6/21/24, 9:35 AM CengageNOWv2 | Online teaching and learning resource from Cengage Learning Computing Net Pay Tom Hallinan works for a company that pays its employees 12 times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $15 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a 12-hour lunch break during an 82-hour day. His time card is shown. Name Tom Hallinan Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:55 12:02 12:32 5:33 8 1 T 7:59 W WTFS 12:04 12:34 6:05 8 7:59 12:05 12:35 4:30 8 1½ 8:00 7:58 12:01 12:30 5:01 12:02 12:31 5:33 8 8 1/2 1 7:59 9:33 1½ Complete the following for the week: a. 40 regular hours x $15 per hour b. 5.5 overtime hours x $22.50 per hour c. Total gross wages $ 600 $ 123.75 723.75 d. Federal income tax withholding $ (Tax Tables: Refer to Figure 8-4 in the text.) 72.37 $ e. Social Security withholding at 6.2% 44.87 $ f. Medicare withholding at 1.45% 10.49 $ g. Total withholding h. Net pay 2 more Check My Work uses remaining. 127.73 $ 596.02 https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assignment-take&inp... 1/1
6/21/24, 9:35 AM CengageNOWv2 | Online teaching and learning resource from Cengage Learning Computing Net Pay Tom Hallinan works for a company that pays its employees 12 times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $15 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a 12-hour lunch break during an 82-hour day. His time card is shown. Name Tom Hallinan Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:55 12:02 12:32 5:33 8 1 T 7:59 W WTFS 12:04 12:34 6:05 8 7:59 12:05 12:35 4:30 8 1½ 8:00 7:58 12:01 12:30 5:01 12:02 12:31 5:33 8 8 1/2 1 7:59 9:33 1½ Complete the following for the week: a. 40 regular hours x $15 per hour b. 5.5 overtime hours x $22.50 per hour c. Total gross wages $ 600 $ 123.75 723.75 d. Federal income tax withholding $ (Tax Tables: Refer to Figure 8-4 in the text.) 72.37 $ e. Social Security withholding at 6.2% 44.87 $ f. Medicare withholding at 1.45% 10.49 $ g. Total withholding h. Net pay 2 more Check My Work uses remaining. 127.73 $ 596.02 https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assignment-take&inp... 1/1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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Transcribed Image Text:6/21/24, 9:35 AM
CengageNOWv2 | Online teaching and learning resource from Cengage Learning
Computing Net Pay
Tom Hallinan works for a company that pays its employees 12 times the regular rate for all hours worked in excess of
40 per week. Hallinan's pay rate is $15 per hour. His wages are subject to deductions for federal income tax, Social
Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a 12-hour lunch
break during an 82-hour day. His time card is shown.
Name
Tom Hallinan
Week Ending
March 30, 20--
Hours Worked
Day
In
Out
In Out Regular Overtime
M
7:55
12:02 12:32 5:33 8
1
T
7:59
W
WTFS
12:04 12:34 6:05 8
7:59 12:05 12:35 4:30 8
1½
8:00
7:58
12:01 12:30 5:01
12:02 12:31 5:33 8
8
1/2
1
7:59
9:33
1½
Complete the following for the week:
a. 40
regular hours x $15 per hour
b. 5.5
overtime hours x $22.50 per hour
c. Total gross wages
$
600
$
123.75
723.75
d. Federal income tax withholding
$
(Tax Tables: Refer to Figure 8-4 in the text.) 72.37
$
e. Social Security withholding at 6.2%
44.87
$
f. Medicare withholding at 1.45%
10.49
$
g. Total withholding
h. Net pay
2 more Check My Work uses remaining.
127.73
$
596.02
https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assignment-take&inp... 1/1
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