An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $182 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $150 and contributes $75 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.)

Q: An employee earned $61,700 during the year working for an employer. The FICA tax rate for Social…

A: The employee has earned $ 61700 during the year

Q: Westway Company pays Suzie Chan $3,000 per week. Assume Social Security is 6.2% on $128,400 and…

A: Deductions: When the taxpayer is given some exemption from tax by the government or the concerned…

Q: An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of…

A: Gross earnings = Regular earnings + Overtime earnings = (40 hours x $15 per hour) + (6 hours x $15…

Q: An employee receives an hourly rate of $18, with time and a half for all hours worked in excess of…

A: Introduction:- The following basic information as follows under:- Federal income tax withheld, $144…

Q: An employee receives an hourly wage rate of $15, with time-and-a-half for all hours worked in excess…

A: Payroll accounting is a part of accounting which is made to record transaction made in the favor of…

Q: Big Pine Tree Service has 18 employees, 12 with gross earnings of $350 per week and 6 with gross…

A: Payroll taxes The employer is required to pay a certain percentage to the government on the behalf…

Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…

A: Federal Unemployment Tax Act (FUTA): The federal unemployment tax is welfare scheme of a social…

Q: Martin Jackson receives an hourly wage rate of $18, with time and a half for all hours worked in…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: An employee earns $20 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Hours worked = 55  Normal hourly rate = $ 20 Overtime rate = $ 20*1.5 = $ 30 Normal weekly hours =…

Q: Thomas Martin receives an hourly wage rate of $20, with time-and-a-half pay for all hours worked in…

A: Normal hours in a week = 40 hours Hours worked = 42 hours Overtime hours = Total hours worked -…

Q: An employee is paid a salary of $11,050 per month. If the current FICA rate is 6.2% on the first…

A: Workings: Given value: FICA rate is 6.2 %

Q: Todd Hackworth’s weekly gross earnings for the week ending December 18 were $2,000, and his federal…

A: Net pay = Gross pay - Federal income tax withheld - Social security tax withheld - Medicare tax…

Q: cial security is 6.2% of the first $128,400 of employee earnings each calendar year and the FICA tax…

A: Higher income earners are taxed at a higher rate under the federal income tax, which is based on a…

Q: A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross…

A: The number of employees of paving company = 24  The gross earnings of 15 employees per week = $365 *…

Q: An employee receives an hourly rate wage of $24, with time and a half for All hours worked in excess…

A: In this case, we have to deduct all the withheld income tax, Social Security tax & Medicare tax…

Q: An employee earned $44,800 during the year working for an employer when the maximum limit for Social…

A: Formula: FICA tax amount = Social security tax + Medicare tax amount

Q: Martin Jackson receives an hourly wage rate of $17, with time and a half for all hours worked in…

A: Compute gross pay of Martin Jackson as shown below:

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent.…

A: Payroll taxes are taxes that are paid by employer and employee on the amount of salaries paid to…

Q: An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in excess…

A: Definition: The net amount payable to the employee is the amount paid net of taxes. It is calculated…

Q: An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Solution:- a) Calculation of the gross pay for the week as follows:-

Q: An employee receives an hourly wage rate of $18, with time and a half for all hours worked in excess…

A: The net amount payable to the employee is the amount paid net of taxes. It is calculated as follows:…

Q: An employee earned $45,400 during the year working for an employer when the maximum limit for Social…

A: The FICA tax amount is the sum of 6.2% social security tax and 1.45% Medicare tax on the employee…

Q: Thomas Martin receives an hourly wage rate of $17, with time-and-a-half pay for all hours worked in…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: An employee receives an hourly rate of $25.00, with time and a half for all hours worked in excess…

A: Given the following information: An employee receives an hourly rate of $25.00 with time and a half…

Q: Employee AA is paid monthly. For the month of January, she earned a total of $8,260. The tax for…

A: . Employee AA’s net pay for the month is: $6302.94  explanation :  The computation of net pay is…

Q: An employee receives an hourly wage rate of $25, with time and a half for all hours worked in excess…

A: Given that , Hourly wage rate = 25 per hr  hours to be worked = 40 hrs Actual hours worked = 42 hrs…

Q: An employee receives an hourly wage rate of $20, with time and a half for all hours worked in excess…

A: Given, Hourly wage = $20 per hour Wage if work in excess of 40 hours = 1.50 * $20 = $30 per hour…

Q: Thomas Martin receives an hourly wage rate of $15, with time-and-a-half pay for all hours worked in…

A: Gross pay: Gross pay means the salary before the deduction of any taxes, benefits, and other payroll…

Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…

A: Net pay is the amount of compensation that remains available for distribution to an employee after…

Q: Westway Company pays Suzie Chan $3,150 per week. Assume Social Security is 6.2% on $128,400 and…

A: Given that: Per week pay = $3150 Social security tax rate = 6.2% Medicare tax rate = 1.45%

Q: An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Social security tax will be charged on gross pay  Medicare tax will be charged on gross pay

Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…

A: Step 1 The unemployment taxes (FUTA) of $42 is obtained by multiplying the earnings of $7,000 with…

Q: Thomas Martin receives an hourly wage rate of $22, with time and a half for all hours worked in…

A: Based on the given information, Excess hours worked = 44-40 = 4 hours Normal wage rate for hours…

Q: Thomas Martin receives an hourly wage rate of $25, with time-and-a-half pay for all hours worked in…

A: Gross pay for martin = Regular earning + Overtime earnings

Q: Martin Jackson receives an hourly wage rate of $17, with time and a half for all hours worked in…

A: Payroll is the process using which the working hours, and pay rate of the employees of an entity are…

Q: An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of…

A: Gross earnings = (40 hours x $25 per hour) + (Hours in excess of 40 hours x $25 per hour x 1.5) =(40…

Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…

A: Answer : $6,846.92

Q: Thomas Martin receives an hourly wage rate of $14, with time-and-a-half pay for all hours worked in…

A: Given that: Regular hours = 40 hours Hours worked = 42 hours

Q: An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: a. Gross pay for the week 1120.00   b. Net pay for the week 778.00           Working Notes:…

Q: During the first week of January, an employee works 50 hours. For this company, workers earn 150% of…

A: Pay rate is $20/hour. Standard number of hours to be worked in a week = 40 Standard pay = 40 x 20 =…

Q: Thomas Martin receives an hourly wage rate of $18, with time and a half for all hours worked in…

A: Introduction: The sum of an employee's paycheck that is left over after payroll deductions such as…

Q: Thomas Martin receives an hourly wage rate of $25, with time and a half for all hours worked in…

A: Introduction: A tax rate is the proportion of income that is taxed on a person or company. The…

Q: Thomas Martin receives an hourly wage rate of $24, with time-and-a-half pay for all hours worked in…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Gross pay = Regular pay + OvertimeNet pay = Gross pay - Federal taxes withheld - Taxes payable

Q: An employee earns $5,750 per month working for an employer. The FICA tax rate for Social Security is…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: An employee is paid a salary of $10,150 per month.  If the FICA rate is 6.2% on the first $118,500…

A: FICA tax = Salary x FICA tax rate = $10,150 x 6.2% = $629.30 Medicare tax payable = Gross payroll x…

Q: An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Gross pay for the week = (Normal rate × Normal hours) + (Bonus rate × Additional hours) Net pay for…

Q: An employee receives an hourly wage rate of $21, with time and a half for all hours worked in excess…

A: Hours worked =45 HOURLY rate=21 For 40 hours  HOURLY rate=10.5 for overtime  social security tax =6%…