Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In the following summary of data for a payroll period, some amounts have been intentionally omitted. Calculate the amounts omitted below. Enter all your answers

In the following summary of data for a payroll period, some amounts have been intentionally omitted. Calculate the amounts omitted below. Enter all your answers as positive amounts. Earnings: 1. At regular rate $_______ 2. At overtime rate 113,000 3. Total earnings $_______

Deductions: 4. FICA tax $54,375 5. Income tax withheld 144,750 6. Medical insurance 72,875 7. Union dues $ _________ 8. Total deductions $294,750 9. Net amount paid $491,250

Accounts increased: 10. Factory Wages $551,500 11. Sales Salaries $_________ 12. Office Salaries $100,000

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