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Current Attempt in Progress Amy Strand's regular hourly wage rate is $10, and she receives an hourly rate of $20 for work in excess of
Current Attempt in Progress Amy Strand's regular hourly wage rate is $10, and she receives an hourly rate of $20 for work in excess of 40 hours. During a January pay period, Amy works 47 hours. Amy's federal income tax withholding is $94, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare a tabular summary for Amy's employer to record(a) Amy's pay for the period and (b) the payment of Amy's wages. Use January 15 for the end of the pay period and the payment date. (Round answers to 2 decimal places, eg. 15.25. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash - Salaries & Wages Pay. + Fed. Inc. Taxes Pay. + FICA Taxes Pay. + Common Stock Jan. 15 $ Jan. 15 Progress lar hourly wage rate is $10, and she receives an hourly rate of $20 for work in excess of 40 hours. During a January pay period, Amy my's federal income tax withholding is $94, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. summary for Amy's employer to record (a) Amy's pay for the period and (b) the payment of Amy's wages. Use January 15 for the end of the payment date. (Round answers to 2 decimal places, e.g. 15.25. If a transaction causes a decrease in Assets, Liabilities or Stockholders' tive sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Retained Earnings Expense Common Stock + Revenue Dividend Salaries & wages expens
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