Kmu Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate forhours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and theMedicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $260 and $228, respectively, forthe first week of January. The following information is for the first week in January Year 1.EmployeeKellyJonReq A and Ba.Requireda. Calculate the gross pay for each employee for the week.b. Calculate the net pay for each employee for the week.c. Prepare the general journal entry to record payment of the wages.b.Hours Worked5449Wage Rate perHourComplete this question by entering your answers in the tabs below.Gross payNet pay$ 19$ 24Req CCalculate the gross pay for each employee for the week.Calculate the net pay for each employee for the week.(Round intermediate calculations and your final answers to 2 decimal places.)Kelly<JonReq A and BReq C >11

Gross pay refers to the total amount of money an employee earns before any deductions, such as…

Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $260 and $228, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Kelly Jon Hours Worked 54 49 Wage Rate per Hour $ 19 $ 24 Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages.

Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $260 and $228, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Kelly Jon Hours Worked 54 49 Wage Rate per Hour $ 19 $ 24 Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 2E

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Zolnick Enterprises has two hourly employees—Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $228, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Hours Worked Wage Rate per Hour Kelly 54 $ 20 Jon 49 $ 25 Requireda. Calculate the gross pay for each employee for the week.b. Calculate the net pay for each employee for the week.c. Prepare the general journal entry to record payment of the wages.
Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $245 and $228, respectively, for the first week of January. The following information is for the first week in January Year 1. Wage Rate per Hour Employee Kelly Hours Worked $ 22 $ 27 50 Jon 45 Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Complete this question by entering your answers in the tabs below. Reg A and B Req C Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate calculations and your final answers…
Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $233, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Kelly Jon Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Req A and B a. b. Hours Worked 54 49 Complete this question by entering your answers in the tabs below. Wage Rate per Hour $ 22 $ 27 Gross pay Net pay Req C Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate…
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Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $260 and $228, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Kelly Jon Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Req A and B a. b. Hours Worked 54 49 Complete this question by entering your answers in the tabs below. Wage Rate per Hour $ 19 $ 24 Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate calculations and your final answers…
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