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An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of 40 during a week. Payroll
An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46 federal income tax withheld, $350: cumulative earnings for year prior to current week, $99,700: social security tax rate, 6.0% on maximum of $100,000: and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid the employee? a. $875.00 b. $838.62 c. $857.00 d. $1,133.14 A corporation issues 1,500 shares of common stock for $32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a. $15,000 b. $32,000 c. $17,000 d. $2,000 20
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