Vince Lupino works for Best Supplies Company,which pays its employees time and a half for all hours worked in excess of 40 hours per week.Lupino's rate of pay is $12.00 per hour paid weekly.Federal income tax withheld was $54.00.His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%.He worked 8 hours of overtime last week (week ended July 16).
Required:

1. Compute the following:
a. Regular pay for the week
b. Overtime pay for the week
c. Total gross wages
d. Social Security withheld
e. Medicare tax withheld
f. Total withholding
g. Net pay
2. Journalize the payroll entry.

Question

Vince Lupino works for Best Supplies Company,which pays its employees time and a half for all hours worked in excess of 40 hours per week.Lupino's rate of pay is $12.00 per hour paid weekly.Federal income tax withheld was $54.00.His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%.He worked 8 hours of overtime last week (week ended July 16).
Required:
 
1. Compute the following:
a. Regular pay for the week
b. Overtime pay for the week
c. Total gross wages
d. Social Security withheld
e. Medicare tax withheld
f. Total withholding
g. Net pay
2. Journalize the payroll entry.

Quizplus · Accepted Answer

The Answer of Vince Lupino works for Best Supplies Company,which pays its employees time and a half for all hours worked in excess of 40 hours per week.Lupino's rate of pay is $12.00 per hour paid weekly.Federal income tax withheld was $54.00.His wages are subject to Social Security tax withheld at the rate of 6.2% and Medicare tax at the rate of 1.45%.He worked 8 hours of overtime last week (week ended July 16).
Required:
 
1. Compute the following:
a. Regular pay for the week
b. Overtime pay for the week
c. Total gross wages
d. Social Security withheld
e. Medicare tax withheld
f. Total withholding
g. Net pay
2. Journalize the payroll entry.

Vince Lupino Works for Best Supplies Company,which Pays Its Employees