrue wages expense and payroll withholdings for Lucy Rose. (Round all amounts to the nearest cent.) Date Accounts and Explanation Debit Credit
Im not sure how to calculate YTD

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