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Problem - Donald Chin works for Northwest Supplies. His rate of pay is $8.50 per hour, and he 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 current year, he worked 48 hours. Chin is married and claims three withholding allowances on his W-4 form. His weekly wages are subject to the following deductions:
a. Employee federal income tax (use Figure 8-4 on pages 288 and 289)
b. Social Security tax at 6.2%
c. Medicare tax at 1.45%
d. Health insurance premium, $85
e. Credit union, $125
f. United Way contribution, $10
Required -
1. Compute Chin's regular pay, overtime pay, gross pay, and net pay.
2. Journalize the payment of his wages for the week ended January 31, crediting Cash for the net amount.
Is Cost-Volume-Profit Analysis still relevant in the 21st Century business organization? Support your answer with reasoned arguments and references as appropriate.
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