ross Pay, Deductions, and Net Pay Donald Chin works for Northwest Supplies. His rate of pay is $9 per hour, and he is paid 1½ times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the current year, he worked 48 hours. Chin is married and claims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: Employee federal income tax (Tax Tables: Refer to Figure 8-4 in the text.) Social Security tax at 6.2% Medicare tax at 1.45% Health insurance premium, $85 Credit union, $130 United Way contribution, $10 Required: 1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your answers to the nearest cent. 2. Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Gross Pay, Deductions and Net Pay 1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your answers to the nearest cent.
ross Pay, Deductions, and Net Pay Donald Chin works for Northwest Supplies. His rate of pay is $9 per hour, and he is paid 1½ times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the current year, he worked 48 hours. Chin is married and claims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: Employee federal income tax (Tax Tables: Refer to Figure 8-4 in the text.) Social Security tax at 6.2% Medicare tax at 1.45% Health insurance premium, $85 Credit union, $130 United Way contribution, $10 Required: 1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your answers to the nearest cent. 2. Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Gross Pay, Deductions and Net Pay 1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your answers to the nearest cent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Gross Pay, Deductions, and Net Pay
Donald Chin works for Northwest Supplies. His rate of pay is $9 per hour, and he is paid 1½ times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the current year, he worked 48 hours. Chin is married and claims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions:
- Employee federal income tax (Tax Tables: Refer to Figure 8-4 in the text.)
- Social Security tax at 6.2%
- Medicare tax at 1.45%
- Health insurance premium, $85
- Credit union, $130
- United Way contribution, $10
Required:
1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your answers to the nearest cent.
2. Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.
Gross Pay, Deductions and Net Pay
1. Compute Chin's regular pay, overtime pay, gross pay, and net pay. If required, round your answers to the nearest cent.
| Regular pay | $fill in the blank 5de5a602afc6fd8_1 |
| Overtime pay | $fill in the blank 5de5a602afc6fd8_2 |
| Gross pay | $fill in the blank 5de5a602afc6fd8_3 |
| Net pay | $fill in the blank 5de5a602afc6fd8_4 |
General Journal
2. Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.
| DATE | ACCOUNT TITLE | DOC. NO. |
POST. REF. |
DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|---|
| 1 | 20-- Jan. 31 | fill in the blank 858582ffe037f88_2 | fill in the blank 858582ffe037f88_3 | 1 | |||
| 2 | fill in the blank 858582ffe037f88_5 | fill in the blank 858582ffe037f88_6 | 2 | ||||
| 3 | fill in the blank 858582ffe037f88_8 | fill in the blank 858582ffe037f88_9 | 3 | ||||
| 4 | fill in the blank 858582ffe037f88_11 | fill in the blank 858582ffe037f88_12 | 4 | ||||
| 5 | fill in the blank 858582ffe037f88_14 | fill in the blank 858582ffe037f88_15 | 5 | ||||
| 6 | fill in the blank 858582ffe037f88_17 | fill in the blank 858582ffe037f88_18 | 6 | ||||
| 7 | fill in the blank 858582ffe037f88_20 | fill in the blank 858582ffe037f88_21 | 7 | ||||
| 8 | fill in the blank 858582ffe037f88_23 | fill in the blank 858582ffe037f88_24 | 8 | ||||
| 9 | Payroll for week ended January 31 | 9 |
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