Amy Strand's regular hourly wage rate is $12, and she receives an hourly rate of $18 for work in excess of 40 hours. During a January
pay period, Amy works 46 hours. Amy's federal income tax withholding is $86, and she has no other deductions.
Prepare a tabular summary for Amy's employer to record (a) Amy's pay for the period and (b) the payment of Amy's wages. Use
January 15 for the end of the pay period and the payment date. Assume that the FICA tax rate is 7.65%. (Round answers to 2 decimal
places, e.g. 15.25. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of
the amount entered for the particular Asset, Liability or Equity item that was reduced.)
(a)
Jan. 15
$
(b)
Jan. 15
Assets
Cash
=
Liabilities
Salaries & Wages Pay.
+
Fed. Inc. Taxes Pay.
+
F
$
$
$