Problem 10.1A (Static) Computing gross earnings, determining de transactions. LO 10-2, 10-3, 10-4, 10-5, 10-7 Robin Market works for Cycle Industries. Her pay rate is $14.50 per hour and she rece regular hourly rate for any hours worked beyond 40 in a week. During the pay period hours. She is married and claims three withholding allowances on her W-4 form. Robi total $32,000. 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, $180 5. Charitable contribution, $25 Required:
Problem 10.1A (Static) Computing gross earnings, determining de transactions. LO 10-2, 10-3, 10-4, 10-5, 10-7 Robin Market works for Cycle Industries. Her pay rate is $14.50 per hour and she rece regular hourly rate for any hours worked beyond 40 in a week. During the pay period hours. She is married and claims three withholding allowances on her W-4 form. Robi total $32,000. 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, $180 5. Charitable contribution, $25 Required:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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 alt="Problem 10.1A (Static) Computing gross earnings, determining deductions, journalizing payroll
transactions. LO 10-2, 10-3, 10-4, 10-5, 10-7
Robin Market works for Cycle Industries. Her pay rate is $14.50 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, Robin worked 42
hours. She is married and claims three withholding allowances on her W-4 form. Robin's cumulative earnings prior to this pay period
total $32,000. 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, $180
5. Charitable contribution, $25
ces
Required:
1. Compute Robin's regular, overtime, gross, ahd net pay.
2. Assuming the weekly payroll has been recorded, journalize the payment of her wages for the week ended December 31.
Analyze:
Based on Robin's cumulative earnings through December 31, how much overtime pay did she earn this year?
Complete this question by entering your answers in the tabs below.
Req 1
Req 2
Analyze
Compute Robin's reaular, overtime, aross, and net pav. (Round vour intermediate calculations and final answers to 2 decimal
er
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Transcribed Image Text:Problem 10.1A (Static) Computing gross earnings, determining deductions, journalizing payroll
transactions. LO 10-2, 10-3, 10-4, 10-5, 10-7
Robin Market works for Cycle Industries. Her pay rate is $14.50 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, Robin worked 42
hours. She is married and claims three withholding allowances on her W-4 form. Robin's cumulative earnings prior to this pay period
total $32,000. 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, $180
5. Charitable contribution, $25
ces
Required:
1. Compute Robin's regular, overtime, gross, ahd net pay.
2. Assuming the weekly payroll has been recorded, journalize the payment of her wages for the week ended December 31.
Analyze:
Based on Robin's cumulative earnings through December 31, how much overtime pay did she earn this year?
Complete this question by entering your answers in the tabs below.
Req 1
Req 2
Analyze
Compute Robin's reaular, overtime, aross, and net pav. (Round vour intermediate calculations and final answers to 2 decimal
er
Mc
Graw
Hill
1..
< Prev
2 of 2
Next
6.609
APR 6
23
W
MacBook Pro
G Search or type URL
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