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Harry Striker manages a Dairy King drive-in. His straight-time pay is $19 per hour, with time-and-a-half for hours in excess of 40 per week. Striker's
Harry Striker manages a Dairy King drive-in. His straight-time pay is $19 per hour, with time-and-a-half for hours in excess of 40 per week. Striker's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $12 for a charitable contribution to United Way. Striker worked 55 hours during the week. (Click the icon to view payroll tax rate information.) - X More info Requirements For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: 1. Compute Striker's gross pay and net pay for the week. Assume earnings to date are $16.000. 2. Journalize Dairy King's wages expense accrual for Striker's work. An explanation not required. 3. Journalize the subsequent payment of wages to Striker. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Employer: Print Done Print Done Requirement 1. Compute Striker'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 Striker's gross pay for the week. Gross Pay Compute Striker's net pay for the week. (Round all amounts to the nearest cent.) Withholding deductions Net (take-home) pay Requirement 2. Journalize Dairy King's wages expense accrual for Striker's work. An explanation is not required. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Requirement 3. Journalize the subsequent payment of wages to Striker. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit
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