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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Checkpoint Exercises

Qian Wang is paid a regular rate of $14 per hour and 1 1 2 rimes the regular rate for hours worked over 40 in a week. During the past week, Qian worked 45 hours.

(a) Compute Qian’s gross pay for the week.

(b) Assume Qian is married and claims two withholding allowances. Compute the amount of federal income tax her employer should withhold for the week.

a)

To determine

Compute Person Q’s gross pay for the week.

Explanation

Gross pay:

Gross pay is a payment made to an employee for completion of work allocated by the company. Gross pay is computed by using normal hours worked by the employee with hourly wages rate.

Compute Person Q’s gross pay for the week.

ParticularsAmount in $
Regular pay (40 hours× $14 rate per hour) 560
Overtime pay (2)105
Gross pay665

(Table 1)

Therefore, the total value of gross pay is $665.

Working note:

 (1) Calculate overtime rate of pay.

Total rate of overtime=Regular pay rate  ×(1

b)

To determine

Compute the amount of federal income tax her employer should withhold for the week.

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