Principles of Financial Accounting.
22nd Edition
ISBN: 9780077632892
Author: John J. Wild
Publisher: McGraw Hill
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Chapter 11, Problem 16E
To determine
Compute the regular pay, overtime pay, gross pay and net pay of Employee LF.
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Paycheck Calculation
Vasquez. an unmarried employee. works 43 hours in the week ended January 15.
Her pay rate is $18 per hour
Her wages are subject to no deductions other than FICA-Social Security, FICA-
Medicare, and federal income taxes.
She claims two withholding allowances.
●
Required:
o Compute her regular pay
o
Overtime pay (overtime premium is 50% of the regular rate for hours in excess of
40 per week)
o Gross pay
o
His FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for
the Medicare portion)
o Income tax deduction (use the wage bracket withholding table of Exhibit 9A.6)
o Total deductions, and
o Net pay. (Round tax amounts to the nearest cent.)
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…
Hansaben
Chapter 11 Solutions
Principles of Financial Accounting.
Ch. 11 - On December 1, a company signed a 6,000, 90-day,...Ch. 11 - Prob. 2MCQCh. 11 - Prob. 3MCQCh. 11 - Prob. 4MCQCh. 11 - Prob. 5MCQCh. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - What are the three important questions concerning...Ch. 11 - Prob. 4DQCh. 11 - Prob. 5DQ
Ch. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQCh. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - What amount of income tax is withheld from the...Ch. 11 - Prob. 14DQCh. 11 - Prob. 15DQCh. 11 - Prob. 16DQCh. 11 - Refer to Samsungs recent balance sheet in Appendix...Ch. 11 - Prob. 1QSCh. 11 - Prob. 2QSCh. 11 - Prob. 3QSCh. 11 - Prob. 4QSCh. 11 - Prob. 5QSCh. 11 - Prob. 6QSCh. 11 - Prob. 7QSCh. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QSCh. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - Prob. 13QSCh. 11 - Prob. 14QSCh. 11 - Prob. 1ECh. 11 - Prob. 2ECh. 11 - Prob. 3ECh. 11 - Prob. 4ECh. 11 - Prob. 5ECh. 11 - Prob. 6ECh. 11 - Prob. 7ECh. 11 - Prob. 8ECh. 11 - Prob. 9ECh. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Prob. 15ECh. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 1APCh. 11 - Prob. 2APCh. 11 - Prob. 3APCh. 11 - Prob. 4APCh. 11 - Prob. 5APCh. 11 - Prob. 6APCh. 11 - Prob. 1BPCh. 11 - Prob. 2BPCh. 11 - Prob. 3BPCh. 11 - Prob. 4BPCh. 11 - Prob. 5BPCh. 11 - Prob. 6BPCh. 11 - Prob. 11SPCh. 11 - Prob. 1BTNCh. 11 - COMPARATIVE ANALYSIS
BTN 9-2 Key figures for Apple...Ch. 11 - Beyond the Numbers Cameron Bly is a sales manager...Ch. 11 - Prob. 4BTNCh. 11 - Prob. 5BTNCh. 11 - Prob. 7BTNCh. 11 - Prob. 9BTN
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- Lenny Florita, an unmarried employee, works 50 hours in the week ended January 12. His pay rate is $11 per hour, and his wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (for this company, workers earn 150% of their regular rate for hours in excess of 40 per week), and gross pay. Then compute his FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from 2nd image .), total deductions, and net pay. (Round your intermediate calculations and final answers to 2 decimal places.)arrow_forwardUrmilabenarrow_forwardHardevarrow_forward
- Computing Net Pay Tom Hallinan works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $11.50 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a ½-hour lunch break during an 8½-hour day. His time card is shown. Name Tom Hallinan Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:55 12:02 12:32 5:33 8 1 T 7:59 12:04 12:34 5:35 8 1 W 7:59 12:05 12:35 4:30 8 T 8:00 12:01 12:30 5:01 8 ½ F 7:58 12:02 12:31 5:33 8 1 S 7:59 9:33 1½ Complete the following for the week: a. fill in the blank 1 regular hours × $11.50 per hour $fill in the blank 2 b. fill in the blank 3 overtime hours × $17.25 per hour $fill in the blank 4 c. Total gross wages $fill in the blank 5 d. Federal income tax…arrow_forwardBEI-1 Beth Corbin's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Beth works 45 hours. Beth's federal income tax withholding is $95, she has no voluntary deductions, and the FICA tax rate is 7.65%. Compute Beth Corbin's gross earnings and net pay for the pay period.arrow_forwardcharrow_forward
- Computing Net Pay Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $13.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown. Name Mary Sue Guild Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:57 12:05 12:35 4:33 8 T 7:52 12:09 12:39 5:05 8 ½ W 7:59 12:15 12:45 5:30 8 1 T 8:00 12:01 12:30 6:31 8 2 F 7:56 12:05 12:34 4:30 8 S 8:00 10:31 2½ Complete the following for the week: a. fill in the blank 1 regular hours × $13.00 per hour $fill in the blank 2 b. fill in the blank 3 overtime hours × $19.50 per hour $fill in the blank 4 c. Total gross wages $fill in the blank 5 d. Federal income tax…arrow_forwardLaura Corbin’s regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Laura works 45 hours. Laura’s federal income tax withholding is $98, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date.1. Prepare the journal entries to record (a) Laura’s pay for the period and (b) the payment of Laura’s wages. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)arrow_forwardVaughn Corbin's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Vaughn works 45 hours. Vaughn's federal income tax withholding is $96, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Vaughn's pay for the period and (b) the payment of Vaughn's wages. Use January 15 for the end of the pay period and the payment date. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit Jan. (a) 15 Jan. (b) 15arrow_forward
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