the regular rate for all hours worked in weekly wages are subject to the followi

Question

the regular rate for all hours worked in weekly wages are subject to the following a Willow Tree Homes His rate of pay in $16.o0 per hour and he h pald 1 1/2 imes on his W.4 form. His Employee b. c, Social Security tax at 6.2% Medicare tax at 1.45% d. Health e. Credit union deposit, $140. s6o, United Way contribution, $15. Compute McCarthy's regular, overtime, gross, and net pay 2. Journalize the crediting Cash for the net amount Calculation of McCarthy's regular, overtime, gross, and net pay: payment of his wages (employee side) for the week ended March 26,

Explanation / Answer

Journal entry

Regular pay (40*16) 640 Overtime (5*16*1.5) 120 Gross pay 760 Less: Deductions Employee (federal) income tax 78 Social Security tax (760*6.2%) 47.12 Medicare tax (760*1.45%) 11.02 Health insurance premium 60 Credit union deposit 140 United way contribution 15 Total deductions 351.14 Net pay 408.86

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