Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

apters 7-9 i Saved Help Save & Exit Submit Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate

image text in transcribed

apters 7-9 i Saved Help Save & Exit Submit Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $233, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Kelly Jon Hours Worked 54 49 Wage Rate per Hour $ 22 $ 27 Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Complete this question by entering your answers in the tabs below. Req A and B Req C Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate calculations and your final answers to 2 decimal places.) Kelly a. Gross pay b. Net pay Jon < Req A and B Req C >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Accounting

Authors: Needles, Powers, crosson

11th Edition

1439037744, 978-1133626985, 978-1439037744

More Books

Students also viewed these Accounting questions