Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Patricia Strand's regular hourly wage rate is $ 2 2 , and she receives an hourly rate of $ 3 3 for work in excess

Patricia Strand's regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of 40 hours. During a January pay period, Patricia works 48 hours. Patricia's federal income tax withholding is $95, and she has no voluntary deductions. Compute Patricia Strand's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%.(Round answers to 2 decimal places, eg.15.25.) Patricia's gross earnings $ Patricia's net pay 8792 Assistance Used eTextbook and Media Textbook Attempts: 1 of 4 used Submit Answer Save for Later Using multiple attempts will impact your score. 25% score reduction after attempt 3 wide.7660 caw 13 : w T A D G Z X A N M 26 MPatricia Strand's regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of 40 hours. During a
January pay period, Patricia works 48 hours. Patricia's federal income tax withholding is $95, and she has no voluntary deductions.
Assume that the FICA tax rate is 7.65%.
Prepare the employer's journal entry to record payroll taxes for the period. Ignore unemployment taxes. (List all debit entries before
credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts.Round answers to 2 decimal places, e.g.15.15.)
Date Account Titles and Explanation
Debit
Credit
Jan. 15
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions