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Question - You worked 55 hours for the week. You are paid $10 per hour. You are entitled to overtime pay. There is a federal income tax deduction of 15%. There is a state income tax deduction of 10%. There is a social security tax deduction of 6.2%. There is a medicare tax deduction of 1.45%. In addition, $10 was deducted for union dues.
Required -
a) Compute your net pay for the week.
b) Assume you are the only employee. Make the required journal entry to reflect the above data.
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