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Prepare the general journal entry to record payment

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Vaughn Enterprises has two hourly employees, Lane and Adam. 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 Lane and Adam was $260 and $220 respectively for the first week of January. The following information is for the first week in January 2013:

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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. 

 

 

Reference no: EM13925518

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