Answered step by step
Verified Expert Solution
Question
1 Approved Answer
! Required information Problem 9-24A Computation of net pay and payroll expense LO 9-5 The following information is available for the employees of Webber Packing
! Required information Problem 9-24A Computation of net pay and payroll expense LO 9-5 The following information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $28 per hour and 1/2 times her regular rate for hours over 40 per week. Kayla worked 52 hours the first week in January. Kayla's federal income tax withholding is equal to 15 percent of her gross pay. 2. Paula earns a weekly salary of $1,600. Paula's federal income tax withholding is 18 percent of her gross pay. Assume the Social Security tax rate is 6 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. Hint: to calculated Federal Income Tax withholdings, you first need to calculate each employee's pretax (i.e., "gross") earnings. Problem 9-24A Parts c. Prepare the journal entry to record the payment of the payroll for the first week of January. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started