Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hours per week. Lupino's rate of pay is $12.00 per hour paid weekly. Federal income tax withheld was $54.00. His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%. He worked 8 hours of overtime last week (week ended July 16). 1. Compute the following: If required, round your answers to the nearest cent. a. Regular pay for the week b. Overtime pay for the week c. Total gross wages d. Federal Income Tax e. Social Security withheld f. Medicare tax withheld g. Total withholding h. Net pay Journalize the payroll entry. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Jul. 16 1 2 2 3 3 4 5 5
Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hours per week. Lupino's rate of pay is $12.00 per hour paid weekly. Federal income tax withheld was $54.00. His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%. He worked 8 hours of overtime last week (week ended July 16). 1. Compute the following: If required, round your answers to the nearest cent. a. Regular pay for the week b. Overtime pay for the week c. Total gross wages d. Federal Income Tax e. Social Security withheld f. Medicare tax withheld g. Total withholding h. Net pay Journalize the payroll entry. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Jul. 16 1 2 2 3 3 4 5 5
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 2E
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Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hours per week. Lupino's rate of pay is $12.00 per hour paid weekly. Federal income tax withheld was $54.00. His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%. He worked 8 hours of overtime last week (week ended July 16).
1. Compute the following: If required, round your answers to the nearest cent.
| a. Regular pay for the week | |
| b. Overtime pay for the week | |
| c. Total gross wages | |
| d. Federal Income Tax | |
| e. Social Security withheld | |
| f. Medicare tax withheld | |
| g. Total withholding | |
| h. Net pay |
Journalize the payroll entry. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.
Page: 1
| DATE | DESCRIPTION | POST. REF. |
DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|
| 1 | Jul. 16 | 1 | ||||
| 2 | 2 | |||||
| 3 | 3 | |||||
| 4 | ||||||
| 5 | 5 |
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