h apters 7-9 iEmployeeKellyJonZolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times thehourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270and $233, respectively, for the first week of January. The following information is for the first week in January Year 1.Req A and Ba.b.Hours Worked5449Requireda. Calculate the gross pay for each employee for the week.b. Calculate the net pay for each employee for the week.c. Prepare the general journal entry to record payment of the wages.Gross payNet payWage Rate perHourComplete this question by entering your answers in the tabs below.Req C$22$ 27Calculate the gross pay for each employee for the week.Calculate the net pay for each employee for the week.(Round intermediate calculations and your final answers to 2 decimal places.)KellySavedJon<Req A and BHelpReq C >Save & Exit Submit

Gross pay is the sum of regular pay and overtime pay. Overtime pay is calculated by multiplying the…

Answered: Hours Worked 54 49 st week of January.…

Business

Accounting

Hours Worked 54 49 st week of January. The following informa Wage Rate per Hour $ 22 $ 27

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 3PA

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

apters 7-9 i
Employee
Kelly
Jon
Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the
hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000
of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270
and $233, respectively, for the first week of January. The following information is for the first week in January Year 1.
Req A and B
a.
b.
Hours Worked
54
49
Required
a. Calculate the gross pay for each employee for the week.
b. Calculate the net pay for each employee for the week.
c. Prepare the general journal entry to record payment of the wages.
Gross pay
Net pay
Wage Rate per
Hour
Complete this question by entering your answers in the tabs below.
Req C
$22
$ 27
Calculate the gross pay for each employee for the week.
Calculate the net pay for each employee for the week.
(Round intermediate calculations and your final answers to 2 decimal places.)
Kelly
Saved
Jon
<
Req A and B
Help
Req C >
Save & Exit Submit

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