Maria Garza\'s regular hourly wage rate is $13.00, and she receives a wage of 1½

Question

Maria Garza's regular hourly wage rate is $13.00, and she receives a wage of 1½ times the regular hourly rate for work in excess of 40 hours. During a March weekly pay period, Maria worked 47 hours. Her gross earnings prior to the current week were $6,800. Maria is married and claims three withholding allowances. Her only voluntary deduction is for group hospitalization insurance at $20 per week.

Chrome File Edit View History Bookmarks People Window Help ? ? · RAMweb Co x M Inbox trivk × * 2018SP-CIS x https://seci × , CCCS Login ? c secure https://edugenwileyplus.com/edugen/lti/main.uni E ACC121 MEX V WileyPLUS × Maria Garza x Internal Me x Weygandt, Accounting Principles, 12e HelR S BACK NEXT ASSIGNMENT RESOURCES ACC121 5C11HOMEWORK Your answer is partially correct. Try again. Record Maria's pay. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Salaries and Wages Expense E Exercise 11-2 Debit Credit xercise 11 656.50 FICA Taxes Payable 50.22 Review Results by Study Federal Income Taxes Payable 24 State Income Taxes Payable 13.13 Cash 569.15 Cash LINK TO TEXT d:? Excel2-Exercise3 (1).xlsx HR Dashboard-2 (1).xlsx HR Dashboard-2.xlsx Excel2_Exercise3 Po.. pdf Show AlI 18

Explanation / Answer

A)

1) Gross Earning :-

Overtime = 47 h - 40 h = 7 h

Overtime Rate = $13 * 1.5 = $19.5

Gross Earning = (40h * $13) + (7h * $19.5)

= $520 + $136.5

= $656.5

2) FICA Taxes @ 7.65% :-

= $656.5 * 7.65%

= $50.22

3) Federal Income Taxes Withheld :-

= ($656.5 - $20) * 7.65%

= $636.5 * 7.65%

= $48.69

4) State Income Taxes withheld :-

= $656.5 * 2%

= $13.13

B) Journal Entry :-

Particulars Debit($) Credit($) Salaries and Wages Expenses A/c Dr. 656.5 To FICA Taxes Payable A/c 50.22 To Federal Income Taxes Payable A/c 48.69 To State Income Taxes Payable A/c 13.13 To Cash A/c (Balance) 544.46

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