Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Herman Sampson manages a Dairy World drive-in. His straight-time pay is $13 per hour, with time-and-a-half for hours in excess of 40 per week

image text in transcribed

Herman Sampson manages a Dairy World drive-in. His straight-time pay is $13 per hour, with time-and-a-half for hours in excess of 40 per week Sampson's payroll deductions include withhold income tax of 30%, FICA I deduction of $12 for a charitable contribution to United Way. Sampson worked 56 hours during the week (Click the icon to view payroll tax rate information.) Read the requirements Requirement 1. Compute Sampson's gross pay and net pay for the week. Assume sarmings to date arn $16,000 (Round all amou Begin by computing Sampson's gross pay for the week. traight-time pay for 40 hours Overtime pay for 16 hours Gross Pay $120.00 312.00 $32.00 Compute Sampson's net pay for the week (Round all amounts to the nearest ect.) Gross pay Withholding deductions Employee income tax 832 More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent Employee Employer Requirements OASDI 6.2% on frst $132,900 eamed, Medicare: 1.45% up to $200,000, 2.35% on eamings above $200,000. OASDI: 6.2% on first $132.900 earned; Medicare: 1.45% FUTA 0.5% on first $7.000 eamed: SUTA: 54% on fist $7.000 earned Print Done 240.0 Employee OASDI tax 61.58 Employee Medicare tax 12.0 Employee contribution to United Way 12 Net (ake-home) pay 506.76 Choose from any list or enter any number in the input fields and then click Check Arawer 2 parts remaining Clear Al 1. Compule Sampson's gross pay and net pay for the week. Assume ringto date are $10,000 2. Joumatze Dairy World's wages expense accrual for Sampers work. As explanation is not required. 3. Joule the subsequent payment of wager to Sampson Print Done Am

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

Horngrens Accounting

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

10th edition

133117413, 978-0133129519, 133129519, 978-0133129557, 133129551, 978-0133117561, 133117561, 978-0133117417

More Books

Students also viewed these Accounting questions