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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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