**Transcription of Payroll Calculation Example:****Context:**Samantha Lindsay works at College of Austin and is paid $15 per hour for a 40-hour workweek and time-and-a-half for hours above 40.---**Requirement 1:**Compute Lindsay’s gross pay for working 52 hours during the first week of February.- **Straight-time pay for 40 hours:** $600.00- **Overtime pay for 12 hours:** $270.00- **Gross Pay:** $870.00**Requirement 2:**Lindsay is single, and her income tax withholding is 15% of total pay. Lindsay’s only payroll deductions are payroll taxes.Compute Lindsay's net (take-home) pay for the week. Assume Lindsay's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent.)- **Gross pay:**- **Withholding deductions:** - Employee income tax - Employee OASDI tax - Employee Medicare tax- **Total withholdings:****Net (take-home) pay:***Note: Some fields are left blank and may require calculation based on tax rates and other deductions not specified in the image.*---This example illustrates how to calculate gross and net pay, including deductions for typical payroll taxes. **More Info**For all payroll calculations, use the following tax rates and round amounts to the nearest cent:- **Employee:** - OASDI: 6.2% on first $132,900 earned - Medicare: 1.45% up to $200,000; 2.35% on earnings above $200,000- **Employer:** - OASDI: 6.2% on first $132,900 earned - Medicare: 1.45% - FUTA: 0.6% on first $7,000 earned - SUTA: 5.4% on first $7,000 earned**Requirements**1. Compute Lindsay's gross pay for working 52 hours during the first week of February.2. Lindsay is single, and her income tax withholding is 15% of total pay. Lindsay's only payroll deductions are payroll taxes. Compute Lindsay's net (take-home) pay for the week. Assume Lindsay's earnings to date are less than the OASDI limit.3. Journalize the accrual of wages expense and the payments related to the employment of Samantha Lindsay.

The entire amount of money that an organization has to offer its workers for a certain length of…

Samantha Lindsay works at College of Austin and is paid $15 per hour for a 40-hour workweek and time-and-a-half for hours above 40. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Lindsay's gross pay for working 52 hours during the first week of February. Straight-time pay for 40 hours $ 600.00 270.00 Overtime pay for 12 hours $ 870.00 Gross Pay Requirement 2. Lindsay is single, and her income tax withholding is 15% of total pay. Lindsay's only payroll deductions are payroll taxes. Compute Lindsay's net (take-home) pay for the week. Assume Lindsay's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent) W Gross pay Withholding deductions: Employee income tax Employee OASDI tax Employee Medicare tax Total withholdings Net (take-home) pay

Samantha Lindsay works at College of Austin and is paid $15 per hour for a 40-hour workweek and time-and-a-half for hours above 40. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Lindsay's gross pay for working 52 hours during the first week of February. Straight-time pay for 40 hours $ 600.00 270.00 Overtime pay for 12 hours $ 870.00 Gross Pay Requirement 2. Lindsay is single, and her income tax withholding is 15% of total pay. Lindsay's only payroll deductions are payroll taxes. Compute Lindsay's net (take-home) pay for the week. Assume Lindsay's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent) W Gross pay Withholding deductions: Employee income tax Employee OASDI tax Employee Medicare tax Total withholdings Net (take-home) pay

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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