An employee receives an hourly rate of $17, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 49; federal income tax withheld, $80; state income tax withheld is $22; social security tax rate, 6.2%; and Medicare tax rate, 1.45%. What is the net amount to be paid to the employee? Multiple Choice ) $737.92 $680.00 $909.50 $171.58

An employee receives an hourly rate of $17, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 49; federal income tax withheld, $80; state income tax withheld is $22; social security tax rate, 6.2%; and Medicare tax rate, 1.45%. What is the net amount to be paid to the employee? Multiple Choice ) $737.92 $680.00 $909.50 $171.58

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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Thomas Martin receives an hourly wage rate of $24, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 42; federal income tax withheld, $354; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?
Thomas Martin receives an hourly wage rate of $19, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $362; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. a.$1,748 b.$1,311 c.$874 d.$931
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $9,138. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,516.27. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $6,488.67 О $7,055.17 О $7,813.84 О $6,866.67 $6,922.67 B
An employee earned $60,700 during the year working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 of employee earnings per calendar year, and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must pay? Multiple Choice O O $434.00 $56.00 $101.50 $378.00 $0.00
An employee earns $24 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 $304. a. the gross pay for the week. b. 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.
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,838. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,466.47. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $7,586.59 $6,695.42 $6,639.42 $6,261.42 $6,823.57
An employee earns $5,750 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 $192 in tederal income taxes withheld. The employee has voluntary deductions for health insurance of $160 and contributes $80 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.) Multiple Choice $4.87812 $4,56762
An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 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 $518. a. Determine the gross pay for the week.$fill in the blank 1 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
Ramon Gonzalez’s gross pay for the week was $700. He had deductions of $85 for federal income tax, $43.40 for social security tax, $10.15 for Medicare tax as well as $5 for union dues. The journal entry to record his federal income tax withheld would include: Multiple Choice a debit to Employee Income Tax Payable for $85 a credit to Employee Income Tax Payable for $85 a debit to Salaries Payable for $700 a debit to Salaries Expense for $556.45
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An employee earned $44,600 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is: Multiple Choice $3,411.90. $646.70. $6,177.10. $6,823.80. $2,765.20.
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 $202. a. Determine the gross pay for the week.fill in the blank 1 of 2$ 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.fill in the blank 2 of 2$