An employee earns $16 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $211.60. a. Determine the gross pay for the week. $fill in the blank 1 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week. On September 1, Elegant Salon Company issued a 30-day note with a face amount of $88,800 to Osborne Hair Products Company for merchandise inventory. Assume a 360-day year. c. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. $fill in the blank 1 d. Determine the proceeds of the note, assuming the note is discounted at 6%. $fill in the blank 2 Widmer Company had gross wages of $167,000 during the week ended June 17. The amount of wages subject to social security tax was $150,300, while the amount of wages subject to federal and state unemployment taxes was $21,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.3% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $33,400. If an amount box does not require an entry, leave it blank. e. Journalize the entry to record the payroll for the week of June 17. Wages Expense fill in the blank 789465f41f94019_2 fill in the blank 789465f41f94019_3 Social Security Tax Payable fill in the blank 789465f41f94019_5 fill in the blank 789465f41f94019_6 Medicare Tax Payable fill in the blank 789465f41f94019_8 fill in the blank 789465f41f94019_9 Employees Federal Income Tax Payable fill in the blank fill in the blank Wages Payable fill in the blank fill in the blank Feedback Gross pay is the amount that employees have earned before taxes and deductions. A portion of employees' earnings are owed for such items as state and federal taxes. Net pay is also known as take home pay. Learning Objective 2. f. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Payroll Tax Expense fill in the blank c0adf500c06c06f_2 fill in the blank c0adf500c06c06f_3 Social Security Tax Payable fill in the blank c0adf500c06c06f_5 fill in the blank c0adf500c06c06f_6 Medicare Tax Payable fill in the blank c0adf500c06c06f_8 fill in the blank c0adf500c06c06f_9 State Unemployment Tax Payable fill in the blank c0adf500c06c06f_11 fill in the blank c0adf500c06c06f_12 Federal Unemployment Tax Payable fill in the blank c0adf500c06c06f_14 fill in the blank c0adf500c06c06f_15 G. A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current years vacation pay is $40,800. Required: a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay. Refer to the Chart of Accounts for exact wording of account titles. b. How is the vacation pay reported on the companys balance sheet? When is this amount removed from the companys balance sheet?