College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 8, Problem 8SPA
1.
To determine
Compute Person C’s regular pay, overtime pay, gross pay, and net pay
2.
To determine
Prepare
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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…
How do I do this?
Ian McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40
per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are
subject to the following deductions:
a, Employee (Federal) income tax (use withholding table provided in text).
b. Social Security tax at 6.2%.
G. Medicare tax at 1.45%.
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d. Health insurance premium, $60.
Credit union deposit, $140.
1. United Way contribution, $15.
Required:
1. Compute McCarthy's regular, overtime, gross, and net pay
2 Journalize the payment of his wages for the week ended March 26, crediting Cash
for the net amount.
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Chapter 8 Solutions
College Accounting, Chapters 1-27
Ch. 8 - Prob. 1TFCh. 8 - Prob. 2TFCh. 8 - Prob. 3TFCh. 8 - Prob. 4TFCh. 8 - A payroll register is a multi-column form used to...Ch. 8 - Prob. 1MCCh. 8 - Prob. 2MCCh. 8 - Prob. 3MCCh. 8 - Prob. 4MCCh. 8 - Social Security Tax Payable and Medicare Tax...
Ch. 8 - Prob. 1CECh. 8 - Prob. 2CECh. 8 - Prob. 1RQCh. 8 - Prob. 2RQCh. 8 - Identify the four factors that determine the...Ch. 8 - Prob. 4RQCh. 8 - Prob. 5RQCh. 8 - Prob. 6RQCh. 8 - Prob. 7RQCh. 8 - Prob. 8RQCh. 8 - Prob. 9RQCh. 8 - Prob. 10RQCh. 8 - Prob. 1SEACh. 8 - COMPUTING OVERTI ME RATE OF PAY AND GROSS WEEKLY...Ch. 8 - Prob. 3SEACh. 8 - CALCUL ATING SOCIAL SECURITY AND MEDICARE TAXES...Ch. 8 - Prob. 5SEACh. 8 - JOURNALIZING PAYROLL TRANSACTIONS On December 31,...Ch. 8 - PAYROLL JOURNAL ENTRY Journalize the following...Ch. 8 - Prob. 8SPACh. 8 - PAYROLL REGISTER AND PAYROLL JOURNAL ENTRY Mary...Ch. 8 - EMPLOYEE EARNINGS RECORD Marys Luxury Travel in...Ch. 8 - COMPUTING WEEKLY GROSS PAY Manuel Sotos regular...Ch. 8 - Prob. 2SEBCh. 8 - Prob. 3SEBCh. 8 - CALCULATING SOCIAL SECURITY AND MEDICARE TAXES...Ch. 8 - Prob. 5SEBCh. 8 - JOURNALIZING PAYROLL TRANSACTIONS On November 30,...Ch. 8 - PAYROLL JOURN AL ENTRY Journalize the following...Ch. 8 - Prob. 8SPBCh. 8 - Prob. 9SPBCh. 8 - Prob. 10SPBCh. 8 - Prob. 1MYWCh. 8 - Prob. 1ECCh. 8 - Prob. 1MPCh. 8 - Prob. 1CP
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- During the year, employee Sean Matthews earned wages in the amount of 250,000. Discuss how the employees HI tax will differ from the employers HI tax for this employee.arrow_forwardlan McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid the regular rate for all hours worked for 40 hours per week. His Federal 11% of his salary . lan is single and claims 1 withholding allowances on his W-2 form. His weekly wages are subject to the following deductions.arrow_forwardDonald 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 CREDITarrow_forward
- Peter Greeda's regular hourly wage rate is $13, and he receives 1.5 times his normal rate for hours worked in excess of 40. During a March pay period, Peter worked 47 hours. Peter's federal income tax withholding is $80, and he has no voluntary deductions. Compute Peter's net pay for the pay period. Round your answer to 2 decimal places.arrow_forwardPeter Greeda's regular hourly wage rate is $13, and he receives 1.5 times his normal rate for hours worked in excess of 40. During a March pay period, Peter worked 47 hours. Peter's federal income tax withholding is $80, and he has no voluntary deductions. Compute Peter's gross earnings for the pay period. Round your answer to 2 decimal places.arrow_forwardLenny 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.arrow_forward
- Lenny Florita, an unmarried employee, works 46 hours in the week ended January 12. His pay rate is $13 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims three withholding allowances. Compute his regular pay, overtime pay (Lenny earns $19.50 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 9A.6), total deductions, and net pay.arrow_forwardPatricia Strand’s regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of 40 hours. During a January pay period, Patricia works 48 hours. Patricia’s federal income tax withholding is $95.00, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%.Prepare the employer’s journal entries to record (a) Patricia’s pay for the period and (b) the payment of Patricia’s wages. Use January 15 for the end of the pay period and the payment date. (Round 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 (a) Jan. 15 enter an account title to record Betsy's pay for the period on January 15 enter a debit amount enter a credit amount enter an account title to record Betsy's pay for the period on January 15 enter a debit amount enter a credit amount enter an…arrow_forwardBeth 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, Beth works 50 hours. Beth’s federal income tax withholding is $94, 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. (Round answers to 2 decimal places, e.g. 15.25.) Gross earnings $ Net pay $arrow_forward
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