View previous attempt Check my work 3 Part 3 of 4 156 points P look Beferences...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
View previous attempt Check my work 3 Part 3 of 4 156 points P look Beferences Problem 9-24A (Algo) Computation of net pay and payroll expense LO 9-5 [The following information applies to the questions displayed below] The following information is available for the employees of Webber Packing Company for the first week of January Year 1 1. Kayla earns $26 per hour and 1/2 times her regular rate for hours over 40 per week. Kayla worked 46 hours the first week in January. Kayla's federal income tax withholding is equal to 10 percent of her gross pay Webber pays medical insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her 2. Paula earns a weekly salary of $1150 Paula's federal income tax withholding is 18 percent of her gross pay Webber pays medical insurance of $145 per week for Paula and contributes $130 per week to a retirement plan for her. 3 Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $95 per week for Paula Assume the Social Security tax rate is 60 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of the first $7,000 of salary for each employee. 3 View previous attempt Check my work Part 3 of 4 Required information c. Prepare the journal entry to record the payment of the payroll for the week (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) 1.56 points look Ask P Belerences View transaction list Journal entry worksheet < Record the entry for payment of the payroll for the week. View previous attempt Check my work 3 Part 3 of 4 156 points P look Beferences Problem 9-24A (Algo) Computation of net pay and payroll expense LO 9-5 [The following information applies to the questions displayed below] The following information is available for the employees of Webber Packing Company for the first week of January Year 1 1. Kayla earns $26 per hour and 1/2 times her regular rate for hours over 40 per week. Kayla worked 46 hours the first week in January. Kayla's federal income tax withholding is equal to 10 percent of her gross pay Webber pays medical insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her 2. Paula earns a weekly salary of $1150 Paula's federal income tax withholding is 18 percent of her gross pay Webber pays medical insurance of $145 per week for Paula and contributes $130 per week to a retirement plan for her. 3 Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $95 per week for Paula Assume the Social Security tax rate is 60 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of the first $7,000 of salary for each employee. 3 View previous attempt Check my work Part 3 of 4 Required information c. Prepare the journal entry to record the payment of the payroll for the week (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) 1.56 points look Ask P Belerences View transaction list Journal entry worksheet < Record the entry for payment of the payroll for the week.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Day and Night formed an accounting partnership in 2014. Capital transactions for Day and Night during 2014 are as follows: Partnership net income for the year ended December 31, 2014; is $68,400...
-
Recent years have been characterized by high, and volatile, energy prices. Some critics of the energy industry suggest that the oil companies' use of JIT inventory management has contributed to the...
-
Big Box Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the companys fiscal year on November 30,...
-
The October 12, 2006, edition of The Wall Street Journal carried an article entitled Expedia Might Trip Debt Covenant. The article revealed that the share price of Expedia Inc., an online travel...
-
Purple Cow operates a chain of drive-ins selling primarily ice cream products. The following information is taken from the records of a typical drive-in now operated by the company: Based on these...
-
An RRSP is now worth $ 3 6 4 , 0 0 0 after contributions of $ 2 , 0 0 0 at the beginning of every six months for 2 2 years. What effective rate of return has the plan earned? ( Round your final...
-
All of the following are true with respect to the filing of consolidated tax returns except that a.Each corporation that has been a member of a parent-subsidiary affiliated group during any part of...
-
Wodonga Off-road manufactures 4wd nudge bars. As part of the production process, the Steel Fabrication Department supplies steel to the Assembly Department. The Assembly Department requires 10 metres...
-
Case 3. Zaki Credits-$130,000 in credits based on 35 credit memoranda from Zaki, Inc., were purportedly for the return of overstocked goods from several Nefret stores. An Abdul & El-Emir staff...
-
The case Titled 'Molycorp: Financing the Production of Rare Earth Minerals (A)' has been uploaded on the moodle. Each group has to go through the case and answer the following assignment questions....
-
Paul makes car payments of $4945 at the end of each six month period for 3 years followed by month-end payments of $691 for a further 3 years. If interest is calculated at 6% semiannually, what was...
-
Writing a business plan is essential for both raising capital and helping them understand the business. raising money. managing the new business. attracting reliable suppliers. Discuss.
-
A partnership agreement should include each of the following except Chart of accounts for the partnership. names and capital contributions of partners rights and duties of partners. Basis for sharing...
-
Using Gauss-Jordan elimination, invert this matrix ONLY 0 0 0 0 1
-
Define public trust , and discuss why it should be important for a tax - exempt organization.
-
How would you defi ne the difference between a responsible board and an exceptional board?
-
What might be the differences between a nonprofit s initial board and the board that has been in place for twenty years?
Study smarter with the SolutionInn App