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Jay, an employee is paid $20 an hour and time-and-a-half for overtime hours over 40. Compute Jay's pay for a 52 hour workweek. Assume
Jay, an employee is paid $20 an hour and time-and-a-half for overtime hours over 40. Compute Jay's pay for a 52 hour workweek. Assume the income tax withholding is 10% of pay. Compute the take home pay assuming 6.2% for social security and 1.45% for Medicare. Also assume that FUTA is 0.85 and SUTA is 5.4%. Previous to this paycheck, Jay has earned $6,500. the ceiling for FICA is $117,500 and $7,000 for unemployment taxes. Journalize the paycheck and the employers responsibility for this payroll. JOURNAL POST REF. Debit Credit Date Account/Description
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