How do I do this? InstructionsElyse 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 wagesare 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, S5Required: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.

[1] FICA Taxes in regard to social security and Medicare Tax shall be deducted from the employee salaries and equal contribution is kept by the employer which is over and above the gross salaries paid to the employees. The Gross Wages for the week, total withholdings and net salaries for the employees has been computed as under : COMPUTATION OF GROSS PAY AND NET PAY Particulars Amount Regular Wages (40 Hours x $14.50 per Hour) 580.00 Overtime Wages (6 Hours x $21.75 per Hour) 130.50 Gross Salary 710.50 Less : Withholdings Federal Income Tax (33.00) FICA Social Security Tax (710.50 x 6.20%) (44.05) FICA Medicare Tax (710.50 x 1.45%) (10.30) Health Insurance Payable (92.00) United Way Contribution (5.00) Union Dues Payable (110.00) NET SALARIES PAID IN CASH 416.15 [2] Journal Entry is as Under : JOURNAL ENTRY Date / S. No. Account Title & Explanation Debit (in $) Credit (in $) (a) Salaries Expense A/C 710.50 To Federal Income Tax Payable A/C 33.00 To FICA Social Security Tax Payable A/C 44.05 To FICA Medicare tax Payable A/C 10.30 To Employee Health Insurance Payable A/C 92.00 To United Way Contribution Payable A/C 5.00 To Union Dues Payable A/C 110.00 To Cash A/C 416.15 (To Record Salaries Payable after Deducting the Taxes)