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Gina Robinson works at College of El Paso and is paid $40 per hour for a 40-hour workweek and time-and-a-half for hours above 40.
Gina Robinson works at College of El Paso and is paid $40 per hour for a 40-hour workweek and time-and-a-half for hours above 40. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Robinson's gross pay for working 54 hours during the first week of February. Straight-time pay for 40 hours Overtime pay for 14 hours Gross Pay 1600 840 2440 Requirement 2. Robinson is single, and her income tax withholding is 15% of total pay. Robinson's only payroll deductions are payroll taxes. Compute Robinson's net (take-home) pay for the week. Assume Robinson's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent.) Gross pay Withholding deductions: Employee income tax Employee OASDI tax Employee Medicare tax 2440 More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Total withholdings OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Net (take-home) pay Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Requirement 3. Journalize the accrual of wages expense and the payments related to the employment of Gina Robinson. (Record debits first, then credits Begin with the entry to accrue wages expense and payroll withholdings for Gina Robinson. (Round all amounts to the nearest cent.) Date Accounts and Explanation Debit Credit Print Done
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