Herbert Smith manages a Frosty Boy drive-in. His straight-time pay is $14 per hour, with time-and-a-half for hours in excess of 40 per week. Smith's payroll deductions include withheld income tax of 40%, FICA tax, and a weekly deduction of $11 for a charitable contribution to United Way. Smith worked 59 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Smith's gross pay and net pay for the week. Assume earnings to date are $13,000. (Round all amounts to the nearest cent.) Begin by computing Smith's gross pay for the week. Straight-time pay for 40 hours Overtime pay for 19 hours Gross Pay Compute Smith's net pay for the week. (Round all amounts to the nearest cent.) Withholding deductions: Net (take-home) pay Requirement 2. Journalize Dairy King's wages expense accrual for Smith's work. An explanation is not required. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Requirement 3. Journalize the subsequent payment of wages to Smith. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit - More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done