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Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hours per week. Lupino's rate of pay is $12.00 per hour paid weekly. Federal income tax withheld was $54.00. His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%. He worked 8 hours of overtime last week (week ended July 16). Required: 1. Compute the following: If required, round your answers to the nearest cent. a. Regular pay for the week b. Overtime pay for the week c. Total gross wages d. Federal Income Tax e. Social Security withheld f. Medicare tax withheld g. Total withholding h. Net pay 2. Journalize the payroll entry. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Page: 1 1 Jul. 16 2 3 DATE 4 DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4

Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hours per week. Lupino's rate of pay is $12.00 per hour paid weekly. Federal income tax withheld was $54.00. His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%. He worked 8 hours of overtime last week (week ended July 16). Required: 1. Compute the following: If required, round your answers to the nearest cent. a. Regular pay for the week b. Overtime pay for the week c. Total gross wages d. Federal Income Tax e. Social Security withheld f. Medicare tax withheld g. Total withholding h. Net pay 2. Journalize the payroll entry. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Page: 1 1 Jul. 16 2 3 DATE 4 DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4

FINANCIAL ACCOUNTING
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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Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hours per week. Lupino's rate of pay is $12.00 per hour paid weekly. Federal income tax withheld was $54.00. His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%. He worked 8 hours of overtime last week (week ended July 16). Required: 1. Compute the following: If required, round your answers to the nearest cent. a. Regular pay for the week b. Overtime pay for the week c. Total gross wages d. Federal Income Tax e. Social Security withheld f. Medicare tax withheld g. Total withholding h. Net pay 1 Jul. 16 UAWN F 2. Journalize the payroll entry. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Page: 1 2 DATE 5 DESCRIPTION $ POST. REF. $ $ $ $ $ $ DEBIT CREDIT 1 2 3 4 5
Transcribed Image Text:Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hours per week. Lupino's rate of pay is $12.00 per hour paid weekly. Federal income tax withheld was $54.00. His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%. He worked 8 hours of overtime last week (week ended July 16). Required: 1. Compute the following: If required, round your answers to the nearest cent. a. Regular pay for the week b. Overtime pay for the week c. Total gross wages d. Federal Income Tax e. Social Security withheld f. Medicare tax withheld g. Total withholding h. Net pay 1 Jul. 16 UAWN F 2. Journalize the payroll entry. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Page: 1 2 DATE 5 DESCRIPTION $ POST. REF. $ $ $ $ $ $ DEBIT CREDIT 1 2 3 4 5
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