In payroll register how can I finish solving this problem? ### Homework**Scenario:**Bobby Howard is a salaried exempt employee at Coric Industries. He is married and filing jointly with two dependents. His contract stipulates a 40-hour workweek at $70,000 per year. During the week ending November 27, there was a company-paid holiday for one day.**Task:**Calculate Bobby's weekly pay. *(Round "Hourly Rate" to 5 decimal places and all other answers to 2 decimal places.)***Table:**```------------------------------------------------------------------------------------------------------------| Company | Period Ended: | 11/27/20XX |------------------------------------------------------------------------------------------------------------| Name | Filing Status | Annual Salary | Hourly Rate | No. of Regular Hours | No. of Holiday Hours | Regular Earnings | Holiday Earnings | Gross Earnings |------------------------------------------------------------------------------------------------------------| Bobby Howard | MJ-2 | $70,000 | $33.65000 | 40 | 8 | $1,346.00 | $50.48 | $1,396.48 |------------------------------------------------------------------------------------------------------------```Explanation:1. **Hourly Rate Calculation**: - Annual Salary: $70,000 - Weekly Salary: $70,000 / 52 weeks = $1,346.15385 - Hourly Rate: Weekly Salary / 40 hours = $1,346.15385 / 40 = $33.6538462. **No. of Regular Hours**: Bobby worked for 40 regular hours during the week.3. **Regular Earnings**: - Regular Earnings: Hourly Rate * No. of Regular Hours - $33.65000 * 40 = $1,346.004. **No. of Holiday Hours**: There was 1 company-paid holiday (8 hours). 5. **Holiday Earnings**: - Holiday Earnings: Hourly Rate * No. of Holiday Hours - $33.65000 * 8 = $50.486. **Gross Earnings**: - Gross Earnings = Regular Earnings + Holiday Earnings - $1,346.00 + $50.48 = $1,396.48

Each employee's earnings are calculated from yearly basis to weekly basis and hourly rate for an…

Bobby Howard is a salarled exempt employee at Coric Industries. He is married filing jointly with two dependents. His contract stipulates a 40-hour workweek at $70,000 per year. During the week ending November 27, there was a company-paid holiday for one day. Required: Calculate Bobby's weekly pay. (Round "Hourly Rate" to 5 decimal places and all other answers to 2 decimal places.) Company Coric Industries Period Ended: 11/27/20XX Filing Status Annual Salary Hourly Rate No of Regular Hours No of Holiday Hours Regular Earnings Holiday Earnings Gross Earnings Name 1,346 00 %24 50 48 $ 1,396.48 Bobby Howard MJ-2 70,000 S 33 65000 40

Bobby Howard is a salarled exempt employee at Coric Industries. He is married filing jointly with two dependents. His contract stipulates a 40-hour workweek at $70,000 per year. During the week ending November 27, there was a company-paid holiday for one day. Required: Calculate Bobby's weekly pay. (Round "Hourly Rate" to 5 decimal places and all other answers to 2 decimal places.) Company Coric Industries Period Ended: 11/27/20XX Filing Status Annual Salary Hourly Rate No of Regular Hours No of Holiday Hours Regular Earnings Holiday Earnings Gross Earnings Name 1,346 00 %24 50 48 $ 1,396.48 Bobby Howard MJ-2 70,000 S 33 65000 40

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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