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Zolnick Enterprises has two hourly employees: Kelly and Jon. Both employees earn overtime at the rate of 1.4 times the hourly rate for hours worked
Zolnick Enterprises has two hourly employees: Kelly and Jon. Both employees earn overtime at the rate of 1.4 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $255 and $228, respectively. The following information is for the first week in January Year 1: Hours Worked Employee Kelly Jon 56 Wage Rate per Hour $19 $24 51 Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Complete this question by entering your answers in the tabs below. Req A and B Reqc Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round the intermediate calculations and your final answers to 2 decimal places.) Jon 1,329.60 Kelly 1,185.60 836.68 a Gross pay b. Net pay $ $ $ Complete this question by entering your answers in the tabs below. Req A and B Reqc Prepare the general journal entry to record payment of the wages. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to 2 decimal places.) View transaction list View journal entry worksheet General Journal Debit Credit No 1 Date Jan Salaries expense
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