Calculate the net amount of S’s February pay-check and show the recording of payment in the accounting equation .

Question

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Answer 1

Question

Chapter 7, Problem 1YT

To determine

Calculate the net amount of S’s February pay-check and show the recording of payment in the accounting equation.

Expert Solution & Answer

Explanation of Solution

Net pay: The net earnings or take-home salary of an employee during a certain period is called net pay. It is the amount of statutory deductions like income tax, social security taxes, and other voluntary deductions.

Calculate the net amount of S’s February pay-check.

Net pay = Gross pay−Federal income tax–FICA tax−Medicare tax= $1,500−($1,500×20%)−($1,500×6.2%)−($1,500×1.45%)=$1,500−$300−$93−$21.75=$1,085.25

Hence, the net amount of S’s February pay-check is $1,085.25.

The payment should record in the accounting equation as below:

Financial Accounting, Chapter 7, Problem 1YT

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Answer 2

Question

Chapter 7, Problem 1YT

To determine

Calculate the net amount of S’s February pay-check and show the recording of payment in the accounting equation.

Expert Solution & Answer

Explanation of Solution

Net pay: The net earnings or take-home salary of an employee during a certain period is called net pay. It is the amount of statutory deductions like income tax, social security taxes, and other voluntary deductions.

Calculate the net amount of S’s February pay-check.

Net pay = Gross pay−Federal income tax–FICA tax−Medicare tax= $1,500−($1,500×20%)−($1,500×6.2%)−($1,500×1.45%)=$1,500−$300−$93−$21.75=$1,085.25

Hence, the net amount of S’s February pay-check is $1,085.25.

The payment should record in the accounting equation as below:

Financial Accounting, Chapter 7, Problem 1YT

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Answer 3

Question

Chapter 7, Problem 1YT

To determine

Calculate the net amount of S’s February pay-check and show the recording of payment in the accounting equation.

Expert Solution & Answer

Explanation of Solution

Net pay: The net earnings or take-home salary of an employee during a certain period is called net pay. It is the amount of statutory deductions like income tax, social security taxes, and other voluntary deductions.

Calculate the net amount of S’s February pay-check.

Net pay = Gross pay−Federal income tax–FICA tax−Medicare tax= $1,500−($1,500×20%)−($1,500×6.2%)−($1,500×1.45%)=$1,500−$300−$93−$21.75=$1,085.25

Hence, the net amount of S’s February pay-check is $1,085.25.

The payment should record in the accounting equation as below:

Financial Accounting, Chapter 7, Problem 1YT

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Answer 4

Question

Chapter 7, Problem 1YT

To determine

Calculate the net amount of S’s February pay-check and show the recording of payment in the accounting equation.

Expert Solution & Answer

Explanation of Solution

Net pay: The net earnings or take-home salary of an employee during a certain period is called net pay. It is the amount of statutory deductions like income tax, social security taxes, and other voluntary deductions.

Calculate the net amount of S’s February pay-check.

Net pay = Gross pay−Federal income tax–FICA tax−Medicare tax= $1,500−($1,500×20%)−($1,500×6.2%)−($1,500×1.45%)=$1,500−$300−$93−$21.75=$1,085.25

Hence, the net amount of S’s February pay-check is $1,085.25.

The payment should record in the accounting equation as below:

Financial Accounting, Chapter 7, Problem 1YT

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 7, Problem 1YT

To determine

Calculate the net amount of S’s February pay-check and show the recording of payment in the accounting equation.

Expert Solution & Answer

Explanation of Solution

Net pay: The net earnings or take-home salary of an employee during a certain period is called net pay. It is the amount of statutory deductions like income tax, social security taxes, and other voluntary deductions.

Calculate the net amount of S’s February pay-check.

Net pay = Gross pay−Federal income tax–FICA tax−Medicare tax= $1,500−($1,500×20%)−($1,500×6.2%)−($1,500×1.45%)=$1,500−$300−$93−$21.75=$1,085.25

Hence, the net amount of S’s February pay-check is $1,085.25.

The payment should record in the accounting equation as below:

Financial Accounting, Chapter 7, Problem 1YT

Answer 6

Chapter 7, Problem 1YT

To determine

Calculate the net amount of S’s February pay-check and show the recording of payment in the accounting equation.

Expert Solution & Answer

Explanation of Solution

Net pay: The net earnings or take-home salary of an employee during a certain period is called net pay. It is the amount of statutory deductions like income tax, social security taxes, and other voluntary deductions.

Calculate the net amount of S’s February pay-check.

Net pay = Gross pay−Federal income tax–FICA tax−Medicare tax= $1,500−($1,500×20%)−($1,500×6.2%)−($1,500×1.45%)=$1,500−$300−$93−$21.75=$1,085.25

Hence, the net amount of S’s February pay-check is $1,085.25.

The payment should record in the accounting equation as below:

Financial Accounting, Chapter 7, Problem 1YT

Answer 7

Chapter 7, Problem 1YT

To determine

Calculate the net amount of S’s February pay-check and show the recording of payment in the accounting equation.

Answer 8

Expert Solution & Answer

Explanation of Solution

Net pay: The net earnings or take-home salary of an employee during a certain period is called net pay. It is the amount of statutory deductions like income tax, social security taxes, and other voluntary deductions.

Calculate the net amount of S’s February pay-check.

Net pay = Gross pay−Federal income tax–FICA tax−Medicare tax= $1,500−($1,500×20%)−($1,500×6.2%)−($1,500×1.45%)=$1,500−$300−$93−$21.75=$1,085.25