Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Merrit Garza's regular hourly wage rate is $33, and she receives a wage of 1% times the regular hourly rate for work in excess of

Merrit Garza's regular hourly wage rate is $33, and she receives a wage of 1% times the regular hourly rate for work in excess of 40 hours. During a March weekly pay period, Merrit worked 42 hours. Her gross earnings prior to the current week were $6,000. Merrit is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $34.00 per week. If the wages are-> MARRIED Persons-WEEKLY Payroll Period (For Wages Paid through December 2022) And the number of withholding allowances claimed is- 0 At But 1 2 3 4 5 6 7 8 9 10- less least than The amount of income tax to be withheld is- 1,316 1,327 124 114 105 95 85 75 66 56 46 37 29 1,327 1,338 125 116 106 96 86 77 67 57 48 38 30 1,338 1,349 127 117 107 97 88 78 68 59 49 39 31 50 41 32 & 81 71 61 52 42 33 1,349 1.360 128 118 108 99 89 79 70 60 1,360 1,371 129 119 110 100 90 83 1,371 1.382 130 121 111 101 92 82 1,382 1,393 132 122 112 103 93 1,393 1,404 133 123 114 104 94 1,404 1,415 134 125 115 105 96 72 63 53 43 34 74 64 54 45 35 85 75 65 56 46 36 86 76 67 57 47 38 1,415 1,426 136 126 116 107 97 87 R 78 68 58 49 39 1,426 1,437 137 127 118 108 98 89 79 69 60 50 40 1,437 1,448 138 129 119 109 100 90 1,448 1,459 140 130 120 111 101 91 1,459 1,470 141 131 122 112 102 93 1,470 1,481 142 133 123 113 104 80 71 61 51 41 82 72 62 52 43 83 73 64 54 44 94 84 75 65 55 45 86 76 66 56 47 1,481 1,492 144 134 124 115 105 95. 1,492 1,503 145 135 126 116 106 97 87 77 67 58 48 1,503 1,514 146 137 127 117 108 1,514 1,525 148 138 128 119 109 99 1,525 1.536 149 139 130 120 110 101 98 88 78 69 59 49 SSRE 89 80 70 60 51 91 81 71 62 52 (a) Compute the following amounts for Merrit's wages for the current week. (Round all answers to 2 decimal places, eg. 52.55.) (1) Gross earnings. (2) FICA taxes. (Assume a 7.65% rate on maximum of $132,900) (3) Federal income taxes withheld. (4) State income taxes withheld. (Assume a 2.0% rate.) (5) Net pay. $ eTextbook and Media (b) Record Merrit's pay. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Debit Credit

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

Acca Financial Reporting

Authors: BPP Learning Media

1st Edition

1509784888, 978-1509784882

More Books

Students also viewed these Accounting questions