ABC has a semi-monthly payroll cycle and a 40 hour standard work week. W1 W2 W3 1 2 3 Sun 2/28 2 hours 3/6 2 hours 3/13 2 hours What would ABC's total pay hours for March 1 - March 15 pay period? What would ABC's total pay hours for the previous pay period? What would ABC's total pay hours for the next pay period? Tues Wed Thurs 2/29 3/1 3/2 3/3 8 8 8 8 hours hours hours Mon 3/7 8 3/8 8 3/9 3/10 8 8 hours hours hours hours hours 3/14 8 hours hours Fri 3/4 8 hours 3/11 8 3/15 3/16 3/17 3/18 8 hours 8 hours 8 hours 8 hours Sat 3/5 0 hours 3/12 0 hours 3/19 8 hours

ABC has a semi-monthly payroll cycle and a 40 hour standard work week. W1 W2 W3 1 2 3 Sun 2/28 2 hours 3/6 2 hours 3/13 2 hours What would ABC's total pay hours for March 1 - March 15 pay period? What would ABC's total pay hours for the previous pay period? What would ABC's total pay hours for the next pay period? Tues Wed Thurs 2/29 3/1 3/2 3/3 8 8 8 8 hours hours hours Mon 3/7 8 3/8 8 3/9 3/10 8 8 hours hours hours hours hours 3/14 8 hours hours Fri 3/4 8 hours 3/11 8 3/15 3/16 3/17 3/18 8 hours 8 hours 8 hours 8 hours Sat 3/5 0 hours 3/12 0 hours 3/19 8 hours

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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Peter Jones is paid $13.76 per hour. During the past week, he worked 44 hours, and he is a covered employee who must be paid for overtime. Calculate his gross pay using the overtime premium approach. Round your overtime rate to two decimal places and use the rounded amount in subsequent computations. Round your final answers to the nearest cent. a. Regular pay (44 hours) b. Overtime premium pay c. Gross pay $ $
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Compute Payroll Floatin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,710 per week $34 per hour $44 per hour Overtime earnings rate* Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $276.54 to 24% of the difference between the employee's amount subject to withholding and $1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three…
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