Required: 1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your answers to the nearest cent. 560 Regular pay Overtime pay 168 V Gross pay 728 Net pay Feedback Check My Work Gross pay is the sum of regular and overtime pay. Make sure you properly apply the overtime rate to the appl hourly rate. Net pay results after subtracting all applicable deductions. Some deductions are subject to a perce 2. Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount.

Required: 1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your answers to the nearest cent. 560 Regular pay Overtime pay 168 V Gross pay 728 Net pay Feedback Check My Work Gross pay is the sum of regular and overtime pay. Make sure you properly apply the overtime rate to the appl hourly rate. Net pay results after subtracting all applicable deductions. Some deductions are subject to a perce 2. Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount.

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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N1. Account Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.)
Subject- account
Choose the best definition of gross pay A. The number of hours over 40 that are worked in a week. B. A fixed amount of wages paid, usually on a yearly basis, regardless of how many hours are worked. C. The amount of money earned for a specific amount of time before any deductions are made.
on 4 An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer's payroll taxes and otl expenses? Debit Crédit $535.50 $420.00 FICA Expenses Federal Unemployment Expense State Unemployment $378.00 Expense FICA Payable Federal Unemployment Expense State Unemployment Expense $535.50 $420.00 $378.00 Debit Credit FICA Expenses Federal Unemployment $535.50 $420.00 Expense State Unemployment Expense $378.00 Cash $1,333.50 Debit Credit FICA Payable Federal Unemployment $535.50 $420.00 Expense State Unemployment Payable FICA Expenses Federal Unemployment Expense State Unemployment Expense $378.00 $535.50 $420.00 $378.00 MacBook Air
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Now you try looking at a pay stub: XYZ Ine. XYZ Inc. 111 Centre Street, Toronto, ON X1X 1X1 Earnings Statement Period ending: 27/06/15 Pay date: 02/07/15 Social Insurance Number: 012 345 678 Other Benefits and Earnings Regular Stahol Information this perlod Y.T.D. 238.89 rate hours 38.76 this perlod 436.05 90.00 12.80 $538.85 Y.T.O. 795.40 90.00 31.82 11.25 Vacent 11.25 Vacpay Gross Pay 917.22 Deductions Statutory Federal Tax 80.83 119.31 14.96 39.38 EI 10.14 CPP 26.68 421.20 Net Pay TASK: Using the pay statement example, provide the missing information below: Pay period for this pay Total deductions this pay Employee ID information on this Amount that went into the stub employee's bank account this pay Is vacation being paid out or is it Amount paid this year towards the federal pension given as time off instead? What does STAHOL mean What is their hourly rate How many hours did they actually work this pay period, on the job? Statutory deductions this pay were: 2) 3) Calculate the…
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Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827Weekly rate ($1,827 × 12)/52 = $421.615 rounded to $421.62Hourly rate $421.62/40 = $10.540 rounded to $10.54O.T. rate $10.54 × 1.5 = $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Example 2-10 John Dilcher's is paid an hourly rate of $18.50 per hour, and he worked 49 hours this week. His pay would be calculated as follows: 49 hours × $18.50 = $906.50 9 hours ×…
PRACTICAL EXERCISE 1.4 A Payroll consists of Basic Pay, Allowances, Gross Salary, Deduction ang Net Salary. The Allowances are 23% of the Basic Pay while the Deduction are 12% of the Gross Salary. In the given worksheet, indicate in each cell what will be inserted, that is a value or a formula. In the case of a formula, write down the formula in the cell. A E F Stationery Supplies Ltd Deductions Net Salary 3. Name Basic Allowances Gross Рay Salary 4 Lewis Francis Edwin 13 Totals 4
Calculate Sam’s gross pay (he is entitled to time-and-a-half for overtime hours worked. Monday 9 1/4 Tuesday 9 1/4 Wednesday 10 1/2 Thursday 8 1/2 Friday 11 1/2 Total Hours: Rate per Hour: $8 Gross pay:
Subject - account Please help me. Thankyou.
To determine how much to deduct from the gross pay of Jason Parker, an employee of Jensen Ltd., one would look at the earnings record. O Form TD1. O payroll register. O Form T4.