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

image text in transcribed
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 marrie and claims 5 withholding allowances on her W-4 form. Her weekly wages are subject to the following deductions: Employee (Federal) income tax - $125 a. 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

Fundamental Managerial Accounting Concepts

Authors: Thomas Edmonds

10th Edition

126410068X, 9781264100682

More Books

Students also viewed these Accounting questions

Question

-3 + 4 Find the sum by hand.

Answered: 1 week ago

Question

Choose an option A B C D E

Answered: 1 week ago

Question

8. What are the costs of collecting the information?

Answered: 1 week ago