1. The data below pertains to the earnings of Peter Castro for the week ended June30,2020.Hours and rateEarnings to date| 42 hours worked at P80 an hourP 28.00150% of the regular rate for hours worked in excess of40 hours.Overtime rateWithholding taxSSS contributionsPHIC contributionPag-ibig contribution3% of gross earnings2% of gross earnings1% of gross earnings| 1% of gross earningsWhat is the net pay of Peter Castro for the week?

Solution Gross earning is an individual's Total earnings before taxation or other deductions.

1. The data below pertains to the earnings of Peter Castro for the week ended June 30,2020. Hours and rate Earnings to date Overtime rate 42 hours worked at P80 an hour P 28.00 150% of the regular rate for hours worked in excess of 40 hours. Withholding tax SSS contributions PHIC contribution Pag-ibig contribution 3% of gross earnings | 2% of gross earnings 1% of gross earnings 1% of gross earnings What is the net pay of Peter Castro for the week?

1. The data below pertains to the earnings of Peter Castro for the week ended June 30,2020. Hours and rate Earnings to date Overtime rate 42 hours worked at P80 an hour P 28.00 150% of the regular rate for hours worked in excess of 40 hours. Withholding tax SSS contributions PHIC contribution Pag-ibig contribution 3% of gross earnings | 2% of gross earnings 1% of gross earnings 1% of gross earnings What is the net pay of Peter Castro for the week?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

3. The current employee earnings record for Beth Salzman is provided below. Update Salzman's earnings record to reflect the November 18 payroll. Earnings Record Instructions EMPLOYEE EARNINGS RECORD FOR THE PERIOD ENDED 20-- 20-- PERIOD ENDED EARNINGS TAXABLE EARNINGS DEDUCTIONS CK. NO. AMOUNT REGULAR OVERTIME TOTAL CUM. TOTAL UNEMPL. COMP. SOC. SEC. FED INC. TAX SOC. SEC. TAX MEDICARE TAX STATE INCOME TAX HEALTH INSUR. CREDIT UNION TOTAL 11/4 330.00 33.00 363.00 6,145.50 363.00 363.00 0 22.51 5.26 12.71 12 72.60 125.08 121 237.92 11/11 440.00 49.50 489.50 6,635.00 489.50 489.50 11.00 30.35 7.10 17.13 12 97.90 175.49 229 314.02 11/18 11/25 GENDER DEPARTMENT OCCUPATION SOCIAL SECURITY NO. MARITAL STATUS ALLOW. PAY RATE DATE OF BIRTH DATE HIRED NAME/ADDRESS EMP. NO.
Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15–31. Gross payroll $12,387 Federal income tax withheld $2,395 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of a.$12,387.00 b.$9,062.98 c.$8,294.98 d.$9,224.01
Required information Skip to question [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 Gross Pay for September a. $ 6,400 $ 1,700 b. 2,700 2,800 c. 133,300 9,900 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). Note: Round your answers to 2 decimal places.
Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31. Gross payroll| $19,738 Federal income tax withheld $2,900 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of Oa. $15,614.24 Ob. $19,738.00 Oc. $14,133.89 Od. $15,357.65
Take me to the text An employee had $24,300 in gross earnings up to February 20, 2021. She has the following information for her pay for the week ending February 27, 2021. Her employer contributes 100% toward CPP and 140 % toward El. Vacation pay is accrued at 4% of gross pay. Workers' Compensation is 1% of gross pay. Item Amount Hours 36 Hourly Rate $16.20 Income Tax $116.64 Canada Pension Plan $28.12 Employment Insurance $9.21 Union Dues $10.00 Charitable Donations $20.00 Do not enter dollar signs or commas in the input boxes. Round your answers to 2 decimal places. For transactions with more than one debit or more than one credit, enter the debit accounts in alphabetical order followed by credit accounts in alphabetical order.
jlp.2
5
Alpesh
Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15–31. Gross payroll $18,729 Federal income tax withheld $3,167 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of a.$12,996.13 b.$14,400.80 c.$14,157.33 d.$18,729.00
sssbbb
2. Below is the payroll register for Akai company's September 30, 2024, weekly payroll: Deductions Gross Employee Federal Income Marital Tax Status Earnings Withheld Social State Tax Withheld Security Medicare Tax Withheld Tax Medical Insurance Withheld Dental Insurance Withheld Withheld Net Pay a. Akai, J. Single $1,200.00 $168.00 $96.00 $74.40 $17.40 $80.00 $20.00 $744.20 b. Green, W. Single 840.00 117.60 67.20 52.08 12.18 80.00 20.00 490.94 c. Hernandez, L. Married 1,280.00 128.00 102.40 79.36 18.56 125.00 30.00 796.68 d. Vang, G. Married 1,100.00 110.00 88.00 68.20 15.95 125.00 30.00 662.85 e. Hurst, A. Married 680.00 68.00 54.40 42.16 9.86 125.00 30.00 350.58 Totals $5,100.00 $591.60 $408.00 $316.20 $73.95 $535.00 $130.00 $3,045.25 A. Based on the information in the September 30, 2024, payroll register, and the list of general ledger accounts below, record the payroll journal entry below DATE 20-- Sept. 30 GENERAL JOURNAL PAGE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT General…
Employee Net Pay Kenneth Inverness's weekly gross earnings for the week ended April 22 were $1,000, and his federal income tax withholding was $180. Assuming the social security rate is 6% and Medicare is 1.5%, what is Kenneth's net pay? Note: If required, round your answer to two decimal places. All work saved.