Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tina Oakland works for Magical Tree Farm. Her rate of pay is $14.00 per hour and she is paid 1 1/2 times the regular rate

Tina Oakland works for Magical Tree Farm. Her rate of pay is $14.00 per hour and she is paid 1 1/2 times the regular rate for all hours worked in excess of 40 per week. During the last week of November of the current year she worked 47 hours. Tina is married and claims 5 withholding allowances on her W-4 form. Her weekly wages are subject to the following deductions:

a.

Employee (Federal) income tax - $125

b.

Social Security tax at 6.2%.

c.

Medicare tax at 1.45%.

d.

Health insurance premium, $50.

e.

Credit union deposit, $40.

f.

Food Bank contribution, $20.

Required:

1.

Compute Tina's regular, overtime, gross, and net pay.

2.

Journalize the payment of her wages (employee side) for the week ended November 29th, crediting Cash for the net amount.

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

Financial Intelligence For Entrepreneurs What You Really Need To Know About The Numbers

Authors: Karen Berman, Joe Knight

1st Edition

1422119157, 9781422119150

More Books

Students also viewed these Accounting questions

Question

What is your view of spirituality in the workplace?

Answered: 1 week ago