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Question: Computing and recording gross and net pay Herbert Simpson manages a Dairy World drive-in. His straight-time pay is $9 per hour, with time-and-a-half for hours in excess of 40 per week. Simpson's payroll deductions include withheld income tax of 20%, FICA tax, and a weekly deduction of $8 for a charitable contribution to United Way. Simpson worked 59 hours during the week.

Requirements: 1. Compute Simpson's gross pay and net pay for the week. Assume earnings to date are $9,000.

2. Journalize Dairy World's wages expense accrual for Simpson's work. An explanation is not required.

3. Journalize the subsequent payment of wages to Simpson.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92648110

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