Kathleen Garza's regular hourly wage rate is $29, and she receives a wage of 1% times the regular hourly rate for work in excess of41 hours. During a March weekly pay period, Kathleen worked 45 hours. Her gross earnings prior to the current week were $6,000.Kathleen is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at$30.00 per week.MARRIED Persons – WEEKLY Payroll Period(For Wages Paid through December 2022)If the wages are - And the number of withholding allowances claimed is –0 1 2 3 4 5 6 7 8But10At least lessthanThe amount of income tax to be withheld is –1,3161,327124 114 1059585756656 | 4637291,3271,338125 11610696867767574838301,3381,34912711710797887868594939311,3491,360128 11810899897970605041321,3601,371129 119 110 100908171615242331,3711,382130121111101928272635343341,3821,393132 122112103938374645445351,3931.404133123114104948575655646361,4041.415134125115105968676675747381,4151,426136126116107978778685849391,4261,437137127118108988979696050401,4371.4481381291191091009080716151411,4481.459140 | 130120111| 1019182726252431,4591,470141 | 131122112 | 1029383736454441,4701,4811421331231131049484756555451,4811,492144 | 134 | 1241151059586766656471,4921,503145135 1261161069787776758481,5031,514146137 | 1271171089888786959491,5141,5251481381281191099989807060511,5251,536149 139 130120110 101 9181 | 716252 (a)Compute the following amounts for Kathleen's wages for the current week. (Round all answers to 2 decimal places, eg. 52.55.)(1) Gross earnings.(2) FICA taxes. (Assume a 7.65% rate on maximum of $132,900.)(3) Federal income taxes withheld.(4) State income taxes withheld. (Assume a 2.0% rate.)(5) Net pay.eTextbook and MediaList of AccountsSave for Later(b).Record Kathleen's pay. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Roundanswers to 2 decimal places, eg. 52.75.)Account Titles and ExplanationDebitCredit%24%24

Journal Entry Journal entry is used to record the business transactions of an enterprise.

Kathleen Garza's regular hourly wage rate is $29, and she receives a wage of 1% times the regular hourly rate for work in excess of 41 hours. During a March weekly pay period, Kathleen worked 45 hours. Her gross earnings prior to the current week were S6.000. Kathleen is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $30.00 per week.

Kathleen Garza's regular hourly wage rate is $29, and she receives a wage of 1% times the regular hourly rate for work in excess of 41 hours. During a March weekly pay period, Kathleen worked 45 hours. Her gross earnings prior to the current week were S6.000. Kathleen is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $30.00 per week.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sammy's employer pays for 40% of her annual health insurance premium of $5,150,00, Sammy pays the remaining balance by having it deducted in equal amounts from her 26 paychecks throughout the calendar year. How much will Sammy have deducted from each paycheck? $2060 $79.23 $3,090 $118,85
Hank earns $21.00 per hour with time-and-a-half for hours in excess of 40 per week. He worked 50 hours at his job during the first week of March, 2024. Hank pays income taxes at 15% and 7.65% for OASDI and Medicare. All of his income is taxable under FICA. Determine Hank's net pay for the week. (Do not round any intermediate calculations, and round your final answer to the nearest cent.) OA. $731.33 OB. $981.75 OC. $893.39 D. $699.82 GID
The following information is available for the employees of Webber Packing Company for the first week of January Year 1 1. Kayla earns $26 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 50 hours the first week in January. Kayla’s federal income tax withholding is equal to 11 percent of her gross pay. Webber pays medical insurance of $100 per week for kayla and contributes $57 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,150. Paula’s federal income tax withholding is 17 percent of her gross pay. Webber pays medical insurance of $145 per week for Paula and contributes $135 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $75 per week for Paula. Assume the Social Security tax rate is 6 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4…
Your answer is partially correct. Karen Peters' regular hourly wage rate is $42, and she receives an hourly rate of $63 for work in excess of 40 hours. During a March pay period, Karen works 47 hours. Karen's federal income tax withholding is $80, and she has no voluntary deductions. The FICA tax rate is 7.65%. A Prepare the journal entry to record Karen's pay for the period. Use March 15 for the end of the pay period. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Mar. 15 here to search Account Titles and Explanation Salaries and Wages Expense FICA Taxes Payable Salaries and Wages Payable Cash Ef 50 Chp Debit 2,121 Credit 162.25 1.878.75 1,878.75 12:1 61°F Clear ^ @4) 934
Shirley Riddle earns $2,333 biweekly. She is single and claims no withholding allowances. She saves 2% of her salary for retirement and pays $22.81 in nonexempt insurance premiums each pay period. The Social Security Tax is 6.2% from earnings to be taxed. The Medicare tax is 1.45% from all earnings. What are her net earnings for each pay period?
John Doe is married and claims 3 withholding allowances. He collects overtime pay when he works over 40 hours a week. If his gross pay is $1,306.88, determine his weekly net earnings. Use the following deductions: FWT (Percentage Method), FICA 6.2%, Medicare 1.45%, SDI 1%, Health Insurance ($80/week), Union Dues ($4.50/week), and Trust Fund ($95/week). $891.28 $819.32 O $768.31 $786.67
Frannie, a bartender paid on a weekly basis, earns $11.50 per hour, is paid 1.5 times the regular rate for all hours worked in excess of 40, and reports her tips to her employer each week but keeps her tips. This week Frannie worked 44 hours and earned $754 in tips. The employer does not take a tip credit. What is Frannie's social security tax withholding this week? Assume her wages have not met the social security wage limit.
Mike Mays is a waiter at the Dixie Motel. In his first weekly pay in March, he earned $360 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($700.00), and the employer withholds the appropriate taxes for the tips from his first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage tax bracket, married filing jointly, allowances, social security and state income tax (2%).
Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married filing jointly), social security taxes, and state income tax (1%). Enter deductions beginning with a minus sign (-). Round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the…
Peter Greeda's regular hourly wage rate is $13, and he receives 1.5 times his normal rate for hours worked in excess of 40. During a March pay period, Peter worked 47 hours. Peter's federal income tax withholding is $80, and he has no voluntary deductions. Compute Peter's gross earnings for the pay period. Round your answer to 2 decimal places.
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $30 put into her health savings account (nonqualified) each week. Her employer matches this $30 each week. Determine Whiteweiler's take-home pay if she is head of household. Enter deductions beginning with a minus sign (-). Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Gross pay $930 HSA contributions -30 401(k) deductions -100 OASDI tax -57.66 HI tax -13.49 FIT Net pay $
Susan Corbin's regular hourly wage rate is $18, and she receives an hourly rate of $27 for work in excess of 40 hours. During a January pay period, Susan works 50 hours. Susan's federal income tax withholding is $94, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Susan's pay for the period and (b) the payment of Susan's wages. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation (a) (b) Jan. 15 Jan. 15 eTextbook and Media Debit Credit CROWN