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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
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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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. (Click the icon to view payroll tax rate information.) Read the eauirements 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 $10,000. 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
Transcribed Image Text: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. (Click the icon to view payroll tax rate information.) Read the eauirements 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 $10,000. 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
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