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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Donald Chin works for Northwest Supplies. His rate of pay is $8.50 per hour, and he is paid 1?1 times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the current year, he worked 48 hours. Chin is married and claims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions:
(a) Employee income tax (use Figure 8-4 on pages 286 and 287)
(b) Social Security tax at 6.2%
(c) Medicare tax at 1.45%
(d) Health insurance premium, $85.00
(e) Credit union, $125.00
(f) United Way contribution, $10.00
REQUIRED
1. Compute Chin’s regular pay, overtime pay, gross pay, and net pay.
2. Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount.
Hel-----------lo -----------Sir-----------/Ma-----------dam----------- Â----------- Th-----------ank----------- Yo-----------u f-----------or -----------usi-----------ng -----------our----------- we-----------bsi-----------te -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n. -----------Ple-----------ase----------- pi-----------ng -----------me -----------on -----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill-----------