7. Mr. Koala, a factory worker is paid P150 per hour for a regular work of 40 hours. During the week, Mr. Koala worked 45 hours and earned time and a half for overtime hours. If overtime premium is charged to the jobs worked during the overtime hours, how much is the amount charged to Work in Process account?
Q: Social security based on 6.2%
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Q: Carmen Gaetano worked 46 hours during this payweek. He is paid time-and-a-half for hours over 40 and…
A: Overtime hours = Total hours worked - 40 hours = 46 houra - 40 hours = 6 hours
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Q: 8. Mr. Koala, a factory worker is paid P150 per hour for a regular work of 40 hours. During the…
A: Overtime premium means payment made to an employee in excess of his/her regular earnings rate.…
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A: The question is based on the concept of Business Finance.
Q: 3. Mr. Francis worked on a regular holiday that falls on his rest day. He rendered 12 hours of…
A: Overtime hours = 12 Hourly rate = P 125
Q: 3. Mr. Koala, a factory worker is paid P150 per hour for a regular work of 40 hours. During the…
A: A. Date Accounts Amount Amount Wages [(45*150) +(5*150*50%)] $7,125…
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A:
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A: Solution: Regular wages = P84 per hours Overtime hours = 7.5 hours
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Q: Mr. Koala, a factory worker is paid $150 per hour for a regular work of 40 hours. During the week,…
A: a. Date Accounts Amount Amount Wages [(45*150) +(5*150*50%)] $7,125…
Q: overtime premium
A: Overtime premium is the excess wage paid in addition to regular wages.
Q: what is the estimated liability for bonus?
A: Estimated Liability for Bonus is recorded by the entity on the basis of expected wages of the…
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A: The liability is referred to the amount which a company has to pay to others.
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Q: Robert LaClerq is paid a regular wage of $9.50 an hour, overtime at the rate of 12 times the regular…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
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- Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)Accounting for bonus and vacation pay Cathy Muench a factory worker, earns 1,000 each week. In addition, she will receive a 4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee.Part I. An employee earns $22 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $177.10. a. Determine the gross pay for the week. b. Determine the net pay for the week. Part II. Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the fol-lowing summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: At regular rate ? At overtime rate $80,000 Total earnings ? Deductions: Social security tax $32,400 Medicare tax $8,100 Federal income tax withheld $135,000 Medical insurance $18,900 Union dues ? Total deductions $201,150 Net amount paid $338,850 Accounts debited: Factory Wages $285,000 Sales Salaries ? Office Salaries $120,000 a. Determine the amounts omitted in lines (1), (3), (8), and (12). b.…
- Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: $32.57 (6.2% × $525.25) Total tax withheld from the 100 employees' wages: $3,257.00 ($32.57 × 100) Tax on employer: $3,256.55 [6.2% × ($525.25 × 100)] HI Amount of HI tax withheld from each employee's paycheck each week: $7.62 (1.45% × $525.25) Total tax withheld from the 100 employees' wages is: $762.00 ($7.62 × 100) Tax on employer: $761.61 [1.45% × ($525.25 × 100)] The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. Round all computations to the nearest cent. FICA Taxes Employee No. Employee Name Biweekly Taxable Wages OASDI HI 711 Castro, Manny $1,000.00 $fill in the blank 1 $fill in the blank 2 512 Corrales, Pat 968.00 fill in the…An employee earns $1580 a week, the deductions from the employee's pay cheque for El, CPP, and income taxes are equal to $195. The company must contribute an additional $111 for El and CPP. How much would the company record as total salary expense for the employee in this week? O $1580 • $1496 $1691 ⚫ $1886Activity 4- Accounting for Labor 1. JYD Accounting Firm pays its employees at a rate of P50/hr. The tax and other deductions amount to 20% of monthly income in excess of P1,000 if an employee works 40 hours in a 120 hours in a month. Required : Compute the following: A. Gross Pay B. Net Pay
- ajt.4 An employee earns $22 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $177.10. a. Determine the gross pay for the week. b. Determine the net pay for the week. Round to two decimal places.1. Calculate Income Tax @ 15% and CPP & El per pay period. Employees are paid biweekly. Their per pay period salary is given. Employee Gross Pay 1,200.00 530.00 675.00 2.405 El Premlum Income Тахes СРР Total Deductions Net Pay Johnson. S Waverley N. Zender B Total 2.The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's payroll records: Eamings to End Income Taxes of Previous week $ 12.510 10.320 15.500 29 500 Employees Names Weekly Gross Pay Health Insurance Deductions S 24.00 Hellen Craig Joseph Lim Dino Patel S 720 610 830 Sharleen McFee 1700 $3 860 $106.20 79 70 132.25 432.55 S750 70 24.00 36.00 24 00 S 108.0017. The following deductions are made from the salary of an employee. DEDUCTIONS Income tax 35%National housing 2%Education tax 1% What is the total amount which should be deducted from her employee’s salary $1 800 per month? A. $486B. $648C. $684D. $846
- 2. JYD Accounting Firm pays its employees at a rate of P50/hr. The tax and other deductions amount to 20% of monthly income in excess of P1,000 if an employee works 40 hours in a 120 hours in a month. How much is the net pay?Compute payroll An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $202. a. Determine the gross pay for the week. b. Determine the employee's net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.Instruction 5-1 Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Refer to Instruction 5-1. In the first quarter of the year, Henry Gibson earned $3,000 in wages and reported $2,400 in tips to his employer. How much would the employer’s FUTA tax be for the first quarter on Gibson? View keyboard shortcuts