atin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available ployee: oss pay Consultant gular earnings rate ertime earnings rate* umber of withholding allowances 3 or hourly employees, overtime is paid for hours worked in excess of 40 hours per week. the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all o 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. it the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Consultant $2,410 per week Not applicable 2,410 Computer Programmer $30 per hour 1.5 times hourly rate. 2 termine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 4 quired, round your answers to two decimal places. Computer Programmer 2,240 Administrator $40 per hour 2 times hourly rate 1 X Administrator 3,000 X

atin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available ployee: oss pay Consultant gular earnings rate ertime earnings rate* umber of withholding allowances 3 or hourly employees, overtime is paid for hours worked in excess of 40 hours per week. the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all o 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. it the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Consultant $2,410 per week Not applicable 2,410 Computer Programmer $30 per hour 1.5 times hourly rate. 2 termine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 4 quired, round your answers to two decimal places. Computer Programmer 2,240 Administrator $40 per hour 2 times hourly rate 1 X Administrator 3,000 X

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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Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $2,250 and who counted 2 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)-- Assume the deduction for each withholding allowance is $75. If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is $0 Not over $43. . . ver--- But not over-- of excess over-- $43 --$222 | $ 0.00 plus 10% ---$43 $222 ---$767 $17.90 plus 15% --$222 $767 --$1,796| $99.65 plus 25% ---$767 $1,796 --$3,700 $356.90 plus 28% ---$1,796 $3,700 ---87,992 | $890.12 plus 33% --S3,700 $7,992 ---$8,025 | $2,306.38 plus 35% ---$7,992 $8,025 $2,317.93 plus 39.6% ---$8,025 $356.90 $442.02 $484.02 $630.00
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Thomas Martin receives an hourly wage rate of $16, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $363; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Oa. $832 Ob. $1,536 Oc. $1,152 Od. $768
An employee receives a bi-weekly gross salary of $2,000. The employee’s deductions include income tax of $218, CPP of $99, EI of $36, and union dues of $50. The employer’s share of the deductions includes CPP of $139 and EI of $36. What is the total amount of salaries and employee benefits expense that X Corp. would record on its income statement as a result of the employee's bi-weekly salary? answers a. $1,597 b. $1,772 c. $2,000 d. $2,175
Thomas Martin receives an hourly wage rate of $18, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 44; federal income tax withheld, $347; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?
K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Line Item Description Consultant Computer Programmer Administrator Regular earnings rate $3,310 per week $28 per hour $50 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $920 $250 $500 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 53 hours and the administrator worked 61 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the gross pay and the net pay for each of the three employees for the current…
Thomas Martin receives an hourly wage rate of $16, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 47; federal income tax withheld, $354; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? a.$1,504 b.$808 c.$1,128 d.$752
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?
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Thomas Martin receives an hourly wage rate of $17, 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, $324; 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. O a. $1,564 O b. $782 O c. $833 O d. $1,173