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Hours Worked 54 49 st week of January. The following informa Wage Rate per Hour $ 22 $ 27

Hours Worked 54 49 st week of January. The following informa Wage Rate per Hour $ 22 $ 27

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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apters 7-9 i Employee Kelly Jon Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $233, respectively, for the first week of January. The following information is for the first week in January Year 1. Req A and B a. b. Hours Worked 54 49 Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Gross pay Net pay Wage Rate per Hour Complete this question by entering your answers in the tabs below. Req C $22 $ 27 Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate calculations and your final answers to 2 decimal places.) Kelly Saved Jon < Req A and B Help Req C > Save & Exit Submit
Transcribed Image Text:apters 7-9 i Employee Kelly Jon Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $233, respectively, for the first week of January. The following information is for the first week in January Year 1. Req A and B a. b. Hours Worked 54 49 Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Gross pay Net pay Wage Rate per Hour Complete this question by entering your answers in the tabs below. Req C $22 $ 27 Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate calculations and your final answers to 2 decimal places.) Kelly Saved Jon < Req A and B Help Req C > Save & Exit Submit
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