Part I. R. Stone, a non-supervisory employee, earns $200 per 40-hour workweek at the Princess...
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Part I. R. Stone, a non-supervisory employee, earns $200 per 40-hour workweek at the Princess Caf. During the two-week period of February 4-17, he worked an average of 50 hours per week. Assume the following: He is married and claims two withholding allowances (See table on Exhibit #6 of reading for federal income tax withholding). Assume the FICA rate is 7.65%. Assume the state-withholding rate is 4.6%. SUTA rate is 5.2%. FUTA rate is 1.0%. 1. 2. 3. 4. 5, Required: Calculate Stone's gross and net pay. 1. 2. Prepare the journal entry to record the payroll expense related to his labor
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