Answer the following questions to help provide the information for the paycheck. Rick works the same amount of hours each month. Rick worked 80 hours in pay period 9/10/18 - 9/21/18 and he earns $12 per hour. Rick's gross pay = 80 x $12.00 1.). Calculate Rick's Social Security deduction, which is 6.2% of his gross pay. Gross pay 2.)___ x.062 = 3.)__ Calculate Rick's Medicare deduction, which is 1.45% of his gross pay. Gross Pay 4.)___ x 0.0145= 5.)__ Medicare deduction Add all of Rick's deductions together to figure out the total amount taken out of each paycheck. Rick's deductions include the following: a.) $84.00 Federal withholding b.) $38.00 State withholding c.) $25.00 Medical d.) $40.00 401K e.) $ f.) $ 6.) 7.) 8.) Social Security deduction Social Security Medicare deduction Total Deductions (a-f) Subtract all of the deductions from Rick's gross pay to determine his net pay. - deductions 10.) Gross pay 9.)_ = 11.) net pay
Answer the following questions to help provide the information for the paycheck. Rick works the same amount of hours each month. Rick worked 80 hours in pay period 9/10/18 - 9/21/18 and he earns $12 per hour. Rick's gross pay = 80 x $12.00 1.). Calculate Rick's Social Security deduction, which is 6.2% of his gross pay. Gross pay 2.)___ x.062 = 3.)__ Calculate Rick's Medicare deduction, which is 1.45% of his gross pay. Gross Pay 4.)___ x 0.0145= 5.)__ Medicare deduction Add all of Rick's deductions together to figure out the total amount taken out of each paycheck. Rick's deductions include the following: a.) $84.00 Federal withholding b.) $38.00 State withholding c.) $25.00 Medical d.) $40.00 401K e.) $ f.) $ 6.) 7.) 8.) Social Security deduction Social Security Medicare deduction Total Deductions (a-f) Subtract all of the deductions from Rick's gross pay to determine his net pay. - deductions 10.) Gross pay 9.)_ = 11.) net pay
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 3SEB
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