Jim Moss, an employee of Jones International, worked 49 hours during the week of April 4 through 10. His rate of pay is $15 per hour, and he receives time-ahalf for work in excess of 40 hours per week. Jim is married and claims four allowances on his W-4 form. Jim’s YTD earnings before this pay period are $7,600, and his wages are subject to the following deductions: a. Federal income tax (use the table in Figure 3, pages 331–332). b. Social Security tax at 6.2 percent, with a wage limit of $113,700. c. Medicare tax at 1.45 percent. d. Medical insurance premium (after tax), $50. e. United Way contribution, $10. Required Compute Jim’s regular pay, overtime pay, gross pay, and net pay.

BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter
Section
Chapter 7, Problem 5PA
Textbook Problem

Jim Moss, an employee of Jones International, worked 49 hours during the week of April 4 through 10. His rate of pay is $15 per hour, and he receives time-ahalf for work in excess of 40 hours per week. Jim is married and claims four allowances on his W-4 form. Jim’s YTD earnings before this pay period are $7,600, and his wages are subject to the following deductions:

  1. a. Federal income tax (use the table in Figure 3, pages 331–332).
  2. b. Social Security tax at 6.2 percent, with a wage limit of $113,700.
  3. c. Medicare tax at 1.45 percent.
  4. d. Medical insurance premium (after tax), $50.
  5. e. United Way contribution, $10.

Required

Compute Jim’s regular pay, overtime pay, gross pay, and net pay.

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 7 Solutions

College Accounting (Book Only): A Career Approach

Additional Business Textbook Solutions

Find more solutions based on key concepts
REGRESSION AND INVENTORIES jasper Furnishings has 300 million in sales. The company expects that its sales will...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

How do flexible benefit plans work?

Foundations of Business (MindTap Course List)