Ian McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40 per week. During the last week of March ofthe current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are subject to the following deductions:a.Employee (Federal) income tax (use withholding table provided).b.Social Security tax at 6.2%.С.Medicare tax at 1.45%.d.Health insurance premium, $60.e.Credit union deposit, $140.f.United Way contribution, $15.Required:1. Compute McCarthy's regular, overtime, gross, and net pay. If requíred, round your answers to the nearet cent.Regular payOvertime payGross payNet pay2. Journalize the payment of his wages for the week ended March 26, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an entry, leaveit blank.

Journal Entry Date Particular LF Debit ($) Credit ($) March 26 Salary Expenses 760 Federal Income Tax Payable 76 Social Security Tax Payable 47.12 Medicare Tax 11.02 Health Insurance 60 Credit Union Deposit 140 United Way Contribution 15 Cash (Salary paid) 410.86 (To record the Salary for the week ending on March 26)

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Economics

Ian McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40 per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: a. Employee (Federal) income tax (use withholding table provided). b. Social Security tax at 6.2%. C. Medicare tax at 1.45%. d. Health insurance premium, $60. e. Credit union deposit, $140. f. United Way contribution, $15. Required: 1. Compute McCarthy's regular, overtime, gross, and net pay. If required, round your answers to the neart cent. Regular pay Overtime pay Gross pay Net pay

Ian McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40 per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: a. Employee (Federal) income tax (use withholding table provided). b. Social Security tax at 6.2%. C. Medicare tax at 1.45%. d. Health insurance premium, $60. e. Credit union deposit, $140. f. United Way contribution, $15. Required: 1. Compute McCarthy's regular, overtime, gross, and net pay. If required, round your answers to the neart cent. Regular pay Overtime pay Gross pay Net pay

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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