Holden Simpson manages a Dairy Land drive-in. His straight-time pay is $16 per hour, with time-and-a-half for hours in excess of 40 per week. Simpson's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $8 for a charitable contribution to United Way. Simpson worked 51 hours during the week. A (Click the icon to view payroll tax rate information.) Read the feguirements Requirement 1. Compute Simpson's gross pay and net pay for the week. Assume earnings to date are $10,000. (Round all amounts to the nearest cent.) Begin by computing Simpson's gross pay for the week. - X Requirements Gross Pay 1. Compute Simpson's gross pay and net pay for the week. Assume earnings to date are $10,00. 2. Journalize Dairy Land's wages expense accrual for Simpson's work. An explanation is not required. 3. Journalize the subsequent payment of wages to Simpson. Print Done

Holden Simpson manages a Dairy Land drive-in. His straight-time pay is $16 per hour, with time-and-a-half for hours in excess of 40 per week. Simpson's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $8 for a charitable contribution to United Way. Simpson worked 51 hours during the week. A (Click the icon to view payroll tax rate information.) Read the feguirements Requirement 1. Compute Simpson's gross pay and net pay for the week. Assume earnings to date are $10,000. (Round all amounts to the nearest cent.) Begin by computing Simpson's gross pay for the week. - X Requirements Gross Pay 1. Compute Simpson's gross pay and net pay for the week. Assume earnings to date are $10,00. 2. Journalize Dairy Land's wages expense accrual for Simpson's work. An explanation is not required. 3. Journalize the subsequent payment of wages to Simpson. Print Done

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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