Kathy Burnett works for Triumph Industries. Her pay rate is $13.44 per hour and she receives overtime pay at one and one-half times her regular hourly rate for any hours worked beyond 40 in a week. During the pay period that ended December 31, 2019, Kathy worked 42 hours. Kathy is married and claims three withholding allowances on her W-4 form. Kathy's cumulative earnings prior to this pay period total $29,000. Kathy's wages are subject to the following deductions:

Social Security tax at 6.2 percent

Medicare tax at 1.45 percent

Federal income tax (use the withholding table shown in Figure 10.2b)

Health and disability insurance premiums, $161

Charitable contribution, $18

U.S. Savings Bond, $100

Required:

Compute Kathys regular, overtime, gross, and net pay.

Assuming the weekly payroll has been recorded, journalize the payment of her wages for the week ended December 31, 2019.

Analyze: Based on Kathys cumulative earnings through December 31, how much overtime pay did she earn this year?