Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. arod the mairicits employee income tax medicare ta

Arod the mairicits Employee income tax Medicare tax OASDI tax Overtime pay for 10 hours...

70.2K

Verified Solution

Question

Accounting

image
image
image
Arod the mairicits Employee income tax Medicare tax OASDI tax Overtime pay for 10 hours Straight-time pay for 40 hours For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000,2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $132,900 earned; Medicare 1.45%; FUTA: 06% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Requirements 1. Compute Sully's gross pay and net pay for the week Assume earnings to date are $16,000. 2. Journalize Frosty World's wages expense accrual for Sully's work. An explanation is not required. 3. Journalize the subsequent payment of wages to Sully

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students