## Payroll Calculation Exercises### 3. EX.10.162An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week and that the gross pay prior to the current week totaled $58,000. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and the federal income tax to be withheld was $614.**Required:**a. Determine the gross pay for the week.- **$__________**b. Determine the net pay for the week.- **$__________**---### 4. EX.10.170According to a summary of the payroll of Scotland Company, salaries for the period were $500,000. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%.---This exercise focuses on calculating gross and net pay while considering overtime, payroll taxes, and other deductions fundamental to understanding employee compensation.

Answered: a. Determine the gross pay for the…

Business

Accounting

a. Determine the gross pay for the week. b. Determine the net pay for the week.

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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