Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hugh Sampson manages a Diary King drive-in. His straight-time pay is $13 per hour, with time and a half for hours in excess of 40

Hugh Sampson manages a Diary King drive-in. His straight-time pay is $13 per hour, with time and a half for hours in excess of 40 per week. Sampson payroll deductions include withheld income tax of 20%, FICA tax,and a weekly deduction of $6 for charitable contribution to United Way. Sampson worked 54 hours during the week.

image text in transcribed

Fall 2017 Section 900 Homework: Chapter 11 homework part B Save Score: 0 of 4 pts 4 of 5 (3 complete) HW Score: 58 33%, 7 of 12 pts E11-18 (similar to) Question Help Hugh Sampson manages a Dairy King 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 anclude withheld income tax of 20%, FICA tax, and a weekly deduction o S6 for a charitable contribution to United way Sampson Nor ed st hours an the week (Click the icon to view pyrol tax rate information ) Requirements 1. Compute Sampson's gross pay and net pay for the week. Assume earnings to date are $13,000 2. Journalize Dairy King's wages expense accrual for Sampson's work. An explanation is not required 3. Journalize the subsequent payment of wages to Sampson More Info Requirement 1. Compute Sampson's gross pay and net pay fo Begin by computing Sampson's gross pay for the week For all payroll calculations, use the following tax rates and round amounts to the Straight-time pay for 40 hours nearest cent Employee Employer OASDI 6.2% on first S1 17,000 earned, Medicare, 1 45% up to $200 000 2 35% on earnings above $200,000 Overtime pay for 14 hours Choose trom any list or enter any number in the input fields OASDI 62% on first S 117,000 earned. Medicare: 145% on all earnings, FUTA: 0 6% on first $7,000 earned. SUTA: 54% on first $7,000 earned aining 11:52 AM 11/21/2017

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions