Questions from College Accounting

Q: Manuel Soto’s regular hourly rate is $12. He receives 1

Manuel Soto’s regular hourly rate is $12. He receives 1½ times the regular rate for hours worked in excess of 40 a week and double the rate for work on Sunday. During the past week, Soto worked 8 hour...

Q: Fritz receives a regular salary of $3,250 a month

Fritz receives a regular salary of $3,250 a month and is paid 1½ times the regular hourly rate for hours worked in excess of 40 per week. (a) Calculate Fritz’s overtime rate of pay. (Compute to the ne...

Q: Using the table in Figure 8-4 on pages 288 and

Using the table in Figure 8-4 on pages 288 and 289, Figure 8-4: determine the amount of federal income tax an employer should withhold weekly for employees with the following marital status, earn...

Q: How are cost of goods sold and gross profit computed?

How are cost of goods sold and gross profit computed?

Q: Assume a Social Security tax rate of 6.2% is

Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for t...

Q: Tom Hallinan works for a company that pays its employees 1½

Tom Hallinan works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Hallinan’s pay rate is $12 per hour. H...

Q: On November 30, the payroll register of Webster & Smith indicated

On November 30, the payroll register of Webster & Smith indicated the following information: Determine the amount of Social Security and Medicare taxes to be withheld and record the journal entry...

Q: Journalize the following data taken from the payroll register of Himes Bakery

Journalize the following data taken from the payroll register of Himes Bakery as of June 12, 20: Regular earnings ………………………………….. $6,520.00 Overtime earnings …………………………………….. 950.00 Deductions: Fed...

Q: Elyse Lin works for Columbia Industries. Her rate of pay is

Elyse Lin works for Columbia Industries. Her rate of pay is $9 per hour, and she is paid 1½ times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the...

Q: Karen Jolly operates a bakery called Karen’s Cupcakes. She has five

Karen Jolly operates a bakery called Karen’s Cupcakes. She has five employees, all of whom are paid on a weekly basis. Karen’s Cupcakes uses a payroll register, ind...