Tami strand’s regular hourly wage rate is $10, and she receives an hourly rate of $20 for work in excess of 40 hours. during a january pay period, tami works 50 hours. tami’s federal income tax withholding is $88, and she has no voluntary deductions. assume that the fica tax rate is 7.65%. prepare a tabular summary for tami’s employer to record (a) tami’s pay for the period and (b) the payment of tami’s wages. use january 15 for the end of the pay period and the payment date. (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.)

wages expense         600.00 debit

wages income tax payable 88.00 credit

FICA tax payable                 45.90 credit

wages payable                   466.10 credit

--to record accrued wages for Tami Strand's--

wages payable 466.10 debit

            cash                      466.10 credit

--to record payment to Tami Strand's--

Explanation:

Tami wages for the week:

40 hours x $10 rate =        400 dollars

10 hours x $20 rate =       200 dollars

total wages for the week 600 dollars

FICA tax: 600 x 7.65% = 45.9

gross pay                    600.00 dollars

income tax witholding 88.00 dollars

FICA tax                       45.90 dollars

net pay:                      466.10 dollars

answer: nobody

explanation:

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!