Donald Chin works for Northwest Supplies. His rate of pay is $12.00 per hour, and he is paid 1½ times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the current year, he worked 48 hours. Chin is married and claims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: Employee federal income tax (Tax Tables: Refer to Figure 8-4 in the text.) Social Security tax at 6.2% Medicare tax at 1.45% Health insurance premium, $80 Credit union, $135 United Way contribution, $10 Required: 1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your intermediate and final answers to the nearest cent. Regular pay $ Overtime pay $ Gross pay $ Net pay $ Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount. Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT
Donald Chin works for Northwest Supplies. His rate of pay is $12.00 per hour, and he is paid 1½ times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the current year, he worked 48 hours. Chin is married and claims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: Employee federal income tax (Tax Tables: Refer to Figure 8-4 in the text.) Social Security tax at 6.2% Medicare tax at 1.45% Health insurance premium, $80 Credit union, $135 United Way contribution, $10 Required: 1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your intermediate and final answers to the nearest cent. Regular pay $ Overtime pay $ Gross pay $ Net pay $ Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount. Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Donald Chin works for Northwest Supplies. His rate of pay is $12.00 per hour, and he is paid 1½ times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the current year, he worked 48 hours. Chin is married and claims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions:
- Employee federal income tax (Tax Tables: Refer to Figure 8-4 in the text.)
- Social Security tax at 6.2%
- Medicare tax at 1.45%
- Health insurance premium, $80
- Credit union, $135
- United Way contribution, $10
Required:
1. Compute Chin's regular pay, overtime pay, gross pay, and net pay.
If required, round your intermediate and final answers to the nearest cent.
| Regular pay | $ |
| Overtime pay | $ |
| Gross pay | $ |
| Net pay | $ |
Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount.
| DATE | ACCOUNT TITLE | DOC. NO. |
POST. REF. |
DEBIT | CREDIT |
|---|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education