Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hal Smith manages a Dairy World drive-in. His straight-time pay is $15 per hour, with time-and-a-half for hours in excess of 40 per week. Smith's
Hal Smith manages a Dairy World drive-in. His straight-time pay is $15 per hour, with time-and-a-half for hours in excess of 40 per week. Smith's payroll deductions include withheld income tax of 40%, FICA tax, and a weekly deduction of $8 for a charitable contribution to United Way. Smith worked 54 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Smith's gross pay and net pay for the week. Assume earnings to date are $16,000. (Round all amounts to the nearest cent.) Begin by computing Smith's gross pay for the week. Employee income tax Medicare tax OASDI tax Overtime pay for 14 hours Straight-time pay for 40 hours Requirements 1. Compute Smith's gross pay and net pay for the week. Assume earnings to date are $16,000. 2. Journalize Dairy World's wages expense accrual for Smith's work. An explanation is not required. 3. Journalize the subsequent payment of wages to Smith. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? parts remaining Clear All Check
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started