Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. zolnick enterprises has two hourly employees-kelly

Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate...

60.1K

Verified Solution

Question

Accounting

image
Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 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 15 percent on all earnings. Federal income tax withheld for Kelly and Jon was $255 and $238, respectively, for the first week of January. The following information is for the first week in January Year 1 Required o. 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. Prepare the general fournal entry to record payment of the wages. (If no entry is required for a transactionvevent, select "No joumal entry required" in the first account field. Round your intermediate calculations and final answers to 2 decimal places.) Journal entry worksheet

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