For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: Jenna Love works at College of Charlotte and is paid $35 per hour for a 40-hour workweek and time-and-a-half for hours above 40. Gross Pay OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Requirement 1. Compute Love's gross pay for working 58 hours during the first week of February. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Net (take-home) pay Requirement 2. Love is single, and her income tax withholding is 10% of total pay. Love's only payroll deductions are payroll taxes. Compute Love's net (take-home) pay for the week. Assume Love's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent.) Withholding deductions: Date C... Begin with the entry to accrue wages expense and payroll withholdings for Jenna Love. (Round all amounts to the nea cent.) Date Accounts and Explanation Debit Credit Now record the entry to record the payment of wages to Jenna Love. (Round all amounts to the nearest cent.) Accounts and Explanation Debit Credit

For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: Jenna Love works at College of Charlotte and is paid $35 per hour for a 40-hour workweek and time-and-a-half for hours above 40. Gross Pay OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Requirement 1. Compute Love's gross pay for working 58 hours during the first week of February. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Net (take-home) pay Requirement 2. Love is single, and her income tax withholding is 10% of total pay. Love's only payroll deductions are payroll taxes. Compute Love's net (take-home) pay for the week. Assume Love's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent.) Withholding deductions: Date C... Begin with the entry to accrue wages expense and payroll withholdings for Jenna Love. (Round all amounts to the nea cent.) Date Accounts and Explanation Debit Credit Now record the entry to record the payment of wages to Jenna Love. (Round all amounts to the nearest cent.) Accounts and Explanation Debit Credit

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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