Calculate Betsy Strand gross earnings

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Reference no: EM131830671

Question: Data for Betsy Strand are presented in problem. Prepare the employer's journal entries to record

(a) Betsy's pay for the period and

(b) the payment of Betsy's wages. Use January 15 for the end of the pay period and the payment date.

Problem: Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $95, and she has no voluntary deductions. Compute Betsy Strand's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%.

Reference no: EM131830671

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