Homework: Week 6 Chapter 10 exercises Save score: 0 of 1 pt 2 of 9 (1 complete)
ID: 2430520 • Letter: H
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Homework: Week 6 Chapter 10 exercises Save score: 0 of 1 pt 2 of 9 (1 complete) HW Score: 11.11%, 1 019 pts S11-6 (similar to) Question Help Gloria Love works at Colege of Austin and ?? paid S50 per hour for a 40-hour workweek and time-and-a half for hours above 40. (Click the icon to view payroll tax rate information.) Requirements 1. Compute Love's gross pay for working 56 hours during the first week of February 2. Love is single, and her income tax with Iding is 20% of total pay Love's Only payroll deducho s are payroll ta es compte Loves net tanh e) pay fr te week. Assume Love's eamings to date are less than the OASDI limit Journalize the accrual of salaries and wages expense and the payments related to the employment of Gloria Love 3. Requirement 1. Compute Love's gross pay for working 56 hours during the first week of February. Gross Pay Choose from any list or enter any number in the input fields and then click Check Answer Check Answer Clear AllExplanation / Answer
1)Gross pay of Gloria : calculation Amount $ Normal hours 40*50 2000 overtime hours (56-40)* (50*1.5) 1200 Gross pay of Gloria : 3200 2)Net pay of Gloria takes home: Amount $ calculation Basic pay 3200 40*50 + (56-40)* (50*1.5) Less: Federal tax withheld 640 3200*20% Less:Social Security tax withheld 198.4 3200*6.2% Less:Medicare tax 46.4 3200*1.45% Net Pay 2315.2 Employer's tax expenses: Amount $ calculation Social Security tax payable 198.4 3200*6.2% Medicare tax payable 46.4 3200*1.45% FUTA payable 19.2 3200*0.6% SUTA payable 172.8 3200*5.4% Total tax payable 436.8 3)Journal Entries: Debit $ Credit $ Salaries expense 3200 Federal tax withheld 640 Social Security tax withheld 198.4 Medicare tax withheld 46.4 Salaries payable 2315.2 (being net pay payable to employee after taxes withheld) Employer's tax expenses 436.8 Social Security tax payable 198.4 Medicare tax payable 46.4 FUTA payable 19.2 SUTA payable 172.8 (being employer's tax expenses booked)
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