Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

P-F:11-26A Computing and journalizing payroll amounts (Learning Objective 2) Lenny Worthington is general manager of Countrywide Salons. During 2024, Worthington worked for the company

image text in transcribedimage text in transcribed

P-F:11-26A Computing and journalizing payroll amounts (Learning Objective 2) Lenny Worthington is general manager of Countrywide Salons. During 2024, Worthington worked for the company all year at a $13,400 monthly salary. He also earned a year-end bonus equal to 10% of his annual salary. Worthington's federal income tax withheld during 2024 was $938 per month, plus $3,216 on his bonus check. State income tax withheld came to $70 per month, plus $50 on the bonus. FICA tax was withheld on the annual earnings. Worthington authorized the following payroll deductions: Charity Fund contribution of 2% of total earnings and life insurance of $20 per month. Countrywide incurred payroll tax expense on Worthington for FICA tax. The company also paid state unemployment tax and federal unemployment tax. Requirements 1. Compute Worthington's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar.

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

Governmental and Nonprofit Accounting

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

10th edition

132751267, 978-0132751261

More Books

Students also viewed these Accounting questions

Question

Discuss the elements of the promotional mix? LO.1

Answered: 1 week ago