90.2K

Verified Solution

Link Copied!

I chose my organization as restaurant owner. Can you please help me out?

7. Most organizations hire at least one employee. Select one employee for your organization (it could be you!) and calculate the following: a. Gross pay. You should do some research to determine the proper entry-level pay for a person in this field and type of organization. (Provide your source.) List the yearly pay, and the pay for the first month. b. Determine a reasonable amount of benefits, such as medical/dental insurance and assume the organization will contribute half. Cite your source. c. Determine the withholdings (deductions from gross pay) for federal taxes, states taxes, FICA taxes, and medical/dental for the first month of work. Show calculations for federal, state, FICA taxes and use the amount you determined for medical/dental part b. d. Prepare the journal entry to record the payroll for the above "employee". 7. Most organizations hire at least one employee. Select one employee for your organization (it could be you!) and calculate the following: a. Gross pay. You should do some research to determine the proper entry-level pay for a person in this field and type of organization. (Provide your source.) List the yearly pay, and the pay for the first month. b. Determine a reasonable amount of benefits, such as medical/dental insurance and assume the organization will contribute half. Cite your source. c. Determine the withholdings (deductions from gross pay) for federal taxes, states taxes, FICA taxes, and medical/dental for the first month of work. Show calculations for federal, state, FICA taxes and use the amount you determined for medical/dental part b. d. Prepare the journal entry to record the payroll for the above "employee

Answer & Explanation Solved by verified expert

See Answer