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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;
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 Stanton's gross pay and net pay for the week. Assume earnings to date are $8,000. 2. Journalize Dairy King's wages expense accrual for Stanton's work. An explanation is not required. 3. Journalize the subsequent payment of wages to Stanton. Henry Stanton manages a Dairy King drive-in. His straight-time pay is $13 per hour, with time-and-a-half for hours in excess of 40 per week. Stanton's payroll deductions include withheld income tax of 30\%, FICA tax, and a weekly deduction of $10 for a charitable contribution to United Way. Stanton worked 54 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Stanton's gross pay and net pay for the week. Assume earnings to date are $8,000. (Round all amounts to the nearest cent.) Begin by computing Stanton's gross pay for the week
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