An employee earns $16 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. assume that the employee worked 50 hours during the week, and that the gross pay prior to the current week totaled $23,200. assume further that the social security tax rate was 6.0%, the medicare tax rate was 1.5%, and federal income tax to be withheld was $212.

Need with an adjusting journal entrycmc records depreciation and amortization expense annually. they do not use an accumulated amortization account. (i.e. amortization expense is recorded with a debit to amort. exp and a credit to the patent.) annual depreciation rates are 7% for buildings/equipment/furniture, no salvage. (round to the nearest whole dollar.) annual amortization rates are 10% of original cost, straight-line method, no salvage. cmc owns two patents: patent #fj101 and patent #cq510. patent #cq510 was acquired on october 1, 2016. patent #fj101 was acquired on april 1, 2018 for $119,000. the last time depreciation & amortization were recorded was december 31, 2017.before adjustment: land: 348791equpment and furniture: 332989building: 876418patents 217000