Question
Betsy Strands regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a
Betsy Strands regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsys federal income tax withholding is $95, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare a tabular summary for Betsys employer to record (a) Betsys pay for the period and (b) the payment of Betsys wages. Use January 15 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
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