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
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 3PA
Related questions
Question
![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.
OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to
$200,000, 2.35% on earnings above $200,000.
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.
Requirement 1. Compute Love's gross pay for working 58 hours during the first week of February.
Net (take-home) pay
Gross 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
(...)
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
Now record the entry to record the payment of wages to Jenna Love. (Round all amounts to the nearest cent.)
Accounts and Explanation
Credit
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3ff6e6fd-adc9-4093-b759-2557b1c5934b%2F99f3bc7a-b025-4d65-82b0-e8875aa0fd69%2Fljalds_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to
$200,000, 2.35% on earnings above $200,000.
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.
Requirement 1. Compute Love's gross pay for working 58 hours during the first week of February.
Net (take-home) pay
Gross 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
(...)
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
Now record the entry to record the payment of wages to Jenna Love. (Round all amounts to the nearest cent.)
Accounts and Explanation
Credit
Debit
Credit
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