Required: 1. Compute Lin's regular pay, overtime pay, gross pay, and net pay. 2. Journalize the payment of her wages for the week ended January 31, crediting Cash for the net amount.
Required: 1. Compute Lin's regular pay, overtime pay, gross pay, and net pay. 2. Journalize the payment of her wages for the week ended January 31, crediting Cash for the net amount.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Elyse Lin works for Columbia Industries. Her rate of pay is $14.50 per hour, and she is paid 14 times the regular rate for all hours worked in excess of 40 per week.
During the last week of January of the current year, she worked 46 hours. Lin is married and claims two withholding allowances on her W-4 form. Her weekly wages
are subject to the following deductions:
(a) Employee federal income tax
(b) Social Security tax at 6.2%
c) Medicare tax at 1.45%
(d) Health insurance premium, $92
(e) Credit union, $110
(f) United Way contribution, S5
Required:
1. Compute Lin's regular pay, overtime pay, gross pay, and net pay.
2. Journalize the payment of her wages for the week ended January 31, crediting Cash for the net amount."
Transcribed Image Text:Instructions
Elyse Lin works for Columbia Industries. Her rate of pay is $14.50 per hour, and she is paid 14 times the regular rate for all hours worked in excess of 40 per week.
During the last week of January of the current year, she worked 46 hours. Lin is married and claims two withholding allowances on her W-4 form. Her weekly wages
are subject to the following deductions:
(a) Employee federal income tax
(b) Social Security tax at 6.2%
c) Medicare tax at 1.45%
(d) Health insurance premium, $92
(e) Credit union, $110
(f) United Way contribution, S5
Required:
1. Compute Lin's regular pay, overtime pay, gross pay, and net pay.
2. Journalize the payment of her wages for the week ended January 31, crediting Cash for the net amount.
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