Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
13th Edition
ISBN: 9781337587358
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 7, Problem 5PB
To determine
Calculate the regular pay, overtime pay, gross pay and net pay of Person R.
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Cindy Neuer's regular hourly wage rate is $17, and she receives an hourly rate of $23 for work in excess of 40 hours. During a January pay period, Cindy works 47 hours. Cindy's federal income tax withholding is $98, and she has no voluntary deductions.
Compute Cindy Neuer's gross earnings and net pay for the pay period.
1) Gross Earnings
2) Net Pay
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).
b.
Social Security tax at 6.2%.
c.
Medicare tax at 1.45%.
d.
Health insurance premium, $60.
e.
Credit union deposit, $140.
f.
United Way contribution, $15.
Required:
1. Compute McCarthy's regular, overtime, gross, and net pay. If required, round your answers to the nearest cent.
Regular pay:Overtime pay:Gross pay:Net pay:
2. Journalize the payment of his wages for the week ended March 26, 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…
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).
b.
Social Security tax at 6.2%.
c.
Medicare tax at 1.45%.
d.
Health insurance premium, $60.
e.
Credit union deposit, $140.
f.
United Way contribution, $15.
1. Compute McCarthy's regular, overtime, gross, and net pay. If required, round your answers to the nearest cent.
Regular pay
______
Overtime pay
______
Gross pay
______
Net pay
Journalize the payment of his wages for the week ended March 26, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an…
Chapter 7 Solutions
Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
Ch. 7 - Prob. 1QYCh. 7 - Which of the following taxes are not withheld from...Ch. 7 - Calculate an employees total earnings if the...Ch. 7 - Prob. 4QYCh. 7 - Prob. 5QYCh. 7 - Prob. 6QYCh. 7 - When is the payroll register updated? a. Annually...Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQ
Ch. 7 - Explain the difference between gross earnings and...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Determine the gross pay for each employee listed...Ch. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - For tax purposes, assume that the maximum taxable...Ch. 7 - On January 21, the column totals of the payroll...Ch. 7 - Prob. 7ECh. 7 - Assume that the employees in Exercise 77 are paid...Ch. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - Prob. 3PBCh. 7 - Prob. 4PBCh. 7 - Prob. 5PBCh. 7 - Attracting and retaining the best employees is...Ch. 7 - Southern Company pays its employees weekly by...Ch. 7 - Prob. 3A
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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_forwardIan 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). b. Social Security tax at 6.2%. c. Medicare tax at 1.45%. d. Health insurance premium, $60. e. Credit union deposit, $140. f. United Way contribution, $15. Required: 1. Compute McCarthy's regular, overtime, gross, and net pay. If required, round your answers to the nearest cent. Regular pay $fill in the blank 818b23072fd4feb_1 Overtime pay $fill in the blank 818b23072fd4feb_2 Gross pay $fill in the blank 818b23072fd4feb_3 Net pay $fill in the blank 818b23072fd4feb_4 2. Journalize the payment of his wages…arrow_forwardIan 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%. roapg9 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. For the toolbar, press ALT-F10 (PC) or ALT+FN+F10 (Mac). BIUS V Paragraph Arial XQ 11192 FE EBY D BB 3 10pt Y EM X² X₂ 38 AT 11. 安度因国民 AV (0) [+ LV T. Z 3v ✓ " *** Huunone Anwesen strearrow_forward
- Mary Stine's regular hourly wage rate is $12, and she receives an hourly rate of $18 for work in excess of 40 hours. During a March pay period, Mary works 47 hours. Mary's federal income tax withholding is $70, and she has no voluntary deductions. Compute Mary Stine's gross earnings and net pay for the pay period.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_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
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