Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Donald Chin works for Northwest Supplies, His rate of pay is $12,00 per hour, and he is paid 1Y times the repular rate for all

image text in transcribed
image text in transcribed
Donald Chin works for Northwest Supplies, His rate of pay is $12,00 per hour, and he is paid 1Y times the repular rate for all hours worked in excess of 40 per wesk. During the fast week of January of the current year, he worked 48 hours. Chin is married and daims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: a. Enployee federal income tax (Tax Tables: Refer to Foure 84 in the text) b. Soclal Security tax at 6.2% c. Medicare tax at 1.45% d. Nealth insurance premium, \$80 e. Credit union, $115 1. United Way contribution, $10 Required: 1. Compute chin's regular Day, evertime pay, gross pay, and net pay. It required, round your intermediate and final answers to the nearest cent. If required, round your intermediate and final answers to the nearest cent. 2. Joumalize the payment of his wages for the week ended January 31 , crediting Cash for the net amount. Donald Chin works for Northwest Supplies, His rate of pay is $12,00 per hour, and he is paid 1Y times the repular rate for all hours worked in excess of 40 per wesk. During the fast week of January of the current year, he worked 48 hours. Chin is married and daims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: a. Enployee federal income tax (Tax Tables: Refer to Foure 84 in the text) b. Soclal Security tax at 6.2% c. Medicare tax at 1.45% d. Nealth insurance premium, \$80 e. Credit union, $115 1. United Way contribution, $10 Required: 1. Compute chin's regular Day, evertime pay, gross pay, and net pay. It required, round your intermediate and final answers to the nearest cent. If required, round your intermediate and final answers to the nearest cent. 2. Joumalize the payment of his wages for the week ended January 31 , crediting Cash for the net amount

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

Step: 3

blur-text-image

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

Leading The Digital Workforce Internal Audit And IT Audit

Authors: Jeffrey W. Brown

1st Edition

1032323736, 978-1032323732

More Books

Students also viewed these Accounting questions