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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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An employee receives an hourly rate of $132, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 53; federal income tax withheld, $463; cumulative earnings for year prior to current week, $141,005; social security tax rate, 6.2% on maximum of $142,800; and Medicare tax rate, 1.45% on all earnings. ***Use decimals, round to nearest cent. 1. What is the employee's gross pay? 2. What is the net amount to be paid to the employee? 3. What is the employer's portion of FICA?
Transcribed Image Text:An employee receives an hourly rate of $132, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 53; federal income tax withheld, $463; cumulative earnings for year prior to current week, $141,005; social security tax rate, 6.2% on maximum of $142,800; and Medicare tax rate, 1.45% on all earnings. ***Use decimals, round to nearest cent. 1. What is the employee's gross pay? 2. What is the net amount to be paid to the employee? 3. What is the employer's portion of FICA?
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