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Determine the net pay of each employee

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Reference no: EM13970371

A weekly payroll summary made from labor time records shows the following data for Musketeer Manufacturing Company:


 

Hourly

Hours

Employee

Classification

Rate

Regular

Overtime

Brown, D.

Direct

$12

40

2

Jackson, D.

Direct

12

40

3

Love, J.

Direct

15

40

4

Anderson, C.

Indirect

9

40

  

Raymond, B.

Indirect

18

40

  

Overtime is payable at one-and-a-half times the regular rate of pay for an employee and is distributed to all jobs worked on during the period.

a. Determine the net pay of each employee. The income taxes withheld for each employee amount to 15% of the gross wages.

b. Prepare journal entries for the following:

1. Recording the payroll.

2. Paying the payroll.

3. Distributing the payroll. (Assume that overtime premium will be charged to all jobs worked on during the period.)

4. The employer's payroll taxes. (Assume that none of the employees has achieved the maximum wage bases for FICA and unemployment taxes.)

Reference no: EM13970371

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