An Employee Receives an Hourly Rate of $15,with Time and a Half

question 32

Essay

An employee receives an hourly rate of $15,with time and a half for all hours worked in excess of 40 during the week.Payroll data for the current week are as follows: hours worked,46;federal income tax withheld,$120;cumulative earnings for the year prior to this week,$5,500;Social security tax rate,6% on maximum of $100,000;and Medicare tax rate,1.5% on all earnings;state unemployment compensation tax,3.4% on the first $7,000;federal unemployment compensation tax,.8% on the first $7,000.Prepare the journal entries to record the salaries expense and the employer payroll tax expense.

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Definitions:

Legally Accountable

The obligation to be answerable for actions or decisions according to the law.

Selling Process

A series of steps taken by a salesperson to identify and qualify potential buyers, present a product or service, address objections, and close the sale.

Retail Shoe

Refers to the sale of shoes through retail outlets, including brick-and-mortar stores and online platforms, to the end consumer.

Buyer's Readiness

The stages a potential purchaser goes through before deciding to buy a product, including awareness, knowledge, liking, preference, conviction, and purchase.