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Kathy Burnett works for Triumph Industries. Her pay rate is $12.60 per hour and she receives overtime pay at one and one- half times her regular hourly rate for any hours worked beyond 40 in a week. During the pay period that ended December 31, 20X1, Kathy worked 43 hours. She is married and claims three withholding allowances on her W-4 form. Kathy's cumulative earnings prior to this pay period total $27,600. This week's wages are subject to the following deductions: 1. Social Security tax at 6.2 percent 2. Medicare tax at 1.45 percent 3. Federal income tax (use the withholding table shown in Figure 10.2b) 4. Health and disability insurance premiums, $147 5. Charitable contribution, $20 Required: 1. Compute Kathy's regular, overtime, gross, and net pay. 2. Assuming the weekly payroll has been recorded, journalize the payment of her wages for the week ended December 31. i need help for this section analyze Analyze: Based on Kathy's cumulative earnings through December 31, how much overtime pay did she earn this year?

Kathy Burnett works for Triumph Industries. Her pay rate is $12.60 per hour and she receives overtime pay at one and one- half times her regular hourly rate for any hours worked beyond 40 in a week. During the pay period that ended December 31, 20X1, Kathy worked 43 hours. She is married and claims three withholding allowances on her W-4 form. Kathy's cumulative earnings prior to this pay period total $27,600. This week's wages are subject to the following deductions: 1. Social Security tax at 6.2 percent 2. Medicare tax at 1.45 percent 3. Federal income tax (use the withholding table shown in Figure 10.2b) 4. Health and disability insurance premiums, $147 5. Charitable contribution, $20 Required: 1. Compute Kathy's regular, overtime, gross, and net pay. 2. Assuming the weekly payroll has been recorded, journalize the payment of her wages for the week ended December 31. i need help for this section analyze Analyze: Based on Kathy's cumulative earnings through December 31, how much overtime pay did she earn this year?

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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Kathy Burnett works for Triumph Industries. Her pay rate is $12.60 per hour and she receives overtime pay at one and one- half times her regular hourly rate for any hours worked beyond 40 in a week. During the pay period that ended December 31, 20X1, Kathy worked 43 hours. She is married and claims three withholding allowances on her W-4 form. Kathy's cumulative earnings prior to this pay period total $27,600. This week's wages are subject to the following deductions: 1. Social Security tax at 6.2 percent 2. Medicare tax at 1.45 percent 3. Federal income tax (use the withholding table shown in Figure 10.2b) 4. Health and disability insurance premiums, $147 5. Charitable contribution, $20 Required: 1. Compute Kathy's regular, overtime, gross, and net pay. 2. Assuming the weekly payroll has been recorded, journalize the payment of her wages for the week ended December 31. i need help for this section analyze Analyze: Based on Kathy's cumulative earnings through December 31, how much overtime pay did she earn this year?
Transcribed Image Text:Kathy Burnett works for Triumph Industries. Her pay rate is $12.60 per hour and she receives overtime pay at one and one- half times her regular hourly rate for any hours worked beyond 40 in a week. During the pay period that ended December 31, 20X1, Kathy worked 43 hours. She is married and claims three withholding allowances on her W-4 form. Kathy's cumulative earnings prior to this pay period total $27,600. This week's wages are subject to the following deductions: 1. Social Security tax at 6.2 percent 2. Medicare tax at 1.45 percent 3. Federal income tax (use the withholding table shown in Figure 10.2b) 4. Health and disability insurance premiums, $147 5. Charitable contribution, $20 Required: 1. Compute Kathy's regular, overtime, gross, and net pay. 2. Assuming the weekly payroll has been recorded, journalize the payment of her wages for the week ended December 31. i need help for this section analyze Analyze: Based on Kathy's cumulative earnings through December 31, how much overtime pay did she earn this year?
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