Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Question
Chapter 11, Problem 7RQ
To determine
Gross pay and net pay:
Gross pay is the total expense of the employer and it includes the total of any compensation due to the employee in the form of salary, wages, commissions or bonus without any deduction of taxes, insurance or union dues.
When payroll taxes and other dues of employee like insurance, union dues are deducted from the gross pay, it becomes net pay which is the amount actually received by the employee. Net pay is also called the take home pay.
To Determine:
The difference between gross pay and net pay
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