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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 and a half for work in excess of 40 hours per week. Jim is married and claims four allowances on his W-4 form. Jims 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 293-294). b. Social Security tax at 6.2 percent, with a wage limit of $ 118,500. 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.

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

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 and a half for work in excess of 40 hours per week. Jim is married and claims four allowances on his W-4 form. Jims 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 293-294).
  2. b. Social Security tax at 6.2 percent, with a wage limit of $ 118,500.
  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.

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College Accounting (Book Only): A Career Approach
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