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. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer $32 per hour $44 per hour 2 times hourly rate 1.5 times hourly rate $238 $505 Consultant $2,910 per week Regular earnings rate Overtime earnings rate Not applicable $920 Federal income tax withheld for hourly employees, overtime is paid for hours worked in excess of 40 hours per week. for the current pay period, the computer programmer worked 55 hours and the administrator worked 65 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers lecimal places. Gross pay Net pay Consultant 2,910 ✔ 2,042.53 X Computer Programmer 2,380 X 1,700.68 X Administrator $ $ $ Administrator 2,880 X 2,023.18 X

. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Computer Programmer $32 per hour $44 per hour 2 times hourly rate 1.5 times hourly rate $238 $505 Consultant $2,910 per week Regular earnings rate Overtime earnings rate Not applicable $920 Federal income tax withheld for hourly employees, overtime is paid for hours worked in excess of 40 hours per week. for the current pay period, the computer programmer worked 55 hours and the administrator worked 65 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers lecimal places. Gross pay Net pay Consultant 2,910 ✔ 2,042.53 X Computer Programmer 2,380 X 1,700.68 X Administrator $ $ $ Administrator 2,880 X 2,023.18 X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer $32 per hour $44 per hour 2 times hourly rate 1.5 times hourly rate $238 $505 Regular earnings rate $2,910 per week Overtime earnings rate Not applicable Federal income tax withheld $920 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 55 hours and the administrator worked 65 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places. Gross pay Net pay Feedback ▼ Check My Work Consultant 2,910 2,042.53 X Computer Programmer 2,380 X 1,700.68 X Administrator $ $ $ $ Administrator 2,880 X 2,023.18 X Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also known as take-home pay.
Transcribed Image Text:Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer $32 per hour $44 per hour 2 times hourly rate 1.5 times hourly rate $238 $505 Regular earnings rate $2,910 per week Overtime earnings rate Not applicable Federal income tax withheld $920 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 55 hours and the administrator worked 65 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places. Gross pay Net pay Feedback ▼ Check My Work Consultant 2,910 2,042.53 X Computer Programmer 2,380 X 1,700.68 X Administrator $ $ $ $ Administrator 2,880 X 2,023.18 X Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also known as take-home pay.
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