Ian McCarthy works for Willow Tree Homes.His rate of pay is $16.00 per hour and he is paid 1 1/2 times the regular rate for all hours worked in excess of 40 per week.During the last week of March of the current year he worked 45 hours.Ian is single and claims 2 withholding allowances on his W-4 form.His weekly wages are subject to the following deductions:

a. Employee (Federal)income tax (use withhol ding table provided in text).
b. Social Security tax at $ 6.2 \% $.
c. Medicare tax at $ 1.45 \% $.
d. Heal th insurance premium, $ \$ 60 $.
e. Credit union deposit, $ \$ 140 $.
f. United Way contribution, $ \$ 15 $.
Required:
1.Compute McCarthy's regular,overtime,gross,and net pay.
2.Journalize the payment of his wages for the week ended March 26,crediting Cash for the net amount.

Question

Ian McCarthy works for Willow Tree Homes.His rate of pay is $16.00 per hour and he is paid 1 1/2 times the regular rate for all hours worked in excess of 40 per week.During the last week of March of the current year he worked 45 hours.Ian is single and claims 2 withholding allowances on his W-4 form.His weekly wages are subject to the following deductions:
 
 a. Employee (Federal)income tax (use withhol ding table provided in text).
b. Social Security tax at $ 6.2 \% $.
c. Medicare tax at $ 1.45 \% $.
d. Heal th insurance premium, $ \$ 60 $.
e. Credit union deposit, $ \$ 140 $.
f. United Way contribution, $ \$ 15 $.
 Required:
1.Compute McCarthy's regular,overtime,gross,and net pay.
2.Journalize the payment of his wages for the week ended March 26,crediting Cash for the net amount.

Quizplus · Accepted Answer

The Answer of Ian McCarthy works for Willow Tree Homes.His rate of pay is $16.00 per hour and he is paid 1 1/2 times the regular rate for all hours worked in excess of 40 per week.During the last week of March of the current year he worked 45 hours.Ian is single and claims 2 withholding allowances on his W-4 form.His weekly wages are subject to the following deductions:
 
 a. Employee (Federal)income tax (use withhol ding table provided in text).
b. Social Security tax at $ 6.2 \% $.
c. Medicare tax at $ 1.45 \% $.
d. Heal th insurance premium, $ \$ 60 $.
e. Credit union deposit, $ \$ 140 $.
f. United Way contribution, $ \$ 15 $.
 Required:
1.Compute McCarthy's regular,overtime,gross,and net pay.
2.Journalize the payment of his wages for the week ended March 26,crediting Cash for the net amount.

Ian McCarthy Works for Willow Tree Homes 6.2% 6.2 \% 6.2%

Ian McCarthy Works for Willow Tree Homes $6.2 \%$