College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 7, Problem 5PA
To determine
Calculate the regular pay, overtime pay, gross pay and net pay of Person J.
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Donald Chin works for Northwest Supplies. His rate of pay is $12.00 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, $80
Credit union, $135
United Way contribution, $10
Required:
1. Compute Chin's regular pay, overtime pay, gross pay, and net pay.
If required, round your intermediate and final answers to the nearest cent.
Regular pay
$
Overtime pay
$
Gross pay
$
Net pay
$
Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount.
Page: 1
DATE
ACCOUNT TITLE
DOC. NO.
POST. REF.
DEBIT
CREDIT
Lenny Florita, an unmarried employee, works 48 hours in the week ended January 12. His pay rate is $14 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (Lenny earns $21 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table from Exhibit 11A.6), total deductions, and net pay. Round tax amounts to the nearest cent.
Betty Strand's regular hourly wage rate is $18, and she receives an hourly rate of $27 for work in excess of 40 hours.
During a January pay period, Betty works 47 hours. Betty's federal income tax withholding is $98, and she has no
voluntary deductions.
Compute Betty Strand's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round
answers to 2 decimal places, e.g. 15.25.)
Betty's gross earnings
Betty's net pay
$
$
Chapter 7 Solutions
College Accounting (Book Only): A Career Approach
Ch. 7 - Prob. 1QYCh. 7 - Which of the following taxes are not withheld from...Ch. 7 - Calculate an employees total earnings if the...Ch. 7 - Prob. 4QYCh. 7 - Prob. 5QYCh. 7 - Prob. 6QYCh. 7 - When is the payroll register updated? a. Annually...Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQ
Ch. 7 - Explain the difference between gross earnings and...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Determine the gross pay for each employee listed...Ch. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - For tax purposes, assume that the maximum taxable...Ch. 7 - On January 21, the column totals of the payroll...Ch. 7 - Prob. 7ECh. 7 - Assume that the employees in Exercise 77 are paid...Ch. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - Prob. 3PBCh. 7 - Prob. 4PBCh. 7 - Prob. 5PBCh. 7 - Attracting and retaining the best employees is...Ch. 7 - Southern Company pays its employees weekly by...Ch. 7 - Prob. 3A
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