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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

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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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
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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