1. Jose Santos worked 46 hours in one week at a ratę of P45 an hour. Eis paid one and a half times the regular rate for hours workedLaChap184MULTIPLE CHOICES-COMPUTATIONALexcess of 40.What is the gross earnings of Jose Santos:а. Р2,205b. P2,070c. P2,340d. P1,8002. The data below pertains to the earnings of Pedro Castro for the weekended June 16, 2018:Hours and rate42 hours worked at P40 an hourEarnings to dateP14.00Overtime rateOne and a half times the regularrate for hours worked in excess of40 hours.Withholding tax3% of gross earningsSSS contributions2% of gross earningsPhil. Health contributions1% of gross earningsPag-ibig contributions1% of gross earningsWhat is the net pay for Pedro Castro for the week?P 1,599.60b.a.P13,879.60P 1,629.60d. P13,580.00c.

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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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Thomas Martin receives an hourly wage rate of $16, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $363; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Oa. $832 Ob. $1,536 Oc. $1,152 Od. $768
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 6,400 2,000 131,400 Gross Pay for September $ 800 2,100 8,000 a. b. с. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax Таx Tax Rate Tax Amo FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Subject to Tax Tax Tax Rate Tax Amo FICA-Social Security FICA-Medicare FUTA SUTA c) September Earnings Subject to Tax Тax Tax Rate Tax Amo FICA-Social Security FICA-Medicare FUTA SUTA
An appliance company has three installers. Larry earns $395 per week, Curly earns $490 per week, and Moe earns $595 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax $ 1134 total FUTA tax $126 X X
Use Al Homer Simpson receives an annual salary of $110-760.00, is paid biweekly, and works 40 regular hours per week. Overtime is paid at time-and-a-half regular pay. How many hours overtime (to the nearest integer) did Homer work during a pay period for which his gross pay was $5 005.50? Do not include any units in your answers. Answer:
A man worked 48 hours in one week. His regular pay was $7.20 per hour with time and a half for overtime. Find his gross earnings for the week.
Carl is paid an hourly rate of $12.65. What is his annual gross pay if he works 25 hours per week? $316.75
Calculation of Take-Home Wages (Accounting for Liabilities). Lina Lu is an hourly worker who earns $50 per hour. During the prior week, Lina worked 40 hours. The FICA rate is 6.2% and Medicare Rate is 1.45%. Lina's total wages for this payroll are subject to the aforementioned taxes. In addition, she had deductions of $280 for federal income tax and $80 for insurance contribution. What is her net pay? Can you please show how you came to this answer? Thank you!
Thomas Martin receives an hourly wage rate of $25, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $308; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? a.$1,300 b.$1,800 c.$2,400 d.$1,200
Thomas Martin receives an hourly wage rate of $16, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 47; federal income tax withheld, $354; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? a.$1,504 b.$808 c.$1,128 d.$752
Kevin is employed at $8 per hour. He is paid time and a half for hours of work in excess of 44 hours per week. Last week he worked for 50 hours. His gross earnings were: A. $324B. $400C. $424D. $600
Watson's hourly wage is $18, and his net pay is 72% of his earnings. Watson spends about $1,800 on his monthly expenses. If Watson works 40 hours per week and has no other sources of income, what is his total monthly cash inflow? (Hint: Assume that there are 4 pay periods per month.) a. $2,073.60 b. $1,800.00 C. 51.080.00 d 5272.60

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1. Jose Santos worked 46 hours in one week at a ratę of P45 an hour. B is paid one and a half times the regular rate for hours worked i excess of 40. What is the gross earnings of Jose Santos: а. Р2,205 b. P2,070 с. Р2,340 d. P1,800