Question
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
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