Darla Katz earns an hourly wage of $12,with time-and-a-half pay for hours worked over 40 per week.During the most recent week,she worked 46 hours,her federal tax withholding totaled $62,her state tax withholding totaled $18,and $3 was withheld for union dues.Assuming a 6.2 percent social security tax rate and a 1.45 percent Medicare tax rate,prepare the entry without explanation in the journal provided to record Katz's wages and related liabilities.Round to the nearest penny.
Definitions:
Paid in Surplus
The amount of money paid to a company by investors in exchange for stock, beyond the par value of the stock.
Par Value
The face value of a bond or stock, as determined at the time of issuance.
Reverse Stock Split
A reverse stock split is an action taken by a corporation to reduce the number of its current shares in the market, thereby increasing the share price.
Market Price
The current price at which an asset or service can be bought or sold in a competitive and open market.
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