Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $132,900 earned;

image text in transcribed
image text in transcribed
image text in transcribed
More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000,2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Requirements 1. Compute Striker's gross pay and net pay for the week. Assume earnings to date are $9,000. 2. Joumalize Dairy King's wages expense accrual for Striker's work. An explanation is not required. 3. Joumalize the subsequent payment of wages to Striker. Harold Striker manages a Dairy king delve-in. His straight-time pay is $18 per hour, with time-and-a-half for hours in erceon of 60 per meok. Sthker' is paytoll deduclions inctude: withheld income tax of 20%, FCA tax, and a weekly deduction of $11 for a charitable contribution to United Way Striker worked 54 hoers diring the woek 3. (Click the icon to viow payroll tax rate inlormation) Resad the Requirement 1. Compute Stiker's gross pay and net pay for the wook Assume earnings to date are $9,000 (Round all anount fo the neareat cent) Aloin by compyting Strker's gross pay for the week

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

Auditing A Practical Approach

Authors: Fiona Campbell, Robyn Moroney, Jane Hamilton, Valerie Warren

2nd Canadian edition

9781118377901, 1118377907, 1119048095, 978-1118849415

Students also viewed these Accounting questions

Question

What are secondary data, and how do they differ from primary data?

Answered: 1 week ago

Question

What are the units of the sample correlation coefficient?

Answered: 1 week ago

Question

=+6. Select the one that would work best for this client.

Answered: 1 week ago