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Herring Enterprises has two hourly employees, Emily and Jash. Both employees earn overtime at the rate of 1½ times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Emily and Jash was $280 and $250 respectively. The following information is for the first week in January 2013:
Required:
a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages.
During the current year, Tamara sells the asset to Leon in exchange for $93,000 cash and a new automobile with a fair market value of $51,000 to be used by Tamara for personal use. Leon assumes the $74,000 liability. What is the amount of Tamara's..
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